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Income Shifting And The Future Of Small Business Taxation

EDM number 1195 in 2007-08, proposed by David Drew on 17/03/2008.
Categorised under the topics of Companies, Employment, Incomes and poverty, Small businesses and Taxation.

That this House welcomes the decision announced in the Budget to defer legislation on what has been described as income shifting within small limited companies and partnerships; and calls on HM Treasury and other affected departments to use the additional year that they have allowed themselves for consultation on this issue to undertake a thorough review of more appropriate means of providing smaller enterprises with a suitable legal entity designed for use in the 21st century, and not the 19th century as the limited company was, that will simultaneously reduce the taxation, accounting and regulatory burdens on smaller enterprises, so freeing them to generate wealth and employment in the UK economy, whilst ensuring that they can with minimum effort comply with the taxation and other requirements imposed upon them by law in a way that minimises risk of tax avoidance, creates a level playing field in which all in the sector can compete fairly and ensures that the right person is taxed on the reward they have earned at the right time and in ways which do not create artificial and inappropriate incentives to recategorise employment as self-employment, and the reward for labour effort expended as investment income.

This motion has been signed by a total of 30 MPs.

David Drew17/03/2008StroudLabourProposed
Bob Spink17/03/2008Castle PointIndependent ConservativeSeconded
Peter Bottomley17/03/2008Worthing WestConservativeSeconded
Andrew George18/03/2008St IvesLiberal DemocratSeconded
Mark Durkan18/03/2008FoyleSocial Democratic and Labour PartySeconded
Lynne Jones18/03/2008Birmingham, Selly OakLabourSeconded
Mike Hancock18/03/2008Portsmouth SouthLiberal DemocratSigned
David Taylor18/03/2008North West LeicestershireLabourSigned
Marsha Singh19/03/2008Bradford WestLabourSigned
Martin Caton19/03/2008GowerLabourSigned
Janet Anderson19/03/2008Rossendale and DarwenLabourSigned
David Wilshire20/03/2008SpelthorneConservativeSigned
Ann Cryer20/03/2008KeighleyLabourSigned
John McDonnell20/03/2008Hayes and HarlingtonLabourSigned
Kelvin Hopkins20/03/2008Luton NorthLabourSigned
Doug Naysmith20/03/2008Bristol North WestLabourSigned
Eric Illsley25/03/2008Barnsley CentralLabourSigned
Betty Williams25/03/2008ConwyLabourSigned
Alan Simpson26/03/2008Nottingham SouthLabourSigned
Alasdair McDonnell26/03/2008Belfast SouthSocial Democratic and Labour PartySigned
Rudi Vis26/03/2008Finchley and Golders GreenLabourSigned
Brian Jenkins27/03/2008TamworthLabourSigned
Katy Clark31/03/2008North Ayrshire and ArranLabourSigned
Angus Robertson02/04/2008MorayScottish National PartySigned
Janet Dean02/04/2008BurtonLabourSigned
Stewart Hosie02/04/2008Dundee EastScottish National PartySigned
Lady Hermon21/04/2008North DownUUPSigned
Jim Devine21/04/2008LivingstonLabourSigned
Paul Truswell22/04/2008PudseyLabourSigned
Andrew MacKinlay29/04/2008ThurrockLabourSigned

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