Autumn Statement 2016: Corporation tax will fall to 17 per cent, Philip Hammond confirms

 
Caitlin Morrison
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Corporation tax will fall in line with the 'tax roadmap' set out in the last budget

Corporation tax will fall to 17 per cent by 2020, Philip Hammond has confirmed.

Hammond said in his Autumn Statement that corporation tax would follow the road map set out in the March Budget by his predecessor George Osborne.

A reduced corporation tax will be of benefit for companies as they face uncertainty relating to membership of the Single Market - Theresa May is believed to be considering slashing the rate to 10 per cent if the UK fails to secure passporting rights for financial services or a free trade deal.

However, business leaders said in September that they would rather national insurance was cut than corporation tax.

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