BUDGET: Corporation tax to fall to 24%
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The rate of corporation tax is to fall from its current level of 28p in the pound to 24p in the pound by 2014.
Chancellor George Osborne has announced that corporation tax will fall by 1 per cent every year for the next four years, with the first cut to happen next year to 27p in the pound.
The Chancellor says the eventual rate of 24p in the pound will represent one of the lowest corporation tax rates among Western economies, and the lowest rate the UK has ever known.
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