Small business owners are granted a concession in the form of the so-called ‘entrepreneur’s relief’, whereby a selling owner will be given a 10% tax cut up to the first £1m of lifetime capital gains. The Chancellor has also pressed ahead with his £30,000 levy on non-domiciles.
SMEs also look set to benefit from the appointment of industry veteran and Amadeus Capital CEO Anne Glover to lead a review into how private companies can gain better access to government contracts. Darling’s aim is for 30% of all public procurement to come from SMEs by 2013.
Other announcements included the increase of tax relief for companies in the