UK Chancellor of the Exchequer Philip Hammond today confirmed that the government will stick to its plan to lower the UK corporate tax rate from 20 percent to 17 percent by 2020.
The government in July 2015 announced plans to lower UK corporate tax rate to 17 percent. However, Hammond’s predecessor, George Osborne later suggested that the rate should be lowered below 15 percent contain economic fallout from the Brexit vote.
In a speech before the conservative party, Hammond dashed any hopes for a lower rate.
“At 20 percent, we have a highly competitive corporation tax rate, and as it falls to 17 percent over the next three years, it will be more attractive still,” he said
Hammond will offer his first budget as chancellor of the exchequer, the autumn statement, on November 23, where he will outline the government’s tax and spending plans.
Be the first to comment