The Budget Part 1?
Wed, 07 Apr 2010 06:58:00
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In the recent Budget there were few new announcements, no real shocks and no big hand-outs. The Chancellor set out his stall, for the forthcoming general election following which we may have a further more heavy weight Budget. However there were some changes that may help businesses: More Tax Relief for Capital Expenditure The annual investment allowance (AIA) will be increased from the current limit of £50,000 to a new limit of £100,000. The increase will have effect for expenditure incurred on or after 1 April 2010 for businesses within the charge to corporation tax and on or after 6 April 2010, for other businesses within the charge to income tax. The increase in the AIA will only benefit businesses that would otherwise have exceeded the current £50,000 limit for spending on eligible plant and machinery. Capital Gains Tax Relief Doubled With effect from 6 April 2010, the lifetime limit on gains qualifying for entrepreneurs’ relief will increase from £1m to £2m. Small Business Rate Relief The level of small business rate relief in England will be increased temporarily for one year from 1 October 2010. This will give full relief for eligible businesses occupying premises with a rateable value of up to £6,000 and tapering relief for rateable values up to £12,000.  |
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