What does today’s Budget mean for HNWs? Mishcon de Reya break it down to give the skinny on tax implications for the wealthy.
Chancellor George Osborne’s fourth Budget clearly aims to stimulate the economy by making Britain a competitive place to do business.
The way to restore our economic prosperity is to energise the aspirations of the British people… he said.
If you want to work hard and get on, we are on your side. It is a budget for an aspiration nation.
From a tax lawyer’s perspective, this is a quiet Budget. However, it does contain good news for entrepreneurs, SMEs and the business angels who invest in them – for example the stamp duty exemption on trading AIM shares and the new
employment allowance as well as the relaxation of the entrepreneurs relief rules for Enterprise Management Incentive (EMI) options and the extension of the Capital Gains Tax (CGT) holiday for Seed Enterprise Investment Scheme (SEIS) investors. The Budget also favours specific sectors such as construction through support for new housing. Finally, in a nod to the current political and social climate, the Government continues to make it very clear that it has no time for tax avoiders.