Corporation tax was due to fall from 19% to 17% in April announced at 2016 Budget - so cancelling the cut still leaves UK c-tax at lowest rate. Means UK will still have lowest in G20 just not as low as Switzerland/Singapore..
£6bn cost to business as opposed to £1bn cut briefed
£6bn cost to business as opposed to £1bn cut briefed
So that’s £5bn net tax rise versus what is already planned & legislated.
Though still a large gap on Labours existing plans (not yet confirmed in new manifesto) for 26% corporation tax.
Though that too is middle of G7 range
Though still a large gap on Labours existing plans (not yet confirmed in new manifesto) for 26% corporation tax.
Though that too is middle of G7 range
Given that the Government’s argument has long been that the cuts to corporation tax raise revenue, it is interesting to see the PM say raising it (or not going ahead with further cuts) will also raise revenue...
