business i - Business Link in the South West

The Chancellor of the Exchequer made his Budget speech to the House of Commons today. Changes include:

• an updated economic forecast, which shows that the UK economy is stable and growing;
• major reforms to the corporate tax system, reducing the headline corporation tax rate from 30 per cent to 28 per cent from April 2008;
• investment in education and skills in the UK to rise to £90 billion by 2010-11;
• the restriction of tax relief available on empty commercial properties, to encourage the supply of office, retail and industrial premises;
• further enhancements to research and development tax credits, to encourage innovation;
• further reforms to modernise the tax system; and an increase in the tax rate for small companies to tackle individuals artificially incorporating to minimise tax.

For a more comprehensive list of changes affecting businesses please visit the Business Link 21 March 07 Budget overview