Speaking to City AM [16 May 2018], MP Mel Stride, Financial Secretary to the Treasury and the government’s head tax strategist, says that cutting corporation tax will be Britain’s key to success post-Brexit.
The UK’s corporation tax rate, the lowest of all the G7 industrialised western economies, currently sits at 19 per cent.
“There are challenges ahead undoubtedly with Brexit,” Mr Stride said.
“I’m always aware of being on the side of businesses – at the end of the day, they create the jobs that create the wealth that pays the taxes that funds the vital public services on which we all depend.”
He adds that the UK is still working with the European Union and the Organisation for Economic Co-operation and Development to possibly move to revenue-based, rather than profit-based, taxation.
Whilst we can’t influence the UK’s tax strategy, our experts at Beavis Morgan can ensure your tax affairs are as efficient as possible to fit your circumstances, and that you pay no more tax than you are legally bound to pay. We will also take the hassle of dealing with HM Revenue & Customs away, by liaising with them on your behalf. In addition, we can look ahead to retirement and inheritance tax planning.
Get in touch with your usual Beavis Morgan Partner for further information and assistance.