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Easigrip supports pre-budget report

A SMALL Business has hailed the pre-budget report as a ‘lifeline’ for start-up companies.

In his pre-budget report speech, chancellor Gordon Brown explained how the government intends to help British businesses and particularly manufacturers to invest in the technologies of the future.

He aims to cut capital gains tax to twenty per cent for business assets held for more than one year and ten per cent for business assets held for two.

The reduction means that Britain will have a capital gains tax regime, which is more favourable than that of the United States.

This has been welcomed by Warwickshire-based Easigrip Ltd – manufacturers of elasticated tubular bandage.

Paul Sweeney, joint managing director of Easigrip Ltd, said: “The reduction of capital gains tax for businesses is a fantastic boost for small companies like us. Previously the tax bill for selling a successful business was very high.

“I believe the reduction in capital gains tax will support new entrepreneurs nation-wide helping to encourage investment.”

Easigrip Ltd has had success distributing its alternative brand of bandage in six overseas countries and Mr Sweeney believes that there is now no better time to start-up a small business.

He added: “With countries including America, Japan and Asian economies in recession, Mr Brown’s speech is good news for smaller businesses. There is tremendous support from organisations such as Business Link and despite the pound’s strength against foreign currency, overseas sales are still encouraging.

Britain’s interest rates are the lowest for nearly 40 years so the economy will favour new start-up’s. However, Mr Sweeney still sees room for improvement.

“I would like to have seen an extension of the current five year deferred tax payments for investors under the Enterprise Investment Scheme in Mr Brown’s report. I feel deferring the tax bill to ten years would encourage more investment,” said Mr Sweeney.

ENDS



EDITORS NOTES:
1. Easigrip Ltd. exports to six overseas countries and is one of the largest suppliers of tubular bandage in Belgium.
2. Easigrip found support through Trade Partners UK – Business Link which is a division of the DTI.
3. Easigrip was marketed at the Medica ’99 tradeshow in Germany.





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