Earlier today, the Chancellor of the Exchequer, Jeremy Hunt took to his feet to unveil his 110 measures that will impact millions of people across the UK in his Autumn Statement.
In his opening, he referenced the need to ‘support entrepreneurs in raising capital’ and went on to highlight the importance of supporting ‘universities, scientists and start-ups’. In his statement he announced the need to back ‘the entrepreneur taking risk in a modern dynamic economy’ and subsequently relayed that business rate relief will be extended for another year seeing the government freeze the small business multiplier.
Key measures for entrepreneurs include:
- the “full expensing” regime has been made permanent (i.e. businesses can continue to claim back certain investments in full against corporation tax)
- Extension to the 75% discount on business rates up to £110,000 discount for retail hospitality and leisure businesses for another year as well
- £500m of funding for UK artificial intelligence over the next two years to fund more ‘innovation centres’ to help make the UK an ‘AI powerhouse’
- a new £150m Investment Opportunity Fund has been promised
- an additional £4.5bn of support is promised between 2025 and 2030 for our fastest-growing innovation sectors.
More detail, however, on the above is likely to follow in due course.
This summary is intended to provide a first point of reference for current developments in aspects of the law. It should not be relied on as a substitute for professional advice.
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