Autumn Budget 2024

Road to nowhere? In Ms Reeves’ first Budget Speech, we unveil the new Corporation Tax Roadmap, looking ahead to a ‘stable’ corporate tax regime provides us with greater confidence. However, the devil is always in the detail and we take a closer look at the medium term for innovative companies here, writes MARIA KITT Director, Tax Insight UK……

https://assets.publishing.service.gov.uk/media/6721199c4da1c0d41942a8bd/Corporate_Tax_Roadmap.pdf

In Brief:

  • Mainstream CT Rate     Held at 25%; SPR / Marginal relief – retained at same rates.
  • R & D TR                         Commitment to current universal scheme and long term incentivisation
  • Patent Box [UK]             Continuation of current regime
  • International CT             Retention of Pillar 1 & 2 cross – border recognition
  • Capital Allowances       Commitment to continued support for capex

An essentially ‘neutral’ approach to corporation tax which is very welcome news!