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Budget 2014: corporation tax to fall to 20%

Budget 2014: corporation tax to fall to 20%

The coalition has cut corporation tax from 23% to 21% with the rate falling to 20% by 2015.   

The move, which provides tax relief for companies whose profits are higher than £1.5 million, aims to incentivise overseas investors to come to the UK, and create jobs.

'When we came to power this was one of the least competitive regimes in the world, now it is one of the most competitive,' Osborne said, noting that corporation tax was 28% when the coalition came to power.

High street businesses will receive £1,000 tax relief, while business rates will be discounted for the next three years.

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