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Ministers call for business tax cuts in forthcoming Budget

As the 2013 Budget draws closer, Chancellor George Osborne is coming under increasing pressure to pledge his support for UK businesses by announcing a series of tax cuts.

The Free Enterprise Group of MPs is calling on the Chancellor to ease the burden on businesses by cutting a range of business taxes, including the ‘punishing’ air passenger duty, in order to stimulate the economy and encourage investment.

The group is also recommending that the planned reduction in the main rate of corporation tax should be accelerated, with some advocating a substantial cut, the cost of which could be partially offset by eliminating many of the existing allowances.

In addition, the group is calling for a five year corporation tax ‘holiday’ for new companies, and a three year freeze in business rates for smaller firms.

Separately, there have been further calls for the introduction of a new tax break for married couples, despite recent confirmation by the Government that the measure will not be included in this Budget.

Meanwhile, an independent review into UK business practices carried out by the Labour party is recommending that capital gains tax should be cut significantly for long-term investors.