CORPORATION TAX is to be cut by a further 1%, George Osborne told parliament during his Autumn Statement.
Osborne said corporation tax would be cut to 21% from April 2014, making it the lowest rate for any western economy.
Banks will not benefit from the cut, the chancellor said. In fact, the government will increase the annual levy on their balance sheets.
The chancellor also announced that business taxes will also be cut by extending small business rate relief to April 2014.
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The current business rates system is over-complex and reform is needed, but reforms should focus first of all on simplifying the appeals process, particularly for businesses which are subject to business rates exemption