Planned Corporation Tax Cut Scrapped
Prime Minister Boris Johnson announced at the CBI conference in London that the planned reduction in the Corporation Tax rate to 17 per cent from April 2020 will be scrapped for the time being.
The main rate of Corporation Tax has fallen from 26 per cent in 2011 to 19 per cent in 2019 and, up until 2014, there was a small profits rate of Corporation Tax which had been at 20 per cent since 2011.
Whilst we await further details following the announcement, it is not yet clear if there will be any changes affecting companies that pay by quarterly instalments.
We will of course keep you updated on any future developments.
If you require any assistance please contact our Tax Partners, Steve Crompton or Lucy Williams, on the details below:
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
direct dial: 01942 292543
mobile: 07807 053494