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
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
Complex controlled foreign companies tax rules will also be overhauled, he
“I want multinationals coming to the UK, not leaving,” said Osborne.
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The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today