Corporation Tax – An Update
As announced by Philip Hammond in his maiden Spring Budget as Chancellor of the Exchequer, the headline rate of corporation tax has been cut from 20% to 19% effective from 1st April 2017, with a further reduction to 17% enacted for 1st April 2020.
All companies, partnerships and sole traders incorporated in the UK are subject to corporation tax, with pre-tax profits taxed at a relevant rate in accordance to various adjustments. Changes are related to the governments objective to usher in a more competitive tax system and encourage business investment and growth.
Tim McElwaine, Tax Senior Manager at UNW, states that companies will welcome these reduced rates in such uncertain times: ‘It is great to see that Chancellor Philip Hammond has followed through on the concrete plans of his predecessor, George Osborne, without reverting to the rather panicked further cuts that were discussed immediately after the EU referendum. With Brexit and associated uncertainties on the horizon, the Government remains determined to portray the UK as a good place to own a business, and now has the lowest rate of corporate tax in the G20.’
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