A sweetener on sugar tax, a boost for small businesses in the shape of increases in threshold for commercial stamp duty and business rates featured in this week’s Budget.
Chancellor George Osborne said the reforms would mean 600,000 small businesses pay no rates and 250,000 have their rates cut from April 2017.
CBI director-general Carolyn Fairbairn says: “Businesses will welcome the Chancellor’s permanent reforms to business rates—taking more small firms out of the regime and changing the uprating mechanism.The reduction in the headline corporation tax rate sends out a strong signal that the UK is open for global business investment.”
Individual finances also fared well—the income tax threshold will rise to £11,500 in April 2017 and the 40% tax rate will not apply until the £45,000 mark. For the Googles of this world, the news was not so good. A crackdown on tax avoidance by large multinationals will raise £9bn, of which £7bn will go towards small businesses.
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