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Corporation tax may not now reduce!

The PM announced to the Confederation of British Industry (CBI) this week that if re-elected, the Conservative Party will back down from its pre-election pledge to reduce corporation tax.

A reduction in the current rate of 19% to 17% on 1 April 2020 is actually already law – it was enacted by section 26 of the Finance Act 2016.

This will presumably be officially announced in a post-election budget if the Conservatives win the general election to be held on 12 December 2019.

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