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Small Firms Hit Hardest By UK Corporation Tax Changes,
by Robert Lee, Tax-News.com, London
Tuesday, January 06, 2009
Half-a-million of Britain’s smallest companies will have paid GBP2.4bn
more in tax between 2006 and the end of the next tax year as a result of the
government's changes to small companies tax, according to the opposition Conservative
party.
The figures, compiled from answers to parliamentary questions, reveal that
Prime Minister Gordon Brown’s decision to abolish the starting rate of
corporation tax (of 0%) while he was Chancellor of the Exchequer in 2006 meant
over 250,000 of the least profitable companies became liable for the full small
companies rate, now at 21%.
In total, some of Britain’s most marginal companies will have paid as
much as GBP900m in extra corporation tax by next year, when previously
they were exempt, according to the Tories.
The party also claims that 250,000 companies with profits of between GBP10,000
and GBP50,000 will have paid as much as GBP6,194 more in tax by 2009 due to
Brown’s decision to remove the Marginal Starting Rate Relief from corporation
tax.
Both these groups of companies must also contend with a second wave of tax rises as a result
of the increase to the small companies rate from 19% in 2006-07 to a planned
22% in 2010.
Justine Greening, the Shadow Economic Secretary, condemned Labour’s approach
to Britain’s small companies:
“At a time when 1 in 10 businesses are reported as being on the brink
of failure, these figures reveal the truth about how Gordon Brown has treated
Britain’s small businesses over the last 3 years. It is as if he has tried
to tax our smallest companies out of existence.”
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