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Corporation tax could soon be abolished for smaller firms

Money - Corporation tax scrapped entirely for small businesses - SantanderCB

Corporation tax could be scrapped entirely for some small businesses under plans unveiled by Angela Knight, the new chairwoman of the Office of Tax Simplification. In a report into small company taxation, she suggests that instead of a company paying corporation tax, its shareholders could pay income tax on the profits of the business. This would apply to micro-businesses with up to 10 staff. Knight suggests that the move could make tax payment simpler for businesses which distribute all of their profits to shareholders.

 

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