SMEs: Tax

Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 6th November 2018.

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Photo of Edward Leigh Edward Leigh Conservative, Gainsborough 12:00 am, 6th November 2018

What recent steps he has taken to reduce the amount of tax payable by small and medium-sized enterprises.

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

My hon. and gallant Friend always gets there in the end and in my experience he is very good when he does. I can tell him that we do a great deal to support small businesses. We announced our one third reduction in the small business rate. Our tax rate for small business is declining. It is now 19% and it will fall to 17% in the next couple of years.

Photo of Edward Leigh Edward Leigh Conservative, Gainsborough

Can the Minister assure me that by the end of this Parliament small businesses in Gainsborough will be paying less tax than they are now?

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

I can assure my hon. and gallant Friend that the smaller retailers in his constituency will be paying about a third less in rates. He will see a further diminution of the general corporation tax rate. It was 28% in 2010 and it is now coming down to 17%. Of course, they will also benefit from other measures, such as the freezing of fuel duty, which will help many small businesses.