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Government’s new tax rates for dividend income and their role as the tax-take moves from companies to individuals.
As Britain awaits chancellor Philip Hammond’s first autumn statement one of the few key indications he has provided us with so far of his likely direction of travel was his intention to scrap future plans to lower corporation tax to 15%. Instead the new chancellor instead tends to adhere to George Osborne’s announced plans rather than (perhaps) his predecessor’s aspirations to keep Britain booming post-Brexit by making it even more attractive to businesses as an international base.
The tax yin and yang
While under Hammond a corporation tax rate decrease to 15% may have been taken off the table the plan to lower it to 17% in 2020 remains in place. This is a considerable reduction in a tax that stood at 28% when the coalition government came to power in 2010. It will mean that Britain has the second lowest corporation tax...
