Jon Coker (pictured), Managing Partner at MMC Ventures comments on the UK budget statement…
Today's Budget is further recognition of the importance of entrepreneurs and small businesses to the UK economy as a whole. The UK has become a fertile place to start and grow a business with a strong entrepreneurial community, great access to funding and a continued heritage of innovation. The Chancellor has today made several beneficial changes in the spirit of entrepreneurialism by permanently doubling Small Business Rate Relief, cutting Capital Gains Tax and extending Entrepreneur's Relief. These are changes that will be welcomed by UK entrepreneurs as they both support small businesses, as well as those looking to sell their businesses and re-invest into other ventures.
The Chancellor also gave a nod to the nascent sharing economy, which is maturing at speed in the UK, by offering the world’s first tax incentive for sharing economy property and trading income. This is in no small part down to the dynamic entrepreneurs that we have in the UK sharing economy sector, such as Debbie Wosskow at Love Home Swap, whom also Chairs Sharing Economy UK. We are aware that this has been a big project for them and the industry as a whole so we are pleased on their behalf around this change.
