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A significant reduction in the headline rate of corporation tax signals that "Britain is open for business", according to Chancellor George Osborne. The move means companies based in the UK will pay the lowest corporate tax rate in the G7 group of nations by 2014.
The headline rate of corporation tax will fall by 2% to 26% this April and will then fall by 1% a year until it reaches 23%, said the Chancellor.
There are a number of other company tax changes to encourage enterprise and the entrepreneurs' tax relief limit (which reduces the amount of capital gains tax owners of businesses pay when they sell) will rise to £10m.
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