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According to the Sunday TimesGeorge Osborne, the Tory Shadow Chancellor, said he understood the anger of small businesses over the planned rise in the corporation-tax rate from 19 to 22 per cent.
Small businesses owners and their representative bodies felt aggrieved when the Chancellor annoucned a 2p cut in corporation for big firms, and then immediately said that small businesses would see their rate rise by a similar amount.
George Osbourne said: “I think we should have a lower and simpler tax system for small firms.”
Before the Budget, the Conservatives announced plans to reduce the main rate of corporation tax from 30% to 27%, paid for by cutting back on allowances and reliefs and it is understood that the party’s tax advisers are working on a similar plan for smaller firms.
That will come too late for many small firms, however, who will see their corporation-tax rate rise to 20 per cent next month and to 22 per cent by April 2009.
Full article Tory business tax pledge - Sunday Times, March 2007
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The Editor
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