Corporation tax cut will be staggered
Emergency budget will include a roadmap setting out the government’s plans to reform and reduce corporation tax gradually to 25%
The Treasury’s commercial secretary has suggested corporation tax cuts
promised by the coalition government will be spread over the five-year term of
the current parliament.
Speaking in the House of Lords, Lord Sassoon repeated the government’s
commitment to “lower, simpler and more predictable taxes,” which includes a
reduction in corporation tax from 28% to 25%,
taxnews.com
reported.
Lord Sassoon said that the emergency budget on 22 June would include a
roadmap, setting out the government’s plans to reform and reduce the tax over
the five-year term and to make the tax rate the most competitive of all
industrial countries.
Further reading:
Tories
aiming to slash business taxes