Wed, 23 Mar 2011 | BUSINESS NEWS
Most businesses will consider today’s Budget good news, as the Chancellor, George Osborne, announced a number of measures designed to support start-up and growing enterprises.
Entrepreneur’s Relief has been doubled to £10 million, while the rate of tax relief available under the Enterprise Investment Scheme (EIS) has also been increased from 20 per cent to 30 per cent. R&D (research and development) tax credits for small to medium-sized businesses will be raised to 200 per cent next month, and to 225 per cent in 2012.
Corporation tax is to be lowered from 28 per cent by two per cent from April. A further reduction will see the tax brought down to 23 per cent by 2014. The move is designed to tempt foreign investors to establish new enterprises in Britain.
Start-ups and micro businesses are to be exempt from new domestic regulations for three years from April 1, in a bid to encourage small businesses to focus on growth in the UK.
A new organisation, Start-up Britain – which will support people to start and grow new businesses - is to be launched next week by Prime Minister David Cameron and Business Secretary Vince Cable.
The small business rate relief holiday is to be extended until October 2012.
Osborne commented; “It’s all part of our ambition to make the UK the best place in Europe to start, finance and grow a business.”
Also see the related blog post: What will the March 2011 Budget mean for Entrepreneurs?
More on Entrepreneurs' Relief in the UK and how to claim
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