13th April 2012
George Osborne delivered his third budget on 21 March 2012. The contents of the budget were so well rehearsed by politicians, pundits and papers that the real thing threatened to be an anti-climax. There were no major surprises but some interesting announcements for businesses and individuals alike and the usual controversial headlines.
For businesses the focus was on moving towards making the UK a more competitive place to do business. The main changes included a further 1% cut in corporation tax which means that the large company rate will be 24% from 1 April 2012, falling to 23% in 2012 and 22% in 2014.
The Chancellor confirmed details of the new ‘Patent Box’ regime which will mean reduced rates of corporation tax on qualifying Patent profits from 1 April 2013 and an eventual rate of 10% by 2018.
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