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Eversheds comment: Quick corporation tax cut would give immediate comfort to twitchy UK businesses

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    Commenting on news that Chancellor George Osborne has set a goal of lowering the UK's corporation tax rate to 15%, Ben Jones, tax partner at Eversheds, says:

    “Cutting UK corporation tax and cutting it quickly just might go some way towards offsetting some of the potential negative financial impacts of an EU exit. Right now, international businesses based in the UK will be seriously weighing the pros and cons of remaining in a UK that sits outside of the EU. Tax costs will naturally form part of this assessment and any sensible tax policy steps that can be taken to ensure the UK remains attractive to business will be important to protect the economy and jobs market.

    "The corporation tax rate can be cut quickly and without material impact to UK tax revenues. As things stand, it is scheduled to fall to 19% in April 2017 and 17% by 2020, but the Government could easily accelerate these reductions in the Autumn Statement and also timetable a reduction to the proposed 15% rate, giving significant immediate comfort to UK businesses in this time of major uncertainty.”

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