Corporation tax plans in the Emergency Budget
Lord Sassoon of the Treasury has indicated that the Emergency Budget will effectively provide a 'roadmap' setting out the government’s plans to reform corporation tax and gradually reduce the main rate (now 28%) to 25% over the five-year term of the current parliament. He has again raised the issue of simplifying taxes linked to the reduction in rates (which may or may not be good news). With income tax at higher rates does this mean we are likely to see a lot of smaller businesses incorporating and withdrawing funds by way of dividend perhaps?
We will be blogging on SME Plus Blog and Tax Plus Blog on Budget day. If you do not already subscribe to our blogs click here for SME Plus Blog or here for Tax Plus Blog to ensure you get our comment and analysis as and when it happens.
Cathy Corns is a tax adviser and a partner at Mercer & Hole. The views given in this blog are personal to the author, if you would like to discuss the contents of this post with Cathy you can call her on 01908 605552.
Date: 17th June, 2010
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