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Commercial Credit News
|Euler Hermes: UK Budget; new cut in corporate tax to stimulate investment|
|Wednesday, 18 March 2015|
Starting 1 April, the rate of corporation tax will be cut by a further 1pps, to 20%, the lowest level in the G-20. This move will see corporation tax reduced by 10pps from 30% in 2009, when the first cut was implemented. This will free some additional cash for companies, while further stimulating both domestic and foreign investment through higher rates of return.
A down trend in inward Foreign Direct Investment was reversed from 2009 and, since then, USD91 billion (equivalent to 3.5% of GDP) of capital has been invested in the UK from overseas. The UK government is also aiming at a broader simplification of the tax system and announced a GBP200 million investment in introducing fully-digital tax accounts by 2016, which is expected to reduce the burden on business by GBP250 million each year.
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