#1 Business rates capped at 2%
“We will fix the roof while the sun is shining” was the Chancellor’s slogan as he delivered the Autumn Statement today.
But what would he do for business? Here are the six key business measures:
1. Business rates
Osborne capped the inflation increase in business rates for all premises at 2% from next April. He also announced that businesses can pay their rates in 12 monthly instalments.
2. Re-occupation relief
The Chancellor announced a new reoccupation relief for vacant town centre shops. He said the discount on business rates will be worth £1,000 to every retail premise in England, with a rateable value up to £50,000.
“We want to help those who have struggled hard on our High Streets,” he said.
Osborne wants an extra 20,000 higher apprenticeships over the next two years. To reach the target, HMRC will fund employers directly for taking on apprentices.
4. Reduce costs of employing young people
The Chancellor plans to reduce the cost of employing young people. National insurance contributions will be removed affecting a million and a half jobs for young people.
5. Corporation Tax
The Chancellor said that government’s cuts to corporation tax raise productivity. Increasing the rates would lead to job losses and the Treasury would be lose revenue.
“The best way to help business is by lowering the burden of tax,” he said.
6. Tax avoidance
The Chancellor expects to raise more than £9bn in the next five years through the government’s measures to tackle tax avoidance, evasion, fraud and error.
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