The Budget – key points for businesses

  • A proposed restriction on repayable R&D Tax Credits for loss-making companies, with a limit 3 times that of PAYE and NICs from April 2020
  • Reduction in Capital Allowances special rate for qualifying plant and machinery will reduce to 6% from 8% as of April 2019
  • New non-residential buildings eligible for 2% Capital Allowance if built after October 2018
  • Businesses that own retail properties with a value up to £51,000 will have their rates bill cut by 1/3 for 2 years from April 2019
  • Large technology companies will face a Digital Services Tax, with a proposed 2% tax on revenues from April 2020
  • Large and medium sized Private Sector business will have to follow IR35 rules from April 2020