Emergency Budget: Corporation tax will drop to 24% by 2014

Corporation tax will reach as low as 24% by 2014 Chancellor George Osborne has announced in his budget speech.

Osborne said he wants to bring corporation tax to “the lowest this country has ever known.”

He said consecutive 1% decreases will bring the corporation tax rate to 24% by 2014.

He said the drop in corporation tax will help attract international business and make the UK more competitive.