Budget will set out business tax overhaul

Chancellor George Osborne is expected to announce an overhaul of business tax in tomorrow's Budget, including cuts to corporation tax from next April

Budget will be announced on 22 June
Budget will be announced on 22 June

Chancellor George Osborne will announce a series of business measures in tomorrow's Budget, expected to form part of his plans to stimulate private sector growth.

Among plans are a £900m boost for new businesses, which will receive a year-long national insurance contributions holiday on the first 10 staff they employ.

However, firms in London, the south east and east of England will not be allowed to benefit from the tax break, because it is to be aimed at areas of the country that will be hit hardest by the public spending cuts, such as the north east.

The Chancellor will also set out a five- year plan to overhaul business taxation, with cuts to corporation tax expected to start from April next year.

Business Visits & Events Partnership (BVEP) chairman Michael Hirst said: "The only way economic recovery can take place is through the fostering of good business. This is good news for the industry because it is made up of a significant number of smaller businesses."

Tomorrow's Budget will, however, be a blow to the public sector with spending cuts already announced last week by chief secretary to the Treasury Danny Alexander. Dozens of public projects are being cancelled or put on hold, in a bid to save billions of pounds.

Meanwhile, event agencies have shared concerns with C&IT about the impact that public spending cuts will have on the meetings and events industry.

Motivcom group executive director Nigel Cooper explained: "Money has to come from somewhere with these cuts, and meetings are a prime target."

 

 

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