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The Chancellor teased parliament and business by hinting that he was considering another cut in corporation tax. But, in the end, he merely confirmed that recent reductions down to 21% (and 20% from April 2015) had increased investment and the rate of recovery by making the UK more competitive.
As widely expected, he confirmed a 2% cap on business rates which had been due to rise by 3.2% and said businesses would be able to pay in 12-monthly instalments. The rate relief scheme for small businesses had been extended by a year to April 2015 and there were also new measures to offer rate relief for high street shops and cafes.
Several business tax avoidance schemes, including partnership arrangements and share buy-backs, are to be clamped down on. These, and other tax avoidance measures, would raise £9bn over five years, he claimed.
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