Reform UK proposes major deregulation and tax cuts for small businesses

Reform UK has announced a major deregulation and tax reform package aimed at supporting British small businesses. The proposal includes replacing the current General Data Protection Regulation (GDPR) framework with a “light-touch” system modeled after New Zealand’s privacy laws. The party argues that existing EU-era regulations have “strangled” tech firms and small enterprises.

Key economic measures in the plan include reversing the recent increase in employer National Insurance contributions and eliminating income tax on overtime hours. The party also intends to reform the Seed Enterprise Investment Scheme, allowing family members to invest up to £250,000 in small firms to qualify for tax rebates and capital gains exemptions.

Treasury spokesperson Robert Jenrick is set to detail these proposals, which come as recent data suggests a significant portion of small businesses in the UK anticipate contraction or closure in the coming year.