Budget 2010 update
Budget 2010 Update
Mr Darling's pre-election budget did not hold any surprises but there were a few important changes for businesses;
Annual Investment Allowance
The annual investment allowance, which allows businesses to claim tax releif on 100% of the cost of machinery in the year they buy it, is to be doubled to £100,000.
Entreprenuers' relief
Entreprenuers' relief on capital gains arising from a sale of a business has increased to a lifetime allowance of £2 million. It doesn't matter whether your business is a sole trader, partnership or company, if you sell it after 5th April 2010, the first £2 million on any gain is taxed at 10% rather than 18%, the normal Capital Gains Tax rate.
Detailed Budget report
Please click here to view the detailed 2010 Budget update
Submitted by Mark Brooker on Friday 23rd April 2010