So, what do you make of the budget?
I guess the rise in VAT was not a big surprise, but painful all the same. Pubs are closing across the UK at a rate of 39 per week and this won’t help, although cider drinkers (occasionally me) will be pleased the surcharge has been scrapped.
The increase in CGT, although not as high as feared, will hit those with second homes hoping to sell for their retirement.
North Sea oil and gas companies are relieved that they have not been hit again, although fuel prices at the pumps are likely to rise by about 5p per litre in January.
The Entrepreneurs Relief is extended with a 10% tax rate on the sale of a business with a limit on gains up from £2m to £5m with immediate effect and corporation tax for small businesses is being reduced to 20% next year.
New businesses will get a reduction in National Insurance Contributions for their first 10 employees over the next 3 years.
Time will tell whether this will work without stifling the economy, but we will have to wait and see.
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Member since: 9th April 2012
Hi, I'm the serial networker with thebestofaberdeen who likes to get out and about meeting everyone in Aberdeen city and shire. When not working, Susan and I love to sail, golf and entertain.