The Budget has brought with it a range of actions designed to support and stimulate business. These include dropping the corporation tax rate to 24% from April 2012 (with further 1% decreases in each of the following two years) to give a rate that is one of the lowest in comparison to other major G20 economies.

Further work will be done to simplify small business tax and standardising business expenses.

Over five years from April 2013 a reduced 10% rate of corporation tax will be due on profits attributable to patents and some intellectual property. The proportion will start at 60% and increase annually to 100% from April 2017.

Subject to state aid approval, the games, animation and high end TV sectors will benefit from corporation tax reliefs.

Visit the Gibson Booth Budget website here http://www.gibsonbooth.co.uk/tax/budget-2012 or download the full report below.