It was hailed as a Budget for “Makers, Doers and Savers” by the Chancellor so now that the dust has settled a bit, what does it mean for Family Businesses?
Here are some key points for Family Businesses announced in the Budget:
- Doubling of the Annual Investment Allowance to £500,000
- Increase in the rate of R&D tax relief for loss making SMEs to 14.5%
- A package aimed at cutting energy bills for British manufacturers
- Fuel duty rise planned for September will not happen
- Enhanced export finance package to help target overseas markets
- Increase in personal tax allowance to £10,500 from April 2015
- Cash and shares ISA to be merged into single ISA
- Major and radical changes to accessing pension savings
For more information, read our Budget Family Business alert (PDF 168 KB) or download KPMG’s general commentary on the 2014 Budget Report.