George Osborne has recently been reported that his objective is to reduce corporation tax to 20% which is significantly lower than other Western economies and would be great for UK business.
Hopefully, we will hear more of this in the budget later today.
George Osborne inherited a rate of 28% from the last Government and plans to reduce it to 23% in the lifetime of this Parliament.
A further planned reduction would be a good move and would attract business to the UK.
What about the UK’s competitors? The USA has a basic rate of 35% and France over 33%. Germany has a rate of 15% but there are additional social taxes which bumps this up to a rate in excess of 30%. Conversely, Ireland which attracts many multinationals has a much lower rate of 12.5%.
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