KPMG Tax partner, Samantha Day comments on the impact of today's budget announcement on entrepreneurial businesses.
Commenting on the impact of today’s Budget announcement on entrepreneurial businesses, Samantha Day, tax partner at KPMG Enterprise, said:
“The loud and persistent calls for a reform of the UK business rates system have finally been heard, with an increase in the threshold from £6,000 to £15,000 meaning a whopping 600,000 small businesses are now set to pay no rates at all from next April.
“Additionally, a reduction in the capital gains tax rates to 20% and 10% will undoubtedly incentivise more people to start, scale up and then sell their own business, while the extension of Entrepreneurs Relief to long-term investors in unlisted companies will also be welcomed.
“Couple this with the further reduction in corporation tax, and a reduction in commercial stamp duty and it is plain to see that the backbone of our economy – our legion of growing entrepreneurial businesses - are the winners this Easter.”
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This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.
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