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SMEs: Tax

Volume 648: debated on Tuesday 6 November 2018

19. What recent steps he has taken to reduce the amount of tax payable by small and medium-sized enterprises. (907488)

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.

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?

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.