TaxAdministrationOsborne’s corporation tax cuts will cost £4.5bn: Vantis

Osborne's corporation tax cuts will cost £4.5bn: Vantis

Accounting firms anticipates corporation tax announcment

Chancellor George Osborne’s anticipated corporation tax cut will cost £4.5bn
and the affect will vary from business to business, an accounting firm has said.

Vantis tax partner Terry Baldwin said the anticipated tax cut, which it
believes will be announced at the Annual CBI dinner tonight, will be welcomed
but have mixed results.

“Corporation tax cuts, which fulfill the Conservative manifesto pledge, will
be mostly welcomed by corporate businesses of all sizes. It is estimated that
these rate cuts will cost £4.5bn and will be funded by “reducing complex reliefs
and allowances,” he said.

“It is likely that this will mean changes to Capital Allowances and R&D
tax credits, and perhaps other tax reliefs. The net impact of these changes will
of course therefore vary from business to business. Will the impact be greater
on manufacturing businesses which currently qualify for more reliefs? We await
the devil in the detail in next month’s Emergency Budget.”

Further reading:

Tories
confirm cuts to corporation tax

‘Slash
the tax’

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