Summer Budget: Corporation tax to fall to 18% by 2020

Corporation tax is to be cut further, to 18% by 2020, the Chancellor has announced.

In his summer budget, Chancellor George Osborne said the tax will fall to 19% in 2017 and then to 18% in 2020. He added that the cuts would "show the world that Britain is open for business". The change means that Britain will continue to have the lowest level of business tax in the G20. The coalition government had already cut corporation tax from 21% to 20% in March's budget. Over its lifetime the previous government cut corporation tax from a starting point of 28%. However, while the Conservatives had opposed Labour's proposed corporation tax rise during the election, they ha...