Ian Swales MP has welcomed the coalition agreement to freeze the controversial backdate tax rates on port operators.
This week, David Laws and George Osborne announced the decision to freeze the backdated tax rates.
Under the Labour government, the Valuation Office Agency, believing it had been under-taxing port companies for some time, altered the tax system and backdated the new taxes to April 2005, giving firms up to eight years to repay millions of pounds.
Now, the new Liberal Democrat – Conservative coalition government has decided to freeze these rate demands. Ian Swales said, “I am delighted that the government has recognised that this backdating of taxes needs to be looked at. This is good news for PD Ports at Teesport.”