Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to support (a) small and (b) large family owned businesses.

At Autumn Budget, we published our Corporate Tax Roadmap, in which we are capping corporation tax at 25% as well as maintaining Small Profit Rate + marginal relief at their current rate + threshold, and maintaining the Annual Investment Allowance at £1m. As a result of commitments in the Corporate Tax Roadmap, 9 in 10 actively trading companies will have a Corporation Tax rate lower than 25%.

The Government protected the smallest businesses from the impact of the increase to Employer National Insurance by more than doubling the Employment Allowance to £10,500. The Government is also making sure family businesses will receive a very significant level of relief once changes to business property relief have been made, with the first £1 million of business assets continuing to receive 100% relief and then 50% thereafter.

Despite the difficult fiscal inheritance, we have also been able to protect key business support programmes that can be accessed by all small and large family businesses, like the England-wide network of Growth Hubs. We are also allocating £250 million in 2025/26 for small business loans programmes, including Start Up Loans and the Growth Guarantee Scheme.