Retail Businesses (Hansard, 22 February 1991)

§ Mr. Forth

There is a wide range of Government-supported assistance to small firms generally, including small retail businesses. This assistance includes free and widely available advice and business counselling, easily accessed training suitable for the widely varying circumstances of small firms, subsidised consultancy, help with finance and premises.

Specific measures taken of particular relevance to small retail businesses since June 1987 include: reduction of small companies' corporation tax rate to 25 per cent. and increases in the relevant thresholds major reductions in personal tax rates which have benefited unincorporated businesses extension of capital gains tax retirement relief substantial increases in personal pension contribution limits and simplication of pension rules a package of measures to lighten VAT administration: cash accounting and annual accounting systems, and simpler schemes for small and medium sized retailers revision of VAT registration thresholds to enable small businesses to stay out of the VAT net longer improvement and simplication of the loan guarantee scheme with effect from 1 April 1991, limiting of business rate increases for small business owners who live above the shop to 10 per cent. in real terms during the transitional period establishment of the new training and enterprise councils, responsible among other things for activities designed to strengthen local economic growth