The Chancellor has set out his package for a private sector-led recovery but will it work within an acceptable timeframe? For large business there has been some significant progress including a further 1% cut in the CT rate and developments in CT reform including CFC, patent box and foreign branch exemption. The framework for consultation is in place, however, more work is required to develop the complete, compelling package for CT reform in some difficult areas. Ultimately the product will need to strike a balance between the desire for competitiveness and the deficit reduction plan.
