Corporation tax cut announced to combat Brexit uncertainty

Chancellor of the Exchequer George Osborne has announced a cut in Corporation Tax from its current 20% to below 15%.

The Chancellor made the announcement in a recent interview with the Financial Times however it’s not clear when the cut will come into effect (reports the BBC).

osborne quote

When it comes, the cut in Corporation Tax will give the UK amongst the lowest corporation tax levels of any major economy – and close to Ireland’s rate of 12.5%. Earlier this year Osborne said the levy would reduce to 17% by 2020.

In the aftermath of the UK’s decision to leave the European Union, business organisations said that stability was top of the list of needs.

 

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