UK budget introduces additional tax benefits; reduces corporate tax rate to 20%

European Tax Newsalert

The UK Chancellor of the Exchequer delivered his 2013 Budget on March 20, 2013. The Chancellor reinforced the message that the United Kingdom is ‘open for business’. In additional to confirming a number of previously announced pro-business provisions, the Chancellor also announced more improvements to the UK tax system. These provisions, meant to encourage investment, include a reduction in the main corporate tax rate to 20% effective April 1, 2015 and an increase in the above-the-line research & development tax credit to 10%.

These changes, along with recent UK corporate tax reform, are likely to impact US MNC's that have, or are considering, investing in the United Kingdom.

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