Osborne Cuts U.K. Corporation Tax Rate

Rate to decline to 21% in April 2014; banks not allowed to benefit.

Chancellor of the Exchequer George Osborne announced an additional cut in the rate of Britain’s corporation tax in a bid to spur economic growth.

The tax will be charged at 21 percent from April 2014, which Osborne said will be the lowest rate of company tax in any major western economy. He previously planned to cut it to 22 percent in 2014.

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