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Corporation Tax Rates Heading for a Five Year Plan under the New Chancellor

A complete reform of Corporation Tax is apparently on the cards after Chancellor George Osborne recently made a keynote speech to members of the CBI.  Mr Osborne said he wanted “corporate tax reform to be a priority for this government.”

This seems encouraging as a lot of businesses are calling for Corporate Tax to be reduced, so a complete overhaul of the system seems to be a good thing on the surface at least.  We must of course wait and see how it all develops, but George Osborne spoke of wanting the UK to have the most competitive regime in the G20 area when it comes to Corporation Tax.

I feel the speech was a big event for Mr Osborne, as it was his first major speech since becoming Chancellor.  He seemed eager to get businesses on his side and to reassure them that he had big plans for helping businesses to make it easier to be part of the economic recovery.

I have also noticed that many businesses seem to be begging the government to remove red tape and make it easier for them to trade without feeling as if they are up against paperwork and complications all the time.  If the new coalition government does indeed reduce the rate of Corporation Tax as a part of a new five year plan, it could get both major and minor businesses on its side very quickly indeed.

If you run a business and you would like to know more about what Corporation Tax could mean for you, contact us now for expert advice here at St Matthew.


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