Grant Thornton North West react to Budget 2016

Karen Campbell, North West head of tax at business advisors Grant Thornton, has given her take on the budget announcements made yesterday.

Karen Campbell, North West head of Tax, Grant Thornton said:

“Osborne showed his commitment to the Northern Powerhouse, by promising to improve road and rail links, including £60m to draw up plans to introduce high-speed rail in the north.  All of these measures are welcome but until we see the full details its difficult to assess their potential impact. When it comes to the UK’s existing tax regime, according to our research, 45% of businesses put simplification of the tax system at the top of their wish list for this budget. However, if anything, it looks as though we have been given an even more complex tax system. We already have a 20,000  page tax code. Judging by the amount of information coming out of today’s budget, this is only going to get bigger, making things more difficult for businesses and slowing down their commercial decision making processes. The widening in the scope of entrepreneur’s relief for investors is certainly pro-enterprise, serving to encourage investment into privately owned entrepreneurial businesses to drive innovation and economic growth. This can only be good news for northern businesses.The reduction in headline tax rates to 17% from 2020 will give the UK one of the most attractive corporate tax rates for businesses in Europe. This will be a real boost in attracting businesses into the UK and the northern economy. At first glance this seems to be an encouraging budget for businesses in the north.”

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