The monthly round-up of developments
in tax, employment taxes, NICs and VAT from a range of specialist
commentators.
Budget 2011
Chancellor George Osborne delivered his second Budget speech
on 23 March 2011. Below are some of the key changes announced.
Corporation Tax
The chancellor announced that there would be a further 1% reduction
in the main rate of corporation tax, effective from April 2011, in
addition to the reduction previously announced. This took the main
rate of corporation tax down to 26% from 1 April 2011.
The three future annual 1% reductions to the main rate of corporation
tax announced at the emergency Budget will continue as planned, leading
to a rate of 23% from 1 April 2014.
The small profits rate was reduced from 21% to 20% effective
from 1 April 2011 as was previously announced.
