Company bosses in plea to Chancellor


16-02-2001

Company bosses in Cambridgeshire have issued a plea to Chancellor Gordon Brown ahead of next month's budget -- no new taxes.

The Eastern Branch of the Institute of Directors (IoD), which represents more than 1,000 directors in the county, says Mr Brown should also resist extending existing taxes.



Instead they called on him to make the tax system simpler and easier to understand.



Alan Blake, the branch's treasurer, said: 'The Chancellor should resist introducing any more targeted personal tax relief. If he wishes to reduce income taxes a better route is to reduce the basic rate with the ultimate aim of a 20 per cent basic rate.'



He added: 'The Working Families Tax Credit has introduced further complications for smaller businesses when preparing payroll calculations.



'The Chancellor should drop the proposed Employment Tax Credit, due in 2003, which can only result in involving more businesses in these burdensome payroll exercises.



'There should be no new administrative burdens on business. Policy changes are essential to simplify the tax system.'



The IoD also wants inheritance tax and stamp duty on the sale of shares to be scrapped.