Budget 2016: Reform of business rates an Easter sweetener for UK’s SMEs

Reform of business rates an Easter sweetener for UK

KPMG Tax partner, Samantha Day comments on the impact of today's budget announcement on entrepreneurial businesses.

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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.”

www.kpmg.com/UK/budget2016

For further information please contact:

KPMG Press office

Tel:  +44 (0) 207 694 8773

Katy Broomhead, KPMG Corporate Communications

Mobile: 07824 537963

katy.broomhead@kpmg.co.uk

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff.  The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

Budget 2016

Budget 2016

Expert insight and analysis of the Chancellor's 2016 Budget Statement.

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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