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Autumn Statement: Gov't announces 1% corporation tax cut in 2014

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Autumn Statement: Gov't announces 1% corporation tax cut in 2014

Chancellor George Osborne has announced an addition 1% cut in corporation tax in April 2014.

The 1% cut announced today in the Autumn Statement means that businesses will pay 21% from 2014, the lowest rate for any Western economy, Osborne claimed.

The cut means the rate will be reduced from 24% to 23% in April 2013 and then 21% in April 2014.

'Britain is open for business,' Osborne said. ‘It’s a great advert for our country.'

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