Budget 2016: The EY Verdict
TAXATION experts have said they believe the business community will welcome most to the measures outlined by George Osborne in his latest Budget.
Nick Blundell, Executive Director – Business Tax Services, EY in the Midlands, said: “There were a lot of surprises in the speech and I think SMEs will benefit. The Government will be able to raise revenue but the increased burden will fall on larger companies.
“The extension of Stamp Duty reductions to commercial properties will also help many small firms, as will the further reductions to Corporation Tax.
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“On a personal level I think higher taxpayers will be pleased by the raise in threshold to £45,000 and the improvement in personal tax allowances will also help the lower paid.”
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He said the new Lifetime ISA outlined by the Chancellor as an incentive to young investors would be hailed as a positive move.
“It simplifies pension arrangements and will hopefully encourage more to save,” he said.
Summing up, he said: “Falling business rates, lower corporate tax rates and changes to the stamp duty system for commercial property are all measures that will benefit SMEs and entrepreneurial businesses across the region.”
However, he said more measures to support the Midlands Engine would have been welcome.
“The Chancellor says the UK is set to grow faster than any other major UK economy in the world, but what more is being done to support the Midlands Engine for Growth?”
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