The Budget and business
The key announcements at a glance
Draft legislation for tax rules that govern the way family businesses distribute their profits delayed until 2009.
Small company corporation tax rate rises from 20 per cent to 21 per cent.
Annual investment allowance of £50,000 capital gains tax (CGT) on business assets increased to 18 per cent from April.
New 'entrepreneurs’ relief’ CGT rate of 10pc on £1m lifetime allowance.
VAT threshold rises from £64,000 to £67,000.
More than 500,000 businesses can write off up to £1,000 of historic capital investment.
Plant and machinery allowance rate drops from 25 per cent to 20 per cent.
Hotels, industrial and agricultural buildings annual allowance falls from 4 per cent to 3 per cent.
New £30m Enterprise Capital Fund to provide mezzanine finance to growing firms.
A £12.5m capital fund to back female entrepreneurs.
Increase in small firms R&D tax credit delayed and new EU state aid rules applied to restrict access.
A temporary 20 per cent increase in Small Firms Loan Guarantee to ease the impact of the credit crunch.
Plan for small firms to win 30 per cent of all public sector work in the next five years.
Reforms to reduce regulatory burden.
Levels and bases of, and reliefs from, taxation are subject to change.
