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Budget 2010: New business property owners to see corporation tax cuts
Britons seeking commercial properties to establish a new business in the coming years may benefit from cuts to corporation tax, announced in the emergency Budget yesterday (June 22nd).
Chancellor of the Exchequer George Osborne said the levy will decrease next year by one per cent, to stand at 27 pence in the pound.
This trend will continue annually until it reaches 24 per cent, he revealed, giving Britain its lowest ever rate.
John Whiting, tax policy director at the Chartered Institute of Taxation, stated: "The reduction in tax rates will make the UK a more attractive place to do business."
Business property owners with smaller firms could find this cut particularly attractive, he added.
Other initiatives unveiled yesterday include extending the Enterprise Finance Guarantee Scheme, which offers support for small and medium-sized enterprises that are looking to borrow finances.
Mr Osborne noted at least 2,000 small businesses should benefit from this move.
Posted by Tom Baker
Chancellor of the Exchequer George Osborne said the levy will decrease next year by one per cent, to stand at 27 pence in the pound.
This trend will continue annually until it reaches 24 per cent, he revealed, giving Britain its lowest ever rate.
John Whiting, tax policy director at the Chartered Institute of Taxation, stated: "The reduction in tax rates will make the UK a more attractive place to do business."
Business property owners with smaller firms could find this cut particularly attractive, he added.
Other initiatives unveiled yesterday include extending the Enterprise Finance Guarantee Scheme, which offers support for small and medium-sized enterprises that are looking to borrow finances.
Mr Osborne noted at least 2,000 small businesses should benefit from this move.
Posted by Tom Baker
Wed, 23rd Jun 2010