Budget: Construction firms to benefit from rates cut

25/03/2010 16:47:03

 

Small and medium-sized construction firms will benefit from a cut in business rates announced in yesterday's Budget.

Alistair Darling, the chancellor, told his fellow MPs that business rates would be cut for one year.

The move is intended to help smaller companies and should be good news for the construction sector, which is just emerging from the recent downturn.

"To help fledging businesses set up, as well as existing ones, I have decided to cut business rates for one year from October," Mr Darling said.

"This change means a tax reduction for over half a million small businesses in England, 345,000 of which will pay no business rates at all."

Mr Darling also said the investment allowance would be doubled to £100,000, which will help smaller construction firms planning to spend money on plant and equipment.

The Conservatives dismissed the idea that the Budget would help small businesses, noting that the increase in national insurance would make it more expensive to hire new staff.

Posted by Neil Burton

 

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