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Clause 8 — Small companies' rates and fractions for financial year 2009

Part of Surface Water and Highway Drainage Charges (Exemption) Bill – in the House of Commons at 7:15 pm on 12th May 2009.

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Photo of Mark Field Mark Field Conservative, Cities of London and Westminster 7:15 pm, 12th May 2009

The Minister professed the crucial importance of small and growing businesses, but is he not concerned that one of the biggest impacts of the income tax changes proposed by the Treasury for the years to come will be that the owners of such businesses will have even less incentive and available collateral to grow them? Businesses like that are very often run by a single individual using his own pocket and energies, so being taxed at a much higher level post £150,000 of earnings will cause them to suffer most. Does he agree that, as a result, the growth of small businesses that is so crucial to the economy will be undermined?

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