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Corporation tax breaks for large companies

Chancellor Gordon Brown is promising to legislate for a 25 per cent corporation tax relief on volume for large companies, aiming to give them a £400m boost for research and development.

Corporation tax is to be scrapped for small firms and there is to be a 20 per cent cut in capital gains tax if assets held for a year; 10 per cent for two years or more.

The requirement of small businesses with a turnover of under £100,000 to record VAT charge on each individual purchase and sale will be removed. There will be a flat rate calculation which will be extended from next April to include small firms with turnovers up to £150,000. There will be automatic relief for VAT on bad debts.

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