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| Tories urge corporation tax cut | Tories urge corporation tax cut |
| (40 minutes later) | |
| Corporation tax rates should be reduced to help revive the economy and boost competition, the Tories have said. | Corporation tax rates should be reduced to help revive the economy and boost competition, the Tories have said. |
| The main rate is due to fall from 30% to 28% in April, but shadow chancellor George Osborne wants it cut to 25%. | The main rate is due to fall from 30% to 28% in April, but shadow chancellor George Osborne wants it cut to 25%. |
| Speaking ahead of Chancellor Alistair Darling's debut Budget on Wednesday, he said he also wanted to scrap a planned 2% rise in the small companies rate. | |
| The BBC's Ben Wright said the Tories planned to pay for this by scrapping a number of business tax breaks. | The BBC's Ben Wright said the Tories planned to pay for this by scrapping a number of business tax breaks. |
| Our political correspondent said this meant overall business tax levels would stay the same meaning the package would be less politically contentious. | Our political correspondent said this meant overall business tax levels would stay the same meaning the package would be less politically contentious. |
| He said the business lobby had been critical of the government in recent months and it was a group the Conservatives were keen to court. | He said the business lobby had been critical of the government in recent months and it was a group the Conservatives were keen to court. |
| Mainstream corporation tax rate is currently paid on annual profits of more than £1.5m. | Mainstream corporation tax rate is currently paid on annual profits of more than £1.5m. |
| This April, businesses will see the main rate fall from 30p to 28p, as announced in Gordon Brown's last budget in March 2007, but George Osborne said there was a compelling case for a further reduction. | This April, businesses will see the main rate fall from 30p to 28p, as announced in Gordon Brown's last budget in March 2007, but George Osborne said there was a compelling case for a further reduction. |
| Many changes are being made to the taxation system this coming April. Some are fairly minor, while others - such as the proposed simplification of capital gains tax - have been very controversial. | Many changes are being made to the taxation system this coming April. Some are fairly minor, while others - such as the proposed simplification of capital gains tax - have been very controversial. |