Osborne slashes corporation tax to 17%

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Chancellor George Osborne has again taken the axe to corporation tax, with the rate set to fall to 17 per cent in 2020.

The corporation tax rate is currently 20 per cent. Under existing plans it was due to fall to 19 per cent in April 2017 and 18 per cent by 2020.

However, giving his Budget speech today, Osborne revealed the rate will now fall to 17 per cent in 2020.

He told the House of Commons Britain is “blazing a trail” in reforming its tax system.

“Let the world catch up,” he added.