Another Budget comes and goes. This time, it would appear the Government has kept to their pledge to leave major tax announcements to the Spring Budget only.
In a Budget which was mostly “leaked” in its lead up, perhaps the biggest surprises came in what wasn’t announced.
The hotly anticipated changes to Capital Gains Tax were nowhere to be seen, nor was there any mention of any reform of Inheritance Tax nor National Insurance (both of which were admittedly less likely to materialise in any event).
There is to be no reversal of Universal Credit reductions (although a reduction in the tapering % is due to be implemented as soon as possible).
What we are getting is a cancelling of planned fuel duty rises (again), a reform of alcohol duty and business rates, exemptions on air passenger duty for domestic flights and our ships will now fly our flag!
None of which have a real impact on dentists.
Elsewhere the Chancellor went to great lengths to promote investment and R&D, and to reassure us that Covid wasn’t as bad as we thought; jobs are up, growth is up and borrowing is down.
All this means business as usual for most of us, at least until March. We can proceed as planned safe in the knowledge that Entrepreneurs’ Relief still exists, and the most Capital Gains Tax you’ll pay on the sale of your business over £1m is 20%. I will say it again though… I do expect this to increase in March.