FSB: We welcome Tory tax proposals

Thursday, 19, Oct 2006 12:00

Britain's biggest business organisation has welcomed proposals from a Conservative policy group to introduce a £21 billion package of tax cuts.

The Federation of Small Businesses (FSB) said the plans, outlined in Lord Forsyth's tax reform commission, would benefit the UK's 4.3 million small businesses.

Small businesses were confused by the tax system, and were unsure of their obligations and benefits available, said chairman John Walker.

He added: "The FSB will support proposals to simplify taxes for small businesses in the UK no matter which political party they come from.

"Small businesses have far less time and far fewer resources than their big business counterparts to handle complicated tax calculations."

Mr Walker said the proposals would mean small businesses "would be freed up to generate more wealth and employment for the UK economy", noting they already contribute over 50 per cent of GDP.