One of the most welcome parts of the Budget is the reduction of Corporation Tax to 24%, with a clear target of 20% at some stage. This says that Britain welcomes business.
Secondly, the supplementary top rate of income tax falls to 45%, hopefully on the way towards 40% or lower, telling the world that Britain welcomes enterprise.
Thirdly, the threshold at which income tax is paid rises to £9,205. This is a further step towards the minimum wage level of £12,500, below which there should be no income tax liability at all. This tells people that Britain values their work and will let them keep the rewards that it brings.
Filed under: Updates