We feel that there are four key areas from today budget that we would like to highlight for you…
- Support for Small Businesses – The chancellor rejected calls to reduce the VAT threshold and no changes were made to dividend or corporation tax.
- Tech and Innovation – R+D Tax Credits will be boosted to 12% and EIS limits doubled for key sectors.
- Housing Measures – Councils to charge 100% council tax premium on empty properties. Also land banked by developers for financial reasons will be subject to compulsory purchase.
- Stamp Duty Gift for 1st Time Buyers – Effective immediately no stamp duty will be payable by first time buyers, up to £300,000.
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Below is a selection of immediate reactions to today’s budget from the Twitterverse!
— Davis Grant (@davisgrantltd) November 22, 2017
— BBC News (UK) (@BBCNews) November 22, 2017
Hammond says he wants a new tech business started every half hour compared to the current every hour. @dan2mac in our #Budget2017 live blog: “Lots of tech business founded by non-UK nationals so a bad Brexit outcome would scupper the half hour target” https://t.co/ab8wHeATUs
— Enterprise Nation (@e_nation) November 22, 2017
— Bill Dodwell (@BillDodwellTax) November 22, 2017
— Accountancy Age (@AccountancyAge) November 22, 2017
If you have any questions arising from these announcements please get in touch with us so we can help!