Osborne promises to create greater competition in the lending market to make borrowing easier for small to medium-sized businesses.<\/p>\n
Under new legislation, regulations will impose a duty on designated banks to provide specified information about their small to medium-sized corporate customers to designated Credit Reference Agencies. These Credit Reference Agencies will then be under a duty to provide such information to other, smaller lenders who may be able to offer rates that are more competitive.<\/p>\n
Small to medium-sized businesses will be able to seek loans from a broader range of lenders, on potentially better terms.<\/p>\n
Osborne promises to create 26 new enterprise zones.<\/p>\n
The good news continues in the form of the expansion of the Government\u2019s Enterprise Zones in which businesses can utilise up to 100% business rate discount worth up to \u00a3275,000 per business over a five-year period.<\/p>\n
The Enterprise Zones offer access to numerous benefits for growing businesses and are helping to attract more foreign investment into the country, creating jobs and long term, sustainable businesses throughout England.<\/p>\n
Osborne promises not to alter Entrepreneurs\u2019 Relief. This represents a huge potential saving to outgoing business investors.<\/p>\n
The Financial Times predicted that Entrepreneurs\u2019 Relief was vulnerable to reform in the Autumn Statement but their fears were unfounded\u2026 for the moment.<\/p>\n
With benefits of Entrepreneurs\u2019 Relief, worth \u00a33bn a year by the latest estimates, mostly accruing to just a few thousand business owners, it is an available relief that can save investors in small to medium-sized businesses a great deal of money.<\/p>\n
Tax professionals are making the case that this is not the end of Osbourne\u2019s cutting of tax relief and warn Entrepreneurs\u2019 Relief may be next on the chopping block. Seeking continuing advice on this issue will be important to capitalise on this relief while it is still available.<\/p>\n
12-month extension to the doubling of small business rate relief in England.<\/p>\n
No change from the previous period.<\/p>\n
This is welcome news for start-ups and small businesses throughout the country providing useful discounts to growing businesses.<\/p>\n
Osborne promises to cut down on buy-to-let landlords to allow for greater opportunities for families to enter the property market.<\/p>\n
From 1 April 2016, an extra 3% will apply to the current SDLT rate on any additional residential property bought for over \u00a340,000.<\/p>\n
Therefore, the following SDLT rates will apply to such acquisitions:
\n\u00a340,001 – \u00a3125,000 3%
\n\u00a3125,001 – \u00a3250,000 5%
\n\u00a3250,001 – \u00a3925,000 8%
\n\u00a3925,001 – \u00a31.5m 13%
\n\u00a31.5m + 15%<\/p>\n
Purchasers will be obliged to opt in by declaring that the property will not be their primary residence.<\/p>\n
The increased rates will not apply to corporate or fund purchasers making significant investments in residential property. A government consultation will consider whether the ownership of more than 15 residential properties is appropriate as a “significant investment” for these purposes.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Chancellor\u2019s Autumn Statement detailed a number of measures directly affecting British businesses moving into 2016<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","footnotes":""},"categories":[16],"tags":[39,32],"class_list":["post-2383","post","type-post","status-publish","format-standard","hentry","category-insight-article","tag-commercial","tag-corporate"],"acf":[],"yoast_head":"\n