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HMRC launch start-up business tax scheme

A new National Insurance contributions (NICs) holiday scheme has been launched today (September 6th).

HM Revenue & Customs announced the plan, which is designed to encourage new business start-ups in the UK.

The three-year Regional Employer NICs Holiday for New Business scheme will mean that eligible businesses will be able to take a holiday from their contributions for each of the first ten employees they hire in their first year of business.

This will allow new firms to save up to £50,000 and is open to businesses set up on or after June 22nd 2010.

Exchequer secretary to the Treasury David Guake commented: "We need to rebalance our economy, which has become over reliant on public spending and jobs provided by the public sector.

"The NICs holiday for new businesses, in addition to cuts in corporation tax, will help provide a valuable boost to start up businesses, and help foster the private sector led recovery that will drive growth in the UK over the coming years." ADNFCR-1898-ID-800053348-ADNFCR

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