The UK March 2017 budget was the first from a new Chancellor and future budgets will be shifted to the Autumn. Therefore, while it was light on trail-blazing announcements, when combined with tax changes already announced, these may impact technology and biotech businesses.
· R&D tax credits are to be made more certain and simple
· Corporation tax rates are falling, but loss relief restrictions are coming in, so there will be winners and losers in terms of tax liabilities
· Termination payments are more likely to be taxable
· Salary sacrifice as a tax efficient measure is becoming more limited
We will be covering these issues in more detail, along with other Budget announcements, at our seminar at Babraham, Cambridge on March 9, from 9-10am.