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10 Mar, 2008

Helen Pow - 10-Mar-2008

Conservative Shadow Chancellor George Osborne has called on Alistair Darling to cut the main rate of corporation tax from 28p to 25p.

He has also asked him to abandon the Government's planned increase in the small companies rate from 20p to 22p.
Osbourne says cutting corporate tax rates, which would be funded by reductions in capital allowances and scrapping complex reliefs, would be an important boost to the competitiveness of the British economy in difficult economic times, and a welcome simplification of the tax system.

He says: "A decade ago we had the fourth lowest business tax rate in Europe, today we have the 19th lowest. It is a millstone round the neck of British firms.

"This will create a much simpler business tax system and a much lower tax rate. It will send a clear signal that Britain is open for business and it will be a real shot in the arm for British companies as they meet the challenge of competing in a global economy.

"We should also stop the damaging 2p rise in the small companies tax rate that Gordon Brown planned, by scrapping the intrusive new allowances. Small businesses are the lifeblood of a vibrant economy and a tax hike now would be a disaster."

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