Please NOTE this page refers to budget 2000!
For budget 2001-2002 [Click
here]
Corporation Tax remains at 30%
Changes to double taxation relief and controlled foreign company
rules which will raise the amount of tax multinationals have
to pay.
Small Business Banking referred to the Competition Commission.
Legislation to come to ensure the UK payments system is open
to new competition.
£150m added to R&D tax credit to finance 30% of Research
and Development.
Encouragement to 1 million small businesses.
For the next three years, any small business buying computers
or investing in e-commerce and new technology will be able to
write off against tax the full cost.
Capital Gains Tax
The holding period for CGT taper relief on business assets
has been cut from 10 years to 4, while broadening the definitions
of "business assets". - Higher rate tax payers investing
in businesses will pay a CGT rate of 10% on assets held for
4 years.
Stamp Duty
Stamp Duty rises from 2.5% to 3% for properties worth £250,000
to £500,000. For properties worth more than £500,000
stamp duty rise from 3.4% to 4%. - The rises will give the Treasury
an estimated extra £325m. - The tax increases will come
into effect from March 28th.
Climate Change Levy
Liquefied petroleum gas to benefit from a lower tax rate of
0.07% - Pipe Insulation, refrigeration equipment and thermal
screens to count as enhanced capital allowances for companies
making energy saving investments. - A £50m fund to encourage
energy efficiency in horticulture.
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