Last week, Chancellor George Osborne announced a raft of measures designed to get the UK economy back on track.
And from a local perspective, there was some good news for Surrey businesses.
Jon Hills, a tax partner at the PKF office in Guildford, said: “The cut in corporation tax to 24% from next month, instead of the anticipated 25%, will be most welcome by the region’s business community as will the fact it will fall to 22% by 2014. And the proposed consultation on simplifying the tax system for small firms with a turnover of up to £77,000 is also another step in the right direction. Guildford has a particularly strong technology sector, so tax relief for the video games, animation and high-end television production sectors must be applauded, and will hopefully lead to further growth in this already fast-paced local industry.”
But for individuals looking to invest in the county’s premium residential property market, the picture was less rosy.
Jeff Jeffries, a partner and real estate expert at the PKF office in Guildford, added: “A new stamp duty level of 7% for homes worth more than £2m will be levied. That’s a total of £210,000 on the sale of a typical Surrey mansion worth £3m. And if such a home is bought through a company, the duty will rise to 15%.”
So, it seems, a Budget for all which gave with one hand and took away with another.
C’est la vie…
