The Chancellor is gone on record to say that he wants to bring down the UK’s corporation tax rate to 15 per cent in order to demonstrate that Britain is “open for business” following the referendum. The headline rate is already set to fall to 19% with effect from 1 April 2017 and then to 18 per cent with effect from 1 April 2020. With the top rate of tax on personal incomes at 45 per cent, there is clearly a wide gap. Does this create a legitimate planning opportunity for those who are self-employed or those in partnership? Could it be an opportune time to consider incorporating your business?
If you would like to know more and to understand how a change could be beneficial for you and your business, contact your usual Beavis Morgan Partner.