“Today’s Budget was packed with measures which directly impact businesses, business owners and investors across the country.

As always advisers are waiting for the full details to emerge but initial feedback from clients on Capital Gains Tax is that the increases are not as steep as initially feared and concerns that Business Asset Disposal Relief would be scrapped were ultimately unfounded with instead a phased increase in the rate to 18% by 2026 being announced.  As a result, we expect to see a further push on M&A transactions where BADR is available between now and April with clients trying to lock in the existing 10% rate before it disappears.

Also of interest are the potentially significant IHT changes in respect of pensions and Business Property Relief which will necessitate many clients refreshing their estate and IHT planning advice

Separately, there is much food for thought for employers with the combined effect of the increase in employers NI and the National Minimum Wage adding to operating costs

From a North East perspective, the rise in the Energy Profits Levy (EPL) from 35% to 38% and the removal of the existing investment allowances has, as expected, not been well received by clients with genuine apprehension about the impact on investment and the consequential impact on the supply chain.”