March 2024 budget for businesses – what happened?
7th March 2024
The time of year for the government to announce it’s budget plans has come around again. With the Cost-of-Living Crisis and other political issues meaning the news may be focused towards items that affect individuals and families, lets take a look at what it could mean for businesses in our region.
Please note that this is just a simple summary of what has been announced, some of which involves tax, Brindley Twist Tafft & James are not tax advisors and do not provide tax advice, if you have any questions regarding the tax liability implications, please speak to your tax advisor. Any reference to any form of tax is not intended to advise but provide additional information.
The government has announced funds for house building projects, which although have been highlighted as in specific areas may mean more business in the housing development sector.
Relating to property, the Chancellor announced that it is intended that the Multiple dwelling relief on Stamp Duty Land Tax will end but there will be a reduction in the Capital Gains Tax payable on the sale of property which is not the person’s home.
For employers, National Insurance contributions have been reduced by 2% starting from 6th April 2024.
It has also been announced that the Covid era government loan scheme has been extended.
The Chancellor announced further funds to be injected into a fund for green energy projects and funds for high tech industries such as electric cars. The intention being to encourage the uptake of green energy projects (some of which we have written about before Renewable energy – a short look at what could be the future | Brindley Twist Tafft & James (bttj.com) across the country moving towards a greener future.
In addition to the additional funding for green energy and high-tech industries, further monies have been allocated to assist in moving to the next phase in development of a new nuclear reactor.
This has been a focus on the effects for businesses that the new budget has brought, naturally there were other announcements which could affect individuals and families more than businesses.
If you wish to speak to a member of our Corporate Commercial team to discuss moving forward with your business plans in light of the new budget, please do not hesitate to contact us.
Article written by Corporate Commercial Solicitor Kyle Smith.