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2011 review: SMEs

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R&D relief uplifted to 100% for expenditure on or after 1 April 2011, plus the earlier removal of the intellectual property condition, was helpful for SMEs. Further improvements to this regime can be expected next year. Reductions in corporation tax rate are positive for business, but are to be balanced against reductions in the main capital allowance reliefs. The doubling of the lifetime limit for Entrepreneurs’ Relief makes this very valuable for individuals making qualifying gains, while the 50% income tax rate has finally hit SME owners. Finally, proposed changes to the Enterprise Investment Scheme may stimulate investment in SMEs.

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