For entrepreneurs, growth can be spurred by government tax breaks and in the run up to the election, the parties need to think how they can continue to help growing businesses as well as those that are just starting out.
No doubt there was a sigh of relief from a lot of people when the phasing out of tax returns was announced in the Budget (“our Christmas/New Year/skiing holiday will no longer be interrupted by thoughts of the 31 January tax return deadline”)
Some commentators were fearing that there would be changes to the 10% tax rate which applies to the sale of a partnership interest or the sale of shares in a limited company, widely considered to be a generous relief.
The 2015 Budget was a positive one for small innovative businesses with various measures to be introduced by the Government in a bid to accelerate growth in technology SMEs and to assist UK entrepreneurs to generate the next version of Twitter or Facebook in the UK.
There was plenty of anticipation of changes to the inheritance tax regime before yesterday’s Budget, in particular a possible increase in the lifetime allowance from the £325,000 where it has been stuck for the last 6 years, given the potential popularity for such a change amongst voters.