We currently have the lowest corporation tax rate at 20% in the G20. The G20 is made up of the world’s 20 major trading nations.

The 20% rate will apply to 1 April 2017, it will then reduce to 19%.

It will reduce further to a rate of 18% from 1 April 2020.

These rates apply to all companies. This means that there is no marginal increase in tax if you have a number of companies under common ownership.