On Wednesday morning I asked ChatGPT to ‘write a UK budget to plug a £22bn black hole’ and second on its list of suggestions was to put corporation tax up by 2% to raise £5bn a year. Happily for corporates the Chancellor had already ruled such a rise out and the first ‘major commitment’ made in the long-awaited Corporate Tax Roadmap 2024 is to cap the headline rate of corporation tax at 25% for the life of this parliament alongside a commitment to monitor international developments with a view to ensuring the UK’s corporation tax regime remains competitive.
The last time a new UK government published a Corporate Tax Roadmap it was in 2010 and the objective then was to indicate a shift to a more competitive corporate tax regime to stem the flood of migrations to jurisdictions such as Ireland and to attract new investment into the UK. Its...
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Home >Articles > Autumn Budget 2024: tax on corporates
Autumn Budget 2024: tax on corporates
On Wednesday morning I asked ChatGPT to ‘write a UK budget to plug a £22bn black hole’ and second on its list of suggestions was to put corporation tax up by 2% to raise £5bn a year. Happily for corporates the Chancellor had already ruled such a rise out and the first ‘major commitment’ made in the long-awaited Corporate Tax Roadmap 2024 is to cap the headline rate of corporation tax at 25% for the life of this parliament alongside a commitment to monitor international developments with a view to ensuring the UK’s corporation tax regime remains competitive.
The last time a new UK government published a Corporate Tax Roadmap it was in 2010 and the objective then was to indicate a shift to a more competitive corporate tax regime to stem the flood of migrations to jurisdictions such as Ireland and to attract new investment into the UK. Its...
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