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Autumn Statement 2014: business announcements

The Chancellor George Osborne delivered his 2014 Autumn Statement speech to the House of Commons on Wednesday 3 December 2014. This is a summary of the main announcements and measures that affect businesses.

Introducing a raft of measures designed to "take steps to back business, support science, and invest in infrastructure", the Chancellor announced:

  • business rates: small business rates relief doubled for another year, a cap at 2% on business rate rises, a full review of the business rates regime and a 50% increase in the £1,000 discount for certain high street shops
  • research and development: tax credit for SMEs increased to 230%, large business credit increased to 11%
  • apprenticeships: employers' national insurance contributions abolished when taking on an apprentice aged under 25
  • multi-national corporations: a 25% tax on profits that are 'artificially' shifted out of the UK by MNCs - set to raise £1bn over the next 5 years
  • banks: the amount of profits that banks can offset against losses carried forward from the financial crisis limited to 50%
  • business finance: business bank expanded, peer-to-peer lending encouraged and Funding for Lending extended
  • tax relief: entrepreneurs' relief and social investment tax relief 'strengthened'

We will publish a detailed guide to the Chancellor's 2014 Autumn Statement announcements later this evening.

Call us to talk about the measures above and how they affect your business's financial and tax planning for this year and the next.