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Tax Cuts for Limited Companies

A piece of good news has arisen as a result of the vote to leave the European Union. George Osborne has promised to cut corporation tax in order to continue encouraging business investment.

As part of his plan to build a “super-competitive economy” the likelihood is that the chancellor will reduce corporation tax by 5% to 15%. There is some criticism of the strategy and it is not yet certain when the cut will come into effect. There is already a promise to cut the tax to 17% by 2020.

From the point of view of small businesses it must be good news. Hopefully it would go some way toward compensating for the increase on small company directors/shareholders dividends which was a concern for many in the most recent budget.

 

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