The Chancellor’s Budget Speech was rather quiet on tax measures compared to previous Budgets with many of the announcements having being pre-trailed in the Conservative Manifesto.
However, delving into the detail of the “Red Book” published alongside the Budget, there are a number of announcements that should not be overlooked by business.
Business Rates Review: this was a key CBI Budget recommendation, and the confirmation of a fundamental review will be hugely welcomed by businesses.
Corporation Tax: the Chancellor confirmed the Government’s plans to retain the current 19% rate in April 2020 and announced that the CT rate at 19% will also be set for the tax year beginning April 2021.
R&D tax credit: the two key recommendations in the CBI Budget submission were adopted by the Chancellor; increasing the rate of Research and Development Expenditure Credit (RDEC) from 12% to 13% and launching a consultation on whether expenditure on data and cloud computing should qualify for R&D tax credits.
Entrepreneurs’ Relief: following weeks of the press speculating over “will they”, “won’t they” scrap Entrepreneurs Relief (“ER”), the Chancellor struck a compromise and announc
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