Business tax roadmap

Key points:

  •   New support for small and medium sized businesses.

The government also released its 42 page business tax roadmap; although too large to go into great detail here it is worth summarising.  The roadmap builds on the 2010 corporate tax roadmap, but goes even further.  It seems to support small and medium sized businesses that are the back bone of the economy, with a focus on low tax rates, but not aggressive avoidance.  The three key areas it mentions are:

  • Business rates review
  • Business energy efficiency tax review
  • Base Erosion and Profit Sharing “BEPS” – concern at the level of tax paid (or more to the point – not paid) by large multinational enterprises

These tie in with the other changes mentioned in the budget such as the new SDLT rates on commercial property and the reduction in the rates of capital gains tax.  There also seems to be a large focus on reducing the administration burden on businesses.

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