Ahead of next Wednesday’s Spring Budget, Alastair Wilson, Tax Partner at Tait Walker, shares his wish list from The Chancellor’s first Budget announcement following Brexit.
- A key priority for the Spring Budget is to provide businesses with clarity on the process for Brexit so that it encourages, rather than discourages investment. This much-needed clarification would help to strengthen confidence amongst businesses across the UK.
- With the Business Premises Renovation Allowance due to close in April 2017 an extension of the scheme beyond the end of the 2016/17 tax year would allow firms to continue investing in, converting or renovating unused commercial buildings, creating a healthy stock of suitable premises for growing businesses.
- Increased administrative workloads are becoming a growing concern for many businesses so the simplification of payroll taxes would provide a welcome relief, as would placing a halt on any new initiatives with a short-turnaround registration process.
- An equivalent of the former Corporate Venturing Scheme, which was aimed at companies considering direct investment, would allow tax efficient minority venture capital investing by companies, in other companies.
- As we prepare for Brexit, tax relief for manufacturing infrastructure and factories, akin to the Industrial Buildings Allowances, would allow the manufacturing industry to continue investing to ensure it is able to compete on a global scale.
- Additional tax reliefs for energy efficient buildings and plants, as well as simplification of the enhanced Capital Allowances process would encourage more businesses to invest at a time when concerns around a loss of funding is high.
- Following the Spring Budget announcement, the North East Combined Authority and Tees Valley Unlimited must continue to work as one single “unified voice” to champion the region as a whole, whilst working to safeguard the best interests of the North East.
Tait Walker will be providing live comment throughout the Budget announcement via our Twitter page.
You can also register for one of our Budget update events which are taking place on the 9th and 10th March.