INCOME SHIFTING AND THE FUTURE OF SMALL BUSINESS TAXATION

leave out from `partnerships;' to end and add `commends the Government for recognising that the initial proposals had serious flaws and for taking the time to consult further; calls on HM Treasury to recognise that profits from a business do not simply represent remuneration for labour, but are a reward for taking risk; urges the Government to drop the proposals altogether if the forthcoming round of consultation shows that they ultimately cannot be made to work; and suggests that a thorough reconsideration of the basis on which small businesses are taxed, in full consultation with all affected groups, may be a more appropriate course of action.'.