Labour will prioritise tax cuts for small firms
PHOTO: Cat Smith campaigning with shadow minister Maria Eagle and city council candidate Cathy Jamieson in Freehold, Lancaster
Under Labour the tax burden on small business will be lower than under the Tories. Our first Budget will cut business rates for 1.5 million small business properties and then freeze them the following year.
This is part of Labour’s Better Plan for Small Businesses, which includes action to tackle late payment, reducing unnecessary regulation and establishing a British Investment Bank to boost lending to small firms.
Labour will lower the tax burden on small businesses with a cut in business rates – worth an average of £400 – rather than going ahead with another cut in corporation tax for large firms.
This will benefit 17 small business properties for every one business helped by the Tory plan for a further cut in corporation tax. And we will look to go even further as we prioritise small businesses for future tax cuts.
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