United Kingdom

Details

  • Service: Tax, Budget 2014
  • Type: Business and industry issue
  • Date: 25/03/2014

Sector insight: Family Business 

Sector insights

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.

 

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Chris Wilson

Gary Deans

Head of Family Business

KPMG in the UK

 

0141 300 5811

Email Gary