Owner managed businesses should welcome the Chancellor’s attempts to keep it simple, in his Autumn Statement there were few tax changes but welcome measures to encourage investment.
Reducing the main corporation tax rate to 21% from April 2014, maintaining business rates relief and a 10 fold increase in the annual investment allowance, should encourage capital investment particularly for small and medium sized businesses.
The announcement of a new Business Bank which will be provided with £1 billion of extra capital and extra spending on infrastructure projects will be particularly welcome to businesses across the country too.
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