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SMEs to benefit from Brown's tax concessions.

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PositionBudget - Brief Article

Gordon Brown's budget last month has helped to restore his business-friendly credentials, according to the Confederation of British Industry.

"In a difficult business climate and with little room for manoeuvre, the chancellor has turned to more creative ways to improve the economy's overall performance," said the CBI'S director-general, Digby Jones. "He has resisted the temptation to slap more taxes on business, which would have delivered a serious blow to confidence."

Jones said he was particularly heartened by the measures for small and medium-sized enterprises (SMEs), which include extended eligibility for enhanced capital allowances and reforms to the loan guarantee scheme, describing them as "a further step on the road to a real enterprise culture".

Grant Thornton said the main benefit was the expansion of the definition of an SME to cover any firm with fewer than 250 occupied persons and which had either an annual turnover of less than 34,448,956 [pounds sterling] or an annual balance sheet total not exceeding 29,626,102 [pounds sterling]. This would allow more firms to benefit from SME tax relief, it said.

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