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Budget 2008 - Tories call for further Corporation Tax cut |   |
Shadow Chancellor George Osborne has called for a further cut in the main corporation tax rate, ahead of the Budget this week.
Talking to the BBC, Osborne acknowledged that there was little scope to cut taxes due to the UK's budget deficit, but by removing the complex system of reliefs and allowances, the headline corporation tax rate could be cut from 30% to 25% (instead of the planned reduction from 30% to 28% for 2008/9 as announced in the Pre-Budget Report).
Alongside the simplification of the corporation tax system, Osborne said the Tories would keep the small companies' tax rate at 20%, instead of increasing it to 21% then 22% over the next two years.
The Conservatives say that the UK currently has the 19th lowest corporation tax rate in the EU. A rate cut to the 25% level would give the UK the 12th lowest rate.
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Posted March 10, 2008
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[March 18, 2008] Following the Chancellor's announcement that the CGT taper relief regime is set to be abolished on April 5th 2008, The Times reports that HMRC are holding up thousands of businesses who want to sell up before the new CGT rules take effect.
[March 13, 2008] Reaction to the Budget from various business organisations.
[March 12, 2008] A summary of the key points from Alistair Darling's first Budget.
[March 12, 2008] Full text of Alistair Darling's full Budget 2008 speech.
[March 12, 2008] With the Budget just hours away, we take a brief look at what the Chancellor may have in store for small business people.
[March 10, 2008] Shadow Chancellor George Osborne has called for a further cut in the main corporation tax rate, ahead of the Budget next week.
[March 7, 2008] With the Budget just days away, BDO Stoy Hayward has taken an in-depth look at some of the key issues facing Alistair Darling, and possible solutions, ahead of his first full Budget.
[March 4, 2008] As Budget 2008 nears, the CBI has sent Alistair Darling an "alternative speech" to save the nation from what is bound to be a high-spin, low-meat affair, mainly due to the worrying state of public finances.
[February 29, 2008] The Government has released its draft legislation for the new "entrepreneurs' relief" scheme, which will replace the current Capital Gains Tax taper relief regime on 6th April 2008.
[February 26, 2008] A leading business organisation calls on the Chancellor to give small businesses a break on Budget Day - 12th March.
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