Tax exemptions revealed in 'early budget'
One of the main changes following today's shock business budget announcement by the Treasury, will be a tax exemption for gains and losses on substantial shareholdings.
One of the main changes following today's shock business budget announcement by the Treasury, will be a tax exemption for gains and losses on substantial shareholdings.
The Treasury believes this will reduce the tax burden for businesses by £150m per year.
The move has been designed to allow businesses to restructure quickly and ensure that decisions are made for commercial, and not tax reasons.
Other measures coming into effect on 1 April include a tax credit to boost research and development among larger companies, and relief on the costs of intellectual property, goodwill and other intangible assets. Gordon Brown believes this will be worth an initial £200m to UK business, rising to a maximum of £350m.
‘The government is determined to press ahead with a pro-enterprise, pro-competition and very importantly, pro-jobs agenda,? the paymaster-general, Dawn Primarolo, said today.
‘The three measures that have been announced today … are all about making sure that we continue to boost measures for productivity to close the productivity gap with our competitors and that we are creating the jobs that we need in our economy,’ she added.
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article