Cuts in Corporation Tax would be a welcome cut in business expenses
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Speaking at the Confederation of British Industry annual dinner last night, the chancellor George Osborne has pledged a thorough review of UK corporation taxes and promised lower tax rates. ‘I want corporate tax reform to be a priority for this government and I can confirm that the final coalition agreement will commit us to lower and simpler corporate tax rates’. The agreement is expected to be available later today.
He said that since 1997 the tax system has become extremely complicated which makes it more difficult for new businesses. Osborne stated that in terms of the competitiveness of the tax system, the UK is ranked 84th out of 133 countries.
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