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Small Businesses

Volume 938: debated on Monday 7 November 1977

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41.

asked the Secretary of State for Industry if he will give details of the measures he is considering to assist small firms.

The Government arc considering a number of measures in the field of taxation including relaxing the close company rules for "first business loans ", allowing capital gains tax relief for losses on loans and allowing ;asses in the early years of an unincorporated business to be offset against income in previous years. Simplifications in the operation of VAT are also under consideration, and the possibility of a loan guarantee scheme is being explored.