Oral question asked in the House of Lords, by Lord Bates (Conservative). It was answered by Lord Mandelson (Labour) on Thursday, 25 March 2010.

Taxation: Small Businesses

Question: To ask the Secretary of State for Business, Innovation and Skills what discussions he had with the Chancellor of the Exchequer before the Budget on reducing the tax burden on small businesses.

Answer: My Lords, the Chancellor and I regularly discuss how we can promote small business. Yesterday, the Chancellor unveiled a budget for growth supporting new, small and growing businesses. Announcements included a 12-month business rate reduction for more than half a million small businesses, a doubling of the annual investment allowance to £100,000 and a doubling of the threshold to £2 million for entrepreneurs’ relief on capital gains tax. He announced that Her Majesty's Revenue will continue with "time to pay", which so far has involved £5.2 billion of delayed tax payment. So the Government are certainly not standing still in their support for small businesses.

Secondary information