BCC Budget submission calls on the Chancellor to reconsider £3.4 billion in tax hikes
The British Chambers of Commerce has today written to the Chancellor with its 2008 Budget submission calling on him to reconsider a range of tax hikes, which will generate an extra £3.4 billion for the Treasury.
The BCC's submission focuses on a number of planned business tax increases, including:
* Abandoning the planned increases in the Small Companies’ Corporation Tax rate;
* Providing further assistance for high growth business owners’ tax liabilities on Capital Gains Tax; and
* Scrapping the proposed 2p fuel duty increase scheduled for April.
The letter sent to the Chancellor from David Frost, Director General of the British Chambers of Commerce, reads:
Recent months have not been good for the relationship between business and the Government. A lack of consultation on policy has undermined the business community’s confidence in the Government.
I believe that with the economy now facing a slowdown, your 2008 Budget is an opportunity to send a positive message to British business.
Over the next 12 months, small business corporation tax is set to rise; a further 2p is to be added to fuel duty; and capital gains tax will be reformed. We urge you to reconsider your approach to these and other business taxes and provide some relief to hard pressed businesses and entrepreneurs.
In the longer-term we would welcome the opportunity to work with you to develop alternative policies surrounding business taxation and economic growth, so that we can collectively help maintain the UK’s status as both the financial capital of the world and an attractive place to do business.
British Chambers of Commerce