Grantham Journal letter: Unfair on smaller businesses
THERE is no evidence that turning the UK into a tax haven for the super wealthy benefits our economy.
What is demonstrable is that Britain’s small and medium enterprises (SMEs) now produce in excess of 50per cent of the UK’s GDP, are overwhelmingly British owned, offer a wide range of skilled and unskilled jobs, and are now the backbone of our prosperity.
George Osborne, as chancellor should know this, yet he has burdened SMEs with new taxes.
Many are below the VAT threshold and are not registered, so have been hit by his VAT increase.
Corporation Tax (CT) for SMEs has not been cut, unlike CT for big companies who are mostly foreign owned multi-nationals.
His cut in capital allowance from 25per cent to 18per cent (ie the amount of money that a company is allowed to offset against profits to pay for investment) means that British SMEs are now paying more tax, subsidising the CT cuts he gave to large businesses.
It is time for Osborne to go – he has handed out tax cuts to millionaires and foreign owned multi-nationals at the expense of British people and British owned businesses.
ERIC GOODYER
High Street
Colsterworth
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Wednesday 22 May 2013
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