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PBR: Aifa urges Chancellor to ease SME tax burden

Aifa has criticised the pre-Budget report for doing nothing to ease the increasing tax burden on small businesses.

Director general Chris Cummings says small firms, which comprise 99.3 per cent of all businesses, have spent too long subsidising the tax avoidance of bigger firms.

He says the Chancellor confirmed he would cut corporation tax by 2 pence to 28 pence from April 2008, but this was already in the 2007 Budget, which announced a gradual rise in small companies’ corporation rate to 22 per cent from 19 per cent.

Cummings says: “Smaller businesses, including our members, have particularly had a tough year. Not only have they seen their tax bills rise but their bank charges have substantially increased this year. We want the next budget to be a budget for SMEs.”

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