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%
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
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe amount of tax saved by businesses through HMRC’s Patent Box scheme has increased by 23% over the last five years, from £1.14 billion in 2017/18 to...
View articleUK Chancellor Jeremy Hunt has hinted at the possibility of further tax cuts in the upcoming spring Budget, during his time at the World Economic Forum...
View articleThe legislation, which introduces a global minimum tax of at least 15% for multinational enterprises, aims to limit tax competition and ensure large c...
View articleThe upcoming tax changes in 2024 will significantly impact businesses and individuals in the UK. Accountants play a crucial role in helping clients na...
View articleAccountants must stay vigilant, adapt their tax strategies to evolving regulations, prioritize transparency, and foster collaboration with tax authori...
View articleAs the government prepares for re-election, PM Sunak promises to control spending in order to bring forth tax cuts next year Read More...
View articleThe Office for National Statistics revealed that the UK economy shrank by 0.3% in March after the economy grew by 0.1% in the previous three months Re...
View articleAs the Spring Budget approaches, dissenters of the UK government’s increasingly complex contractor legislation are baying for change. HMRC has already...
View article