Business leaders back tax hike in exchange for simplicity

Mr Bull said: "While this tax relief is widely criticised for being expensive and badly targeted, the policy objective of encouraging entrepreneurial business owners remains entirely valid.

"It would be a big mistake to completely abolish the relief or to make instant changes effective from Budget day.

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"If major change is required, then the Chancellor should conduct a careful consultation to determine how the tax system can be used to encourage successful entrepreneurial businesses."

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