UK Small Businesses Await CIT Cut

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UK Small Businesses Await CIT Cut

Wednesday, May 19, 2010

Small businesses in the UK were on tenterhooks this week, awaiting news of a much anticipated corporate income tax cut expected to be announced by Chancellor George Osborne on May 19, although the announcement had yet to be made at the time of writing.

The tax cut for large and small businesses, currently taxed at 28% and 21% respectively, is reportedly being proposed by the coalition government in order to appease voters angered by the recently announced decision to increase capital gains tax rates on non-business assets to bring them into line with income tax rates.

It has been suggested that the corporate income tax rates may be cut by as much as 3%.

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