"For months, we were confronted with headlines warning of tax hikes as the Chancellor faced a stern challenge of plugging a "fiscal black hole". All manner of taxes - capital gains tax, inheritance tax, income tax, new wealth taxes - were all, at one time or another, purported to be in the Chancellor's sights. It resulted in a tense and chaotic build-up - and ultimately, it turned out to be for nothing."
"For all the negativity in the weeks and months leading up to it, the Budget actually delivered some pragmatic, targeted changes. But there were also some positives in areas where no changes were announced. For instance, leaving R&D tax credits alone was a sensible move from the Chancellor. It seems that the scheme is tinkered with in almost every Budget. So, for the tech sector in particular, no news was good news."
A tense and speculative build-up to the Budget predicted multiple tax hikes, including capital gains, inheritance, income and new wealth taxes. The Office for Budget Responsibility found no fiscal black hole and the resulting measures were mostly modest rather than radical. The Chancellor implemented pragmatic, targeted changes while leaving R&D tax credits intact and making no changes to the Seed Enterprise Investment Scheme (SEIS). Maintaining R&D and SEIS supports the tech sector and early-stage founders by preserving incentives for private investment and providing greater certainty and stability for startups. EIS gets another shot in the arm.
Read at London Business News | Londonlovesbusiness.com
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