Monday, 10 December 2012

UK announces a further corporate tax rate reduction

George Osborne, the UK Chancellor of the Exchequer, recently delivered his 'Autumn Statement'. He focused on reducing the budget deficit, restoring stability to the economy and equipping the United Kingdom to compete globally. While there were relatively few new announcements, the overall theme was positive given the difficult economic conditions. The statement also reinforced the government’s message that the United Kingdom is 'open for business’.
The Chancellor announced an additional 1% reduction in the main corporation tax rate to 21%, effective April 1, 2014. The UK corporation tax rate will now decrease to 23% effective April 1, 2013 and to 21% effective April 1, 2014. The UK will then have the lowest tax rate of any major western economy.
Source and more info: pwc