Corporation Tax increase deferred
Dec 09
The increase in corporation tax has been deferred. The planned 1p hike in corporation tax for profits under £300,000 to 22p in the pound has been delayed. The small companies rate will remain at 21% for the financial year commencing 1st April 2010.
It was also announced in the pre-budget report that HM Revenue & Customs Business Payment Support Service, which allows firms to spread their tax payments will be extended for as long as it is needed.