As anticipated, a mixed bag of measures from George Osborne was announced yesterday.
What do we like?
- Confirmation of the introduction of SEIS (Seed EIS) – already prompting large interest amongst our clients
- EIS investment limit raised to £1m per person
- Tax breaks for the TV, Animation and Games sectors from April 2013 – detailed legislation expected later this year
- The “Patent Box” for intellectual property, taxing profits at just 10% from April 2013
- The increase in R & D tax credits
- The reduction in corporation tax to 24%
- The reduction in higher rate income tax to 45% from April 2013
- 37p on a packet of cigarettes
And what don’t we like?
- The increase in SDLT for “mansions”
- EIS limit now proposed to be £5m rather than the £10m announced last year – arguments with the EU clearly continuing
- CGT on UK property gains by “non natural persons”
To read our full notes on the Budget please click here