TaxCorporate TaxOsborne lines up corporation tax cut to woo business

Osborne lines up corporation tax cut to woo business

The chancellor ramps up the pro-business rhetoric ahead of the emergency Budget

The new chancellor is expected to stick with his pledge to cut corporation
tax to 25p from 28p in his emergency Budget next month, as part of wider plans
to encourage businesses to come to the UK.

Speaking at last night’s annual
CBI
dinner, George Osborne said the corporation tax rate would be cut to the lowest
across the G20 within the next five years.

He also suggested that cuts to capital allowances on plant and machinery
might not necessarily go through as the Tories had planned. Instead he spoke of
protecting the manufacturing industry, reported
the
Times
.

Complex controlled foreign companies tax rules will also be overhauled, he
said.

“I want multinationals coming to the UK, not leaving,” said Osborne.

Further reading:

CBI:
Business tax increases should be taken off the menu

Advisers
warn of taxing times ahead with Lib-Con coalition

National
Insurance: the beast in the shadows?

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