In the Autumn Statement delivered today, the Chancellor reiterated that headline corporation tax will fall to 17% by 2020.

The Chancellor added that given the uncertainty of the economic and political climate, it was important to commit to the previous government’s path on business taxation.

Despite that commitment, some advisers felt the move represented a missed opportunity. Richard Godmon, tax partner at accountancy firm Menzies said: ‘Bearing in mind the PM’s words earlier this week, it is a bit disappointing that the opportunity wasn’t taken to put in place an even longer-term plan for the reduction of Corporation Tax to 15%, or even lower. This was an opportunity to look beyond Brexit and position the country as a prime destination for investors.’

But PwC international tax partner Stella Amis said the ‘door is open for further cuts in the Budget, allowing a bargaining chip with the EU and time to see how the US plays its tax cards’.