The chancellor announced that there would be a further 1% reduction in the main rate of corporation tax, effective from April 2011, in addition to the reduction previously announced. This took the main rate of corporation tax down to 26% from 1 April 2011. The three future annual 1 % reductions to the main rate of corporation tax announced at the emergency Budget will continue as planned, leading to a rate of 23% from 1 April 2014. The small profits rate was reduced from 21% to 20% effective from 1 April 2011 as was previously announced.
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