Autumn Statement 2013: Income tax relief for investors participating in social SMEs
Investors buying shares or providing loans to firms carrying work for the social good are expected receive income tax relief when they invest and capital gains tax relief when they sell.
However the biggest boost for SMEs was the decision that, from April 2015, anyone hiring staff under 21 will not pay employer National Insurance. This will save companies £500 million a year from 2015.
Another SME-focused move in the Autumn Statement was George Osborne’s decision to allow business owners to give away their firms to their employees via John Lewis-style partnerships without being hit by Capital Gains Tax and Inheritance Tax.
Partners in those businesses will now also get tax relief on bonuses up to £3600 a year - at present, partnerships are liable to pay income tax and National Insurance contributions on profit-related pay, whereas shareholders in limited companies pay a lower corporate tax rate.
Together these partnership measures will cost the Government £15 million in 2015, rising to £25 million the following year.
However many small business owners were disappointed that the Chancellor failed to announce an extension to the investment allowance for spending on plants and machinery. It was increased to £250,000 for expenditure made between 1 January 2013 and 31 December 2014. However George Osborne ignored calls for an extension of that allowance to aid the economy’s recovery.
- 1 As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
- 2 The ten most unequal developed countries in the world
- 3 Saudi Arabia 'seeking to head United Nations Human Rights Council'
- 4 New Zealand 'the best country to work as a prostitute', says sex worker advocacy group
- 5 Irish people are travelling home from all over the world so they can vote to legalise gay marriage
JK Rowling horrified by Harry Potter actor Matthew Lewis's raunchy photoshoot
Saudi Arabia 'seeking to head United Nations Human Rights Council'
The ten most unequal developed countries in the world
The biggest ranch in America, larger than the whole of London, has gone on sale for $725m
Melissa McCarthy's brilliant response to one sexist question posed to her on the red carpet by a male reporter
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
The day that Britain resigned as a global power
Labour leadership: Battle lines are drawn as members battle over party's ideology at first hustings of the contest
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...