The first all-Tory Budget of this most political of Chancellors will have to balance his stated commitment to cut government spending by £30bn over the next two years with his self-denying ordinance prohibiting increases in NICS, VAT or income tax in this Parliament. He will want to get the economic pain over with as soon … Continue reading July Budget: what we’re expecting
Today saw the first budget for some years which did not feature a new cut in the corporation tax rate. Instead, the previous cuts (to 21% for the year beginning 1 April 2014 and to 20% for the year beginning 1 April 2015) were reaffirmed and so it seems clear that the government intends to … Continue reading Corporation tax rates and capital allowances
Positive growth forecasts and falling unemployment set a positive tone for this year’s Budget speech, although the Chancellor was frank in his admission that the deficit is still too large. He targeted measures to increase saving, investment, building and exports. We are reviewing the Budget documents which have now been released and will be blogging … Continue reading Export more. Save more. Invest more. Build more.
The Autumn Statement 2012 contained a number of announcements of interest to individuals and small and medium-sized enterprises, but there was comparatively little of relevance to large companies and banks. The main eye-catching announcement to affect corporates is the further 1% cut to the headline rate of corporation tax – the rate will reduce from 24% for the current year, to 23% from 1 April … Continue reading Corporation tax rate cut again, but pressure on corporate tax avoidance will only increase
Significant changes to corporation tax rates are proposed, the main rate is to be reduced from 28% to 24% by 1 April 2014 by way of annual 1% reductions. Oil profits (ring fence) remain at 30%. The main rate applies to profits above the upper limit of £1.5 million. Companies subject to the small companies rate are to … Continue reading Corporation tax – lower rates to come