Current Affairs

The Budget: At a glance guide

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”

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