HC Deb 26 January 1989 vol 145 cc688-9W
64. Mr. Amos

To ask the Chancellor of the Exchequer if he will make a statement on the current level of taxation on small businesses.

Mr. Norman Lamont

Companies with profits below £100,000 are subject to corporation tax at 25 per cent. Those with profits of between £100,000 and £500,000 are taxed at the main rate of 35 per cent. but receive a marginal relief. The total corporation tax liability arising for small companies in 1986–87, the latest year for which revenue figures are available and when the rates were 29 per cent. and 35 per cent. (with relief) respectively, is estimated at £1½ billion, of which about £¾ billion arose in each band. Businesses are not required to register for VAT purposes until turnover reaches £22,100, the highest threshold allowed by European Community law.

77. Mr. Ron Davies

To ask the Chancellor of the Exchequer what representations he has received about the effect of interest rates on small businesses.

113. Mr. Rogers

To ask the Chancellor of the Exchequer what representations he has received about the effect of interest rates on small businesses.

140. Mr. Henderson

To ask the Chancellor of the Exchequer what representations he has received about the effect of interest rates on small businesses.

Mr. Lilley

My right hon. Friend has received a number of such representations.