11.05.2016. UK will cut corporate tax rate to 17% by 2020

News

UK has announced to lower even further the corporate tax rate from existing 20% to 17%. On 2010 the rate was cut from 28% to 20%, and last year was made announcement of plans to drop the rate to 19% in 2017.

New corporate tax will bring the UK rate to the second lowest among developed countries and make it the number one destination for multinational firms.

In addition to cutting corporation tax, George Osborne, the Chancellor of the Exchequer, announced plans to cut the capital gains tax rate from 28% to 20%. For basic rate taxpayers, capital gains will be reduced from 18% to just 10%.