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Budget: Corporation tax to be cut to 18% in 2020

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Corporation tax will be cut to 18 per cent in 2020, Chancellor George Osborne has announced.

In his Budget speech today, the Chancellor said the rate of corporation tax will fall from its current level of 20 per cent to 19 per cent in 2017.

In 2020 it will be cut again to 18 per cent.

Osborne said this will “send out the message loud and clear that Britain is open for business”.

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