The Chancellor plans to legislate for a new Research and Development Tax Credit for large companies which he describes as “a tax cut to boost innovation.” The Chancellor also plans to “reward entrepreneurship” with a cut in capital gains tax to 20% for business assets held for over one year and to 10% for assets held for more than two.
The Chancellor hopes that the coming Budget will benefit the UK at a time when the global economy is suffering. “While the British economy has been stable, it can and must be stronger,” he said.