As part of a number of measures intended to improve the competitiveness of the UK for multi-national companies, the Chancellor has announced that the corporation tax rate will be reduced by 2%, rather than 1% from April 2011. It will continue to decrease by 1% for the following three years until it reaches 23%.
A number of other headline grabbing measures, with encouragement of investment in the UK as the stated aim, have been announced. These include doubling entrepreneurs relief, widening the EIS scheme and improving the R&D tax credit.
Keep watching and we’ll give you the pertinent details!