Following George Obsorne’s eighth Budget Statement, we caught up with Tim Stovold, head of tax at chartered accountants and business advisers Kingston Smith to gather his thoughts.
On the announcement that Corporation Tax would fall to 17% by 2020, Mr Stovold said: “There will always be countries with lower rates of Corporation Tax, but the Chancellor seems to be at pains to make the UK as attractive as possible to make businesses to base themselves here. And it’s a welcome announcement.”
Tim welcomed the ‘surprising’ changes to the commercial property stamp duty land tax (SDLT) regime. He said: “It’s a modern system and much better, and we’re happier with it. The Chancellor was at pains to say that small businesses would benefit from this, which they will. However, where the purchase price for a commercial property is above £1.05 million, with stamp duty land tax will be higher. So there’s always going to be winners and losers – big businesses, here, will lose.”