Press Release - Wellden Turnbull cautiously optimistic about Autumn Statement
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Surrey-based chartered accountants Wellden Turnbull is urging businesses to carefully study the Chancellor’s Autumn Statement to see if they can benefit from any of his announcements.
Among the measures declared by George Osborne that could have major repercussions for small and medium sized businesses include a £40 billion National Loan Guarantee Scheme where the Government will underwrite loans – Mr Osborne estimates that this will cut the average interest rate faced by those firms by 1 %.
In addition from April 2012, anyone investing up to £100,000 in a new start-up business will be eligible for income tax relief of 50% under a new Seed Enterprise Investment Scheme (SEIS). In 2012, any tax on Capital Gains invested in such businesses will also be waived.
More over the Government will freeze the annual exempt amount for Capital Gains Tax at £10,600 for 2012-13.
Another measure announced included a £1 billion business-finance partnership aimed at Britain’s mid-sized companies.
In another move that will benefit small businesses, the Government has extended the current small business rate relief holiday for a further six months from 1 October 2012.
The Government will also give businesses the opportunity to defer 60 pc of the increase in their 2012/13 business rate bills, to be repaid equally across the following two years.
NOTES TO EDITORS
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