Osborne reveals timetable for cutting corporation tax

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 reading