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.