Neil Duncan-Jordan
Main Page: Neil Duncan-Jordan (Labour - Poole)Department Debates - View all Neil Duncan-Jordan's debates with the HM Treasury
(1 month, 1 week ago)
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Dan Tomlinson
We have a tax on profits in the UK, which is corporation tax. In our corporate tax road map, we have committed to keeping that stable in this Parliament, rather than having it jump around as it did in the last one. It is important to have a broad tax base, so it is reasonable for business rates to continue to be—as they have been since the late 1980s—set in accordance with an estimate of the rents of properties. I do not think it would be right to change that.
Neil Duncan-Jordan (Poole) (Lab)
The Minister will know that coastal towns, such as Poole, which I represent, rely on small businesses. Poole would not be Poole without its restaurants or ice cream parlours. Polling this week shows strong public support for higher levies on big tech. Could this be a way to raise revenue to cut business rates and support the bricks-and-mortar shops that give life to our high streets?
Dan Tomlinson
I understand my hon. Friend’s point. There are many businesses in rural and coastal communities across the country that we want to see thrive and grow, which is why the Chancellor announced the great British summer savings scheme, which will run until 1 September. On the point about the online giants, we are looking at further ways to raise more revenue by going after those online giants dodging VAT. In the last Budget, the Chancellor changed the multipliers in the business rates system so that the tax rate paid by a small high street business would be 33% lower than that paid by large properties, such as those occupied by online giants.