“With very little cash to give away, there was some good news for entrepreneurs who will benefit from £2,000 reduction in employers’ NIC and an extension to SEIS for 12 months which will help individuals as well as small businesses receiving the funds. If they also drink beer they will feel cared for!” said Richard Mannion, national tax director at Smith & Williamson the accountancy and investment management group, on hearing the Budget speech.
He continues: “There will be more generous rules to support privately owned businesses which set up employee share schemes complemented by a move to equalise corporate tax rates between all companies irrespective of size from 2015. The latter will bring a helpful simplification of the tax code.”
“The abolition of Stamp duty on AIM shares will also help the enterprise economy and the cancelling of fuel duty will be of benefit to all and have a multiplier effect.”
“The government is also introducing a package to support the financial services sector, making the UK’s fund management industry more competitive. This shows the government has recognised the importance to the UK economy of this sector and would also support them through a marketing campaign highlighting benefits of the UK regime. The government will continue to fight contrived tax avoidance, having promised to name and shame aggressive promoters.”
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
