Now The Darling Man Hates Me

Thieving Magpie

Why is it that this government continues to fail to understand small business? Bottler's puppet chancellor, the same man who has driven the closure of 2500 Post Offices, in his Pre Budget Statement announced that from April 6th 2008 there will be a change in the capital tax regime with the suggested intention of bringing the private equity sector into a more realistic tax environment.

Unfortunately for us and millions of other small business owners we will get caught as well with the loss of relief when we come to sell our business. I will need to talk to my accountant to get a full understanding of the implications, but it does not sound good.

Bottler did the dirty on small limited companies in his last budget in March when he increased the taxation burden by 4% over the next three years and this is just another blow for hard working small business owners.

The Federation of Small Businesses (FSB) has criticised Alistair Darling’s first Pre-Budget Report (PBR) for adding to the tax burden of small businesses.

Their Policy Chairman, John Walker, said:

“Alistair Darling’s first Pre-Budget Report was a disappointing one. The UK’s small business community, which contributes over half of the country’s GDP, will not be helped by a less generous capital gains tax scheme. There were some welcome announcements about simplifying the tax system, which is long overdue. The test now will be for it to actually happen in practice. Overall, though, this PBR looks set to increase the financial burdens on small businesses at a time when they are contributing more than ever to the UK economy. The Government has again failed to recognise that contribution.”

The sooner this shambolic government go the better for small business and the country.