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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.”


Out of Context

“I am a great believer in selective assassination, preferably with a gun.”Retirement Income Reform Campaign director Dr Oonagh McDonald ponders ways of changing the Government’s dogmatic position on forced annuitisation “Can everybody turn off their mobile phones to avoid waking the person next to them if they’re asleep during the conference?”Clarkson Hill chief executive Ron […]

First national Sesame conference to focus on the RDR

Sesame is to hold its first national conference in December focusing on the impact of the retail distribution review, the rise of wrap and other regulatory matters.The event, called Sesame Symposium, will include speeches from Aifa chairman John Gummer, former Which? chief policy adviser Mick McAteer, Standard Life chief executive Trevor Matthews and FSA director […]

Personal effects

It probably won’t surprise regular readers to discover that I am not a natural friend of the Conservative Party.

FSA examines Royal London levy for Omo

The FSA says it is looking into reports that Royal London charges customers thousands of pounds for exercising their open-market option.Reports last week suggested that customers who decided not to take an annuity with Prudential, which has an agreement with Royal London to provide annuities, were still charged 3 per cent commission when they exercised […]


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