The Chancellor’s Autumn Statement was a much lower profile event than the Pre- Budget Reports of recent years with his speech lasting less than 20 minutes. Responding to the Office for Budget Responsibility’s Economic and Fiscal Outlook report, George Osborne claimed that the coalition Government’s plan for economic recovery was working and would be reinforced with a range of corporation tax reforms and a consultative growth
planning process.

The corporate tax reforms suggested in the Emergency Budget in June 2010 are to be incorporated into a “Corporate Tax Road Map” covering the rest of this parliament. The road map is designed to make the UK a more attractive home for international business. The Government’s aim is to simplify UK corporation tax (without losing attractive elements such as the UK’s debt interest relief regime) and reduce the main rate of corporation tax to 24% by 2014/15.

Thanks to our strategic partner PKF (UK) LLP, we have pleasure in bringing you their analysis of the Chancellors statement which you can view on screen or download as a PDF file.