Corporation tax will drop by five per cent, says Chancellor George Osborne

Chancellor George Osborne has outlined a series of policies to boost businesses in the UK during his Budget 2011 speech today.

Chancellor George Osborne announces Budget 2011
Chancellor George Osborne announces Budget 2011

Plans to "make Britain the best place in Europe to start, grow and finance a business" have been unveiled by Chancellor George Osborne in his Budget today (23 March).

"Britain is open for business," said Osborne during his speech in the House of Commons today. "Today’s Budget is an urgent call to action for Britain. Private sector growth must take the place of public sector deficits."

The Chancellor said plans include simplifying the tax system by scrapping 43 "complex tax reliefs", merging the National Insurance and income tax systems, and reducing corporation tax.

Corporation tax is set to be reduced by two per cent in April, rather than the one per cent previously planned, and will also fall by a further one per cent in each of the following three years.

This will take the rate of corporation tax down to 23% and is set to be funded by an "adjuustment in the bank levy rate next year", added the Chancellor.

Meanwhile, Osborne confirmed that Air Passenger Duty increases are set to be delayed

Peugeot's dealer events and incentives manager Louise Dowling had told C&IT that any rise would have a negative impact on business travel.

However, UKInbound chief executive Julie Rance said: "The APD freeze will simply not be sufficient in itself to move the UK up the rankings to become one of the top five destinations in the world. The UK still taxes travel at a much higher level than any other European country. The Chancellor is sticking plaster on the wound."

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Register now
Already registered?
Sign in
Case study: PPA Festival at Tobacco Dock

Case study: PPA Festival at Tobacco Dock

The Professional Publishers Association held an education festival in May 2018 with guest speakers including politicians and actors.

Loganair to take over cancelled Flybmi routes

Loganair to take over cancelled Flybmi routes

Glasgow-based company Loganair has stepped in start flying five of Flybmi's routes from next month.

How to increase your sustainability credentials

How to increase your sustainability credentials

Sustainability can be achieved with simple actions, says Elizabeth Thomas from the International Corporate Governance Network.

London venues hosted 37% more events in 2018

London venues hosted 37% more events in 2018

Year-on-year increase from Unique Venues of London shows strong demand for events in the capital.

Why you should design human-centric experiences

Why you should design human-centric experiences

At EMEC19 in The Hague, Kim Myhre of MCI Experience gave an insightful talk on design-thinking in events.

New event producer for HGA

New event producer for HGA

Becky Jones-Williams has previously worked at Event Concept and will work for clients in a range of sectors.

Stagestruck adds event producer to team

Stagestruck adds event producer to team

Sarah Saward is joining the business as a group account director, with responsibility for a portfolio of blue-chip clients.

Incentive review: Club Med Plantation d'Albion

Incentive review: Club Med Plantation d'Albion

With dinner and champagne on a paradise beach, the white sands and the turquoise coral sea ocean of Mauritius are hard to beat.

Premier Events acquires Collective Minds

Premier Events acquires Collective Minds

Acquisition of Leicester-based events agency is part of growth plan to reach £5m turnover and 50 staff.

3 reasons to run wellness incentives

3 reasons to run wellness incentives

Endellion King, incentives account director at Top Banana, makes the business case for incorporating wellness into incentives.

LATEST JOBS