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Osborne to Support Digital Sharing Economy with Tax Breaks

Osborne to Support Digital Sharing Economy with Tax Breaks

Yesterday's Budget saw George Osborne promise to help SMEs and entrepreneurs through financial schemes and tax allowances.

The chancellor said the government would help people who list their houses on sites such as Airbnb or sell services on the internet.

In his budget speech Osborne said: "We are going to help the new world of micro-entrepreneurs who sell services online or rent out their homes through the internet.

"Our tax system should be helping these people, so I am introducing two new tax-free allowances, each worth £1,000 a year, for both trading and property income."

Osborne added that he wanted to "address the great unfairness" that is felt by small businesses when competing against big companies on the internet.

Chair of Sharing Economy UK, Debbie Wosskow, said the chancellor's announcement was a "colossal win for Britain".

She added: "We are the first in the world to introduce a sharing economy allowance that allows individiuals to earn up to £2,000 tax free.

"This demonstrates that the UK truly is the home of the sharing economy.

"Consumers need to be able to use sharing economy platforms, such as Airbnb and TaskRabbit, to top up their income without the fear that they are breaking the rules."

A £1bn package to help SMEs was also included in the Budget and a promise to cut corporation tax to 17%.


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