UK politics live: Reeves promises to cap corporation tax at 25% in boost to British businesses
Keir Starmer and Rachel Reeves to promise to ‘rip out bureaucracy’ in keynote speech to business owners
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The government will cap corporation tax at 25 per cent for the rest of the Parliament and set out a roadmap on business taxation to provide “certainty” for investors, Rachel Reeves has announced.
The Chancellor told guests at the International Investment Summit that the Government would “create a tax system that supports wealth creation and increases business investment”.
She said: “I know that providing certainty is right at the heart of that. The constant changes that we have seen in corporation tax in recent years have caused instability.
“So at the Budget, this Government will be outlining a corporate tax roadmap. We will cap the rate of corporation tax at 25%, the lowest in the G7, for the duration of this Parliament.
“We will maintain a world-leading capital allowances offer, with full expensing and the £1 million annual investment allowance, and we will maintain the current rates for the research and development reliefs which provide generous support for innovation.
“This is a vital step to deliver certainty and support businesses to grow.”
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