Clause 30 - Charge and main rate for financial year 2003
Finance Bill
2:45 pm
Mr Howard Flight (Arundel and South Downs, Conservative)
I thank the Paymaster General for her kind comments. I accept that a Rooker-Wise approach has its problems. The issue here is not just being internationally competitive; the basic issue is that if the favourable tax limits for small companies remain at a nominal sum, in real terms, they will reduce each year. I should be interested to know whether the Government have the obvious alternative in mind, which is simply to review the limits every year and potentially to raise them in nominal terms to keep up in real terms.
The issue about rounding up was not included as a clever device, but merely for tidiness. To some extent, I take the point that it has its problems.