HC Deb 24 July 1996 vol 282 c531W
Mr. David Shaw

To ask the Chancellor of the Exchequer if he will make a statement on the impact of(a) his policies and (b) the work of his Department in helping small businesses in the past 12 months as against the previous 12 months; and if he will publish the performance indicators by which his Department monitors the impact and the statistical results of such monitoring. [39150]

Mrs. Angela Knight

The Government recognise the crucial role played by small firms in the UK economy and aim to help them by providing sound economic conditions—keeping inflation and interest rates low; reducing legislative administration and taxation burdens; and, where appropriate, provide direct assistance in the form of specialist advice and support and easing access to finance.

Particular Budget measures aimed to boost small businesses include: cutting the small companies rate of corporate tax and the basic rate of income tax; reducing employers' national insurance contributions from April 1997; reducing the qualifying age for capital gains tax retirement relief; improving transitional relief for smaller properties whose rates bill are rising following the 1995 revaluation; reducing class 4 national insurance contributions by the self-employed and withdrawing the 50 per cent. tax relief from these contributions; increasing the VAT threshold; introducing a deregulation package; and introducing a tax code rewritten in simple user-friendly language.

These measures build on last year's package to costs job cuts and ease access to finance.

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