Osborne set to slash corporation tax

The Chancellor is expected to outline plans to slash both the main and small business rates of corporation tax in a bid to boost business, with some speculating rates may come down by as much as 3 pence in the pound. Corporation tax is currently 28% for larger firms or 21% for small businesses and sole traders. The move is designed to appease angry voters claiming the Tories have compromised their core tax-cutting philosophy to forge a coalition with the Liberal Democrats. Plans to raise CGT in non-business assets have caused particular disquiet and raised fears of a last-minute sh...