Autumn Statement 2013: tax summary

By Niall Murphy and Tom Wilde

Chancellor George Osborne has delivered his Autumn Statement 2013. The following is a summary of the main tax points of interest with draft legislation enacting the proposed changes to be published on 10 December 2013.

Corporation tax: as previously announced, the main rate for corporation tax will fall from 23 per cent to 21 per cent from April 2014. It will reach 20 per cent in 2015. The small profits rate remains at 20 per cent meaning that from April 2015 the rates will be aligned.

Employment allowance: as announced in Budget 2013, a £2,000 employment allowance will be introduced from April 2014 to help businesses expand by reducing the costs of employment…

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