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08/03/2002
UK Chancellor to discuss possible tax cuts for business
UK Chancellor Gordon Brown is set to discuss the possibility of tax cuts for business in next month's Budget, during a special cabinet meeting at Chequers, the Prime Minister's official residence.
Mr Brown said in the Times that Labour was committed to fostering "a spirit of enterprise", and that encouraging wealth creation would create a higher standard of living for everyone.
However, the Chancellor's pledge on business tax cuts followed an indication last month by the Prime Minister that taxes would have to rise to pay for improvements in the National Health Service (NHS).
While the Chancellor now believes reducing entrepreneurs' tax burden is a priority alongside health, education and transport spending, he also says he is examining ways for the Budget to further cut corporate tax paid by small businesses. Mr Brown promises to do so by setting aside millions of pounds to cut capital gains tax to 20 per cent on business assets held for a year, and to 10 per cent after two years.
The Comprehensive Spending Review, which sets out government departments' spending allocations for the next three years, will also be discussed at the special meeting.
(MB)
Mr Brown said in the Times that Labour was committed to fostering "a spirit of enterprise", and that encouraging wealth creation would create a higher standard of living for everyone.
However, the Chancellor's pledge on business tax cuts followed an indication last month by the Prime Minister that taxes would have to rise to pay for improvements in the National Health Service (NHS).
While the Chancellor now believes reducing entrepreneurs' tax burden is a priority alongside health, education and transport spending, he also says he is examining ways for the Budget to further cut corporate tax paid by small businesses. Mr Brown promises to do so by setting aside millions of pounds to cut capital gains tax to 20 per cent on business assets held for a year, and to 10 per cent after two years.
The Comprehensive Spending Review, which sets out government departments' spending allocations for the next three years, will also be discussed at the special meeting.
(MB)
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