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Budget 2011: good news for large corporates

From a large corporate perspective there was much that was welcome in the Budget. The further 1% reduction in the corporation tax rate will enhance the competitive position of the UK although in the short term the benefit from profits being taxed at a lower rate might be offset for many companies by a reduction in the value of their deferred tax assets established in connection with losses pension deficits etc. The target rate of 23% is highly competitive but it will be interesting to see how other economies respond. For example will the government of the Netherlands be content to see the UK corporate tax rate fall below theirs? Will the 23% in the UK be the end of the story or might further reductions be announced in the later years of this Parliament?
Progress on the corporate tax reform programme is on track and some...

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