Budget 2010 - Supporting business and growth
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Issued 24 march 2010
The Government will provide targeted support for businesses as the economy
recovers, and will lay a foundation for sustainable long-term growth,
opportunity and enterprise.
Budget 2010 announces:
- support for business start-ups, and small growing businesses through a
temporary increase in small business rate relief;
- the Time to Pay facility to allow businesses more time to pay their tax
bills will be continued to be offered;
- doubling the Annual Investment Allowance to £100,000, allowing more
capital expenditure to be offset against taxable profits;
- doubling the value of capital gains that can be made under Entrepreneurís
Relief, meaning gains under £2 million are subject to Capital Gains Tax at the
lower rate of 10 per cent;
- launching UK Finance for Growth, responsible for streamlining £4billion of
existing finance products for small and medium sized businesses, ensuring one
coherent portfolio of government-backed funds supporting businesses across the
- agreement with Lloyds Banking Group and Royal Bank of Scotland to lend
£105 billion to homebuyers and businesses over the next 12 months; and
- a new small business credit adjudicator with powers of enforcement to
ensure that small businesses have access to the finance they need and are
fairly treated when applying for loans.
Innovation and research can improve skills and create jobs in the industries
of the future. The Budget announces:
- it will introduce a tax incentive for the development of culturally
British video games, following consultation and approval from the European
- a £270 million Modernisation Fund to allow universities to deliver
efficiencies and fund 20,000 extra undergraduate places
The UK faces the challenge of developing its infrastructure during a period of
reductions in public borrowing, and restrained public spending. The Budget
- a new Green Investment Bank will support provision of equity capital for
low-carbon infrastructure. It will bring together public and private sector
capital and operate on a commercial basis; and
- £84 million for repair of local and regional roads damaged by recent cold
weather, and £250 million investment to improve capacity in the road network.
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Article Published/Sorted/Amended on Scopulus 2010-03-25 10:51:23 in Tax Articles
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