Budget 2010: Corporation tax cut to 24%

George Osborne has given British business a boost by introducing four annual reductions in the rate of corporation tax.

This will eventually take it down to 24% from its current rate of 28%, he said. Osborne said the current rate of 28% is "less and less competitive" and said the new rate will mean the UK will have one of the most competitive rates of G20 countries and nations in Western Europe. It will also be the lowest rate the UK has known. Osborne will cut it by 1% next year, with three further annual reductions. In a further move to be welcomed by businesses, the Chancellor said the Government will also reduce the small companies tax rate to 20p. Osborne also said he will not make steepe...