Budget 2010: Corporation tax cut to lowest ever at 24%

This will eventually take the rate down to 24% from its current figure of 28%, he said. Osborne said the current rate of 28% is "less and less competitive" and the new rate will mean the UK will have one of the most competitive rates amongst G20 countries and countries in Western Europe. It will also be the lowest rate the UK has known. Osborne will cut corporation tax by 1% next year, with three further annual reductions. In another move to be welcomed by businesses, the Chancellor said the Government will reduce the small companies tax rate from 21p to 20p. Osborne also sai...