The Budget then

[NickNick]

Corporation tax will fall from 38% to 28% by April this year, quoth our chancellor.

Thoughts on this and the rest of it anyone?

[Sockpuppet]

CT for most of us is going to rise to 22%. I doubt many people here fall into the 38% CT bracket.

[Nixon Williams]

Large companies currently pay 30% - this falls to 28% from 1st April 2008.

Small companies (defined as with profits upto £300K) will pay 21% from 1st April 2008 (up from 20% 01/04/07 to 31/03/08, and from 19% before 01/04/07).

The smaller company rate is set to rise to 22% on 1st April 2009

Alan

[moorfield]

Any comment on Income Shifting yet Alan ?

[contractor58]

That sounds familiar - wasn't that announced last year?

Different chancellor, same tricks!!

[TheFaQQer]

Any comment on Income Shifting yet Alan ?

The Government firmly believes it is unfair that some individuals can arrange their affairs to gain a tax advantage by shifting part of their income to another person who is subject to a lower rate of tax. The Government considered the responses received to the recent consultation and believes that a further period of consultation will ensure that the legislation in this area provides clarity and certainty for businesses and their advisers. The Government now intends to introduce legislation through Finance Bill 2009 and will not enact legislation effective from 6 April 2008.

Linky.

[Hiram King Of Tyre]

Any comment on Income Shifting yet Alan ?

There's another thread about that too

Up till now NW have advised me against it

[dude69]

Corporation tax will fall from 38% to 28% by April this year, quoth our chancellor.

Thoughts on this and the rest of it anyone?

Thoughts?

I wish reporters would not report that which was already announced in the LAST BUDGET. It's a fall from 30%, not 38%, to 28%, and the CT us contractors pay is being raised from 19% to 22%. The CT 'cut' is actually a net tax increase due to scrapping loads of allowances.

Labour are evil.

End of thread, let's move on.

[MrRobin]

I think I remember Darling actually saying 38% tho and I thought that wasn't right... another stumble!

[Turion]

I think I remember Darling actually saying 38% tho and I thought that wasn't right... another stumble!

A froidien slip. This is the kind of rate he would like to impose on evil capitalist businesses - and he thinks that still generous as it's less than the 40% personal tax rate!