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Professional practices: support for business investment continues
There was some clarification on HMRC’s ability to amend LLP members’ returns where an LLP submits a partnership tax return on the basis it is operating ‘with a view to profit’ and is subsequently found to be operating without a view to profit. As this measure preserves the status quo for the vast majority of LLPs, most professional practices will not see any change in their obligations or liabilities.
A chance to draw breath for non-doms and other international individuals
Over recent years, individuals with international personal tax affairs have been subject to a raft of tax changes. The Chancellor’s first Budget brings welcome respite, with the only significant change for such individuals being the expected introduction of a stamp duty land tax (SDLT) surcharge for non-residents.
Welcome announcements for the financial services sector
There were several welcome short-term measures for businesses that may be affected by COVID–19. The Government was cautiously optimistic regarding growth in the UK’s ‘modern and dynamic’ economy.
The Entrepreneurs’ Relief lifetime limit reduced from £10m to £1m
The Chancellor announced cuts to Entrepreneurs’ relief, with the lifetime allowance reduced from £10m to £1m with immediate effect. The move followed a review, which found the relief was “expensive, ineffective and unfair” and cost the Government over £2bn a year, with 75% of the relief being given to 5% of the claimants.
Welcome boost to the real estate industry
The Budget brought a surprise benefit for businesses holding property- the rate of Structures and Buildings Allowance (SBA) is to increase from 2% to 3% from April 2020 providing a further benefit for businesses investing in assets that had not attracted allowances since the phasing out of Industrial Buildings Allowances.