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!