Budget brings modest business support measures but disappoints in other areas

Summarised from 2 outlets · Updated 28 Oct, 16:50 · Archive

Chancellor Healey announced measures to support businesses including higher retail business rates thresholds and improved capital allowances.

Chancellor Healey announced a Budget with modest support for businesses rather than major surprises. The measures included a rise in the threshold at which retail businesses start paying business rates with an extended taper arrangement, improvements to capital allowance first year allowances, and increases to authorised mileage rates to 55p and 35p.

The Chancellor also introduced 'Founders' Relief' to encourage high-growth, high-value innovative businesses. Capital Gains Tax rates did not increase as had been floated, which was viewed as positive for entrepreneurs. However, the Budget included further erosion of Business Asset Disposal Relief, which affects a far greater number of entrepreneurs than the new relief.

Notably absent from the Budget were changes to family farm tax policy, any mention of inheritance tax on pension pots, and movement on the £5,000 employer's national insurance threshold. The Chancellor also deferred major spending decisions on defence and welfare, which are described as significant issues that will impact the wider economy.

How it is being reported

• No rabbit-in-the-hat surprises in Budget... but some signs of support for businessesThis was never going to be an earth-shattering Budget full of rabbit-in-the-hat surprises, but there were some signs of a more business-friendly attitude from this Chancellor, writes James Shipp of Lovewell Blake Financial PlanningNorwich Evening News · 28 Oct, 16:30
• No rabbit-in-the-hat surprises in Budget... but some signs of support for businessesThis was never going to be an earth-shattering Budget full of rabbit-in-the-hat surprises, but there were some signs of a more business-friendly attitude from this Chancellor, writes James Shipp of Lovewell Blake Financial PlanningEastern Daily Press · 28 Oct, 16:30

In this story: Chancellor Healey · Norfolk

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