Corporation Tax (CT)

Corporation Tax:Total Budget £100 Billion

Revised Budget £148.1 Billion changed by £48.1 Billion: 148.0% Increase

Corporation Tax Corporation Tax Rates

Policy:

Removal of small companies Corporation Tax rate.

Increase current Corporation Tax rate of 25% to 35%, partly funded by substantially reduced Employers National Insurance contribution costs.

Annual Revenue Increase of £39 Billion

Corporation Tax Dividends

Policy:

Dividends paid to UK resident taxpayers should be fully deductible from a non-quoted company's profits before it pays Corporation Tax.

Annual Revenue Increase of £50 Million

Corporation Tax Overseas Companies

Policy:

Introduce a new company type for overseas-owned entities that trade or invest exclusively outside the UK.

Annual Revenue Increase of £1 Billion

Corporation Tax Tax Reliefs

Policy:

Remove non-structural Tax reliefs.

Annual Revenue Increase of £5 Billion

Corporation Tax Research & Development

Policy:

Remove the "super-deduction" for Technology Relief and Research & Development.

Annual Revenue Increase of £3 Billion

Capital Debt Reduction

Taxation Timing Changes Payment of Corporation Tax

Policy:

Shorten the payment deadline for all companies from nine months to six months after their year-end.

For companies with expected tax bills over £500,000, a "payment on account", requiring 30% of their estimated tax to be paid during their trading year.

Remove the outdated concession that allows the largest companies to pay their tax in quarterly instalments long after profits have been made.

National Debt Reduction of £-30 Billion

Taxation Timing Changes Timing on Corporation Tax reliefs

Policy:

Change the 100% First-Year Allowance on business investment, to one that writes off over the lifetime of the asset.

National Debt Reduction of £-15 Billion