The main
rate of corporation tax is currently 20% and this rate will continue for the
Financial Year beginning on 1 April 2016. In the following years the rate of
tax will fall as follows:
- 19% for the Financial Years beginning on 1 April 2017, 1 April 2018 and 1 April 2019.
- 17% for the Financial Year beginning on 1 April 2020.
The 17% rate
from April 2020 is a reduction of 1% from the rate previously announced by the
Chancellor in his Summer Budget in 2015.
CBI Director-General,
Carolyn Fairbairn, said:
‘The reduction in the headline
Corporation Tax rate sends out a strong signal that the UK is open for global
business investment, and reforms to Interest Deductibility are rightly in line
with the international consensus.’
For more
information please do not hesitate to contact the team at Ward Williams
Financial Services Ltd on 01932 830664 or by email on wwfs@wardwilliams.co.uk.
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