Corporation tax slashed to 18% by 2020

George Osborne yesterday set out plans to introduce a phased cut in corporation tax. The surprise move will see the rate drop from 20% to 19% in 2017, and then 18% in 2020. The Treasury claims the move will help one million businesses. Such a level would maintain Osborne's promise to give Britain the lowest level of corporation tax in the G7 group of the world's richest nations, and would in fact mean Britain has the lowest level in the G20. Britain currently sits as the joint lowest alongside Turkey, Russia and Saudi Arabia. France has a rate of 33.33%, while in America it is as high as 40%.


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