In his Budget today, Chancellor Alistair Darling announced plans to cut business rates for 500,000 small businesses in the UK for one year from October 2010. He said of those affected, 345,000 will pay no business rates.
Darling also revealed plans to double the investment allowance to £100,000. Darling said this would mean 99 per cent of all businesses would be able to deduct all plant and machinery costs.
Darling said he would also increase the relief on Capital Gains Tax for entrepreneurs from £1m to £2m.