The Budget keeps up the momentum of the coalition government's commitment to establish the UK corporate tax system as the most competitive in the G20 by the end of this Parliament. The end is in sight for CFC reform and the UK's corporate tax rate is now the lowest in the G7. Yet, the strong emphasis on tackling tax avoidance, coupled with surprise new ‘windfall’ taxes on the banks and North Sea oil and gas, are a reminder that corporate tax stability and certainty in the UK are still elusive.
