PBR - AIFA fears small businesses will suffer

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AIFA director general Chris Cummings has hit out at the Pre-Budget Report, claiming small businesses are hit hardest.

Cummings says the tax take from small business has increased in recent years, a trend not reversed in this report. “Darling confirmed that he would cut corporation tax by 2p to 28p from April 2008,” he says. “However, this was already in (Gordon) Brown's 2007 Budget, in which he also announced that the small companies' corporation rate will rise from 19% to 22% in stages.” Cummings says small and medium enterprises (SMEs), which account for 99.3% of all businesses, have spent “far too long subsidising the tax avoidance of larger businesses”. “Smaller businesses, including our members, h...

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