Emergency Tax Relief of £1bn to Get Small and Medium Enterprises Investing BCC said

The British Chambers of Commerce calls for the implementation of an emergency tax relief to encourage small and medium enterprises or SMEs to use their £120bn cash pile on business expansion and other investments.

London, United Kingdom (prHWY.com) December 6, 2012 - The British Chambers of Commerce or BCC has proposed to the Chancellor a time-bound "first come, first served" incentive that allows small and medium companies to cancel the entire cost of qualifying investments against their corporation tax bills.

This capital allowance relief worth up to £1m per enterprise will provide a two-year opportunity for these companies to make crucial investments, especially the privately owned or AIM-listed firms.

The British Bankers' Association reports that these small and medium enterprises are sitting on a combined cash mountain of about £120bn which, according to John Longworth, Director General of BCC, if spent on machinery and business expansions, as well as open new offices will help stimulate growth in the business sector.

Longworth added that they have been receiving reports from these businesses that they are quite sceptical in making investments because they are trying to play it by ear with the unstable economy. Through the emergency tax relief, business owners will be more confident to proceed with the investments. This is foreseen as a great way to encourage an export-led recovery, lowering trade deficits in the process.

BCC is also proposing a £100m "growth vouchers" fund or assistance worth £5,000 per small company. This will provide financial assistance; encourage creation of jobs and help these businesses in their international expansion. "This will allow them to get the professional support they choose, whether it's from the private sector or Government," the Director General added.

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