The Official - Brexit: Osborne pledges to cut corporation tax

[AtW]

George Osborne has pledged to slash corporation tax to encourage businesses to still invest in the UK following the EU referendum vote.

In an interview with the Financial Times, the chancellor said he would cut the rate to below 15% - some 5% lower than its current 20% rate.

That would give the UK the lowest corporation tax of any major economy.

Mr Osborne said the cut was part of his plans to build a "super competitive economy" with low tax rates.

A Treasury spokesperson confirmed the Financial Times' story was correct, but said they did not know when the cut would happen.

In March, the chancellor said corporation tax would fall to 17% by 2020.

Source: Brexit: Osborne pledges to cut corporation tax - BBC News

I bet it's going to be by 2025 and only if he is elected

[FarmerPalmer]

Brexit: Osborne pledges to cut corporation tax

Brexit: Osborne pledges to cut corporation tax - BBC News

[AtW]

KUATB

http://forums.contractoruk.com/gener...ation-tax.html

[xoggoth]

You only beat him by 3 minutes atW!

Admittedly, any CUKer should know that anything to do with Ozbum will be instantly reported by you. Or does your Majestic thing automatically monitor the net for any news about him and post an automated adverse comment?

PS I still haven't managed to get Cortana to swear.

[AtW]

Admittedly, any CUKer should know that anything to do with Ozbum will be instantly reported by you. Or does your Majestic thing automatically monitor the net for any news about him and post an automated adverse comment?

I sensed the disturbance in the force...

I reckon he knicked the idea from me postings on here last week

[shaunbhoy]

I sensed the disturbance in the force...

I reckon he knicked the idea from me postings on here last week

The sort of people that "knick" ideas from you alexei don't generally have access to the internet........or anything sharper than a spoon for that matter.

[fullyautomatix]

Wow! I did not see that coming. This is surely music to the ears of most LTD company contractors here ?

[chopper]

Wow! I did not see that coming. This is surely music to the ears of most LTD company contractors here ?

No doubt it will be accompanied by the dividend tax rate going up to 12.5%

[jamesbrown]

This isn't really too surprising. It was also being advocated by the Sunday Times today in their Blueprint for Brexit, and it's part of a broader direction of travel.

What's also part of a broader direction of travel is increasing tax on payments made by companies to their shareholders. This is all perfectly fine and sensible AFAIC (i.e. moving from CT to taxing payments). However, don't think for a minute this somehow implies a lower overall tax burden for contractors, because it doesn't. Whether they increase the dividend tax, develop a look-through structure for small businesses, or implement something else to tax payments to shareholders, it's only going to accelerate with a reduction in CT. We won't be better off. On the contrary.

Hey ho, I'm not contracting for tax perks.

[AtW]

It's easier now to increase tax on dividends, hopefully not because he already increased it a lot