Press release

Corporation tax relief on hold for now

11 March 2020

Zubin Patel, international tax partner at Deloitte, comments on the Budget:

“As expected, the Chancellor has scrapped the planned cut to corporation tax from 19% to 17%, raising £6bn a year. Despite this, it remains the lowest rate of corporation tax amongst the G20.

“The Chancellor is possibly keeping his powder dry until later in the year. We are likely to see a second Budget in the Autumn, by which time business leaders will be turning their attention back to Brexit, the end of the Transition Period and what happens after 31 December. By then, there may be louder calls for business relief which the Chancellor may find more difficult to ignore.”



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