Thu, 22 Mar 2012 | BUSINESS NEWS
The recovery-focused Budget this year has plenty of good news for businesses.
Medium-sized businesses up and down the country will be pleased to hear that the government initiative, Business Finance Partnership, has been given 20 per cent extra funding to £1.2 billion. The scheme is focused on supplying credit to mid-sized firms. Seven private sector partners, including MG Investment Management and Cairn Capital, are to co-invest in the Business Finance Partnership.
The funds will be available to businesses with up to £500 million in revenue. It is to assist firms too big to qualify for other credit initiatives and too small to gain access to capital markets.
The corporation tax cut, which could eventually fall to 20 per cent, is also welcomed by UK businesses. It is effectively a sign above an open door saying Britain is open for business, tax specialists are saying. The tax will fall from 26 per cent to 24 per cent in April, rather than the expected 25 per cent. George Osborne added to this a pledge to reduce the rate to 22 per cent by 2014.
The CBI employer’s body commented: “An extra 1% off corporation tax this year could make a big difference to investment intentions.”
In a measure to support the growth of small businesses, investors will receive 50 per cent income tax relief on amounts up to £100,000 put into companies, and a capital gains tax holiday for 12 months.
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