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CLIFTON TAX PRACTICE WEIGHS UP BUDGET “PROS AND CONS” FOR SMEs

Katie White, partner at the Clifton Tax Practice, welcomed the Chancellor‘s decision to extend the 10 per cent rate of Capital Gains Tax after entrepreneurs‘ relief from £2 million to £5 million worth of lifetime gains.


“The Chancellor has clearly listened to the feedback from small businesses across the country,” she said. “We should not be penalising entrepreneurs for growing and selling their businesses. Successful small business owners will be key to how fast the UK manages to emerge fully from recession and this measure will certainly help.


“As with every Budget there are pros and cons, however, and the reduction in capital allowance rates is less welcome for small business cash flows as it will take longer for them to be able to claim full tax relief for assets such as plant and machinery.”


ENDS                                     22nd June 2010

For further information please contact Neil Fraser, Sturgess Van Damme, on 01275 349011 or email neil@sturgessvandamme.co.uk

 
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