TaxCorporate TaxOsborne reveals timetable for cutting corporation tax

Osborne reveals timetable for cutting corporation tax

Chancellor reveals the timetable for reform controlled foreign companies and the corporation tax rate

HM TREASURY has published a timetable for tax reform which will see corporation tax cut to 24% by 2014 and draft legislation for controlled foreign companies in the autumn of 2011.

The main rate of corporation tax will be cut to 27% in Spring next year and will be accompanied by a cut to the small profits rate.

Sping 2012 will see corporation tax cut to 26% and then 25% in 2013 before reaching 24% the following year.

The government’s paper on tax reform  – Corporate Tax Reform: delivering a more competitive system – said: “To demonstrate its commitment to improving the levels of predictability and stability in the tax system the government will ensure significant reforms are designed and planned effectively with fewer small changes and commits to extensive and timely consultation with business.”

Related Articles

Post-Brexit Britain ‘open for business’ as Osborne to slash corporate tax rate

Corporate Tax Post-Brexit Britain ‘open for business’ as Osborne to slash corporate tax rate

1y Fraser Simpson, Reporter
UK has ‘vital role to play’ in beating tax evasion, declares Panama Papers whistleblower

Corporate Tax UK has ‘vital role to play’ in beating tax evasion, declares Panama Papers whistleblower

2y Fraser Simpson, Reporter
Tax transparency plans adopted across Europe

Administration Tax transparency plans adopted across Europe

2y Fraser Simpson, Reporter
UK pressures OECD to tackle unhelpful tax jurisdictions

Administration UK pressures OECD to tackle unhelpful tax jurisdictions

2y Fraser Simpson, Reporter
UK leads charge for action on beneficial ownership

Administration UK leads charge for action on beneficial ownership

2y Fraser Simpson, Reporter
Cameron to announce new corporate offence for tax evasion

Administration Cameron to announce new corporate offence for tax evasion

2y Fraser Simpson, Reporter
An 'incomprehensible and contradictory' Budget

Accounting Firms An 'incomprehensible and contradictory' Budget

2y Richard Crump, Writer
Budget 2016: Chancellor announces reform for SDLT on commercial property

Corporate Tax Budget 2016: Chancellor announces reform for SDLT on commercial property

2y Fraser Simpson, Reporter