On March 16, George Osborne revealed his eighth budget as Chancellor. Pet Gazette brings you an at-a-glance guide to the highlights for businesses:
- Growth estimates for the year have been revised from 2.4 to 2.2 percent
- Inflation of 0.7 percent is expected for 2016
- The headline rate of corporation tax will drop from 20 to 17 percent, benefiting small businesses
- The threshold for small business rate relief will rise from £6,000 to £15,000
- A crackdown on tax avoidance by multinationals will target corporate tax loopholes and tax minimisation schemes, raising an estimated 12bn by 2020
- Road upgrades will support The Northern Powerhouse
- Capital gains tax will drop from 28 to 20 percent
- Insurance premium taxes will increase by 0.5 percent
- Petroleum Revenue Tax (PRT) will be “effectively abolished”
