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Trade News Archive June 08 May 08 April 08 March 08 February 08
January 08
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18th June 2008
FPB backs Lords criticism of business tax changes
Small business groups have welcomed last week's attack by a House of Lords committee on the government's recent taxation changes.
The House of Lords Economic Affairs Committee produced a scathing attack on the changes to business taxes unveiled in the Budget. It said that the policies could end up hurting competitiveness in the country.
Now, the Forum of Private Business (FPB) has said that its research had shown small firms believe they will be impacted by the changes.
The FPB's research projects manager, Thomas Parry, said that studies showed small businesses rated their burden of tax as one of their biggest concerns.
Mr Parry added: "The government's disproportionate tax policies do not encourage growth and entrepreneurship, particularly in this time of economic instability."
In addition, the FPB said that it believes increases in the lower rate of corporation tax have hit smaller companies. It added that reductions in higher bands meant it seemed the government was focusing on the needs of larger firms instead.
FPB member Tim Rhodes commented: "Small businesses are quite resilient and tend to bounce back, but all of these additional taxes are very trying.
"Often, it comes to the point where you ask if it's worth carrying on. We can hold on only for so long, after that, unfortunately, the result will be job losses."
(c) 2008 Adfero Ltd.
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