Budget 2013: CT to fall to 20%

The Chancellor has announced a further 1% cut in corporation tax to 20% from April 2015.

'I want to send a message to anyone who wants to invest here, to create jobs - Britain is open for business. That's a tax cut for jobs and growth, George Osborne said.

The changes will put Britain's corproation tax rate at the lowest of any major economy in the world.

But it will also cost the Treasury about £425m by 2016.

Sally Brown, associate at Milestone International Tax Partners, said: 'Today's Budget announcement that corporation tax will fall to 20% in April 2015 will be of comfort to the international business community as re-affirmation of the UK's position as being "open for business" was critical to improving morale and confidence among international businesses.

'Osborne is clearly adamant that the UK should remain at the forefront of internationally competitive jurisdictions to attract business and a 20% corporation tax would certainly be among the most competitive rates of OECD member countries, which can only be a good thing for the country.'

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