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It’s CMU budget news – corporation tax
By CMU Editorial | Published on Wednesday 23 June 2010
OK, shall we talk George Osborne and his budget for a minute or two? Hey, why not. There was a mixed response to yesterday’s emergency budget from music industry types.
There was good news for businesses in general with confirmation that corporation tax, the main tax on profitable companies, will continue to fall (it had already been cut in recent years under the Labour government).
Next year businesses will pay a tax of 27% of their profits rather than the current 28%. The tax rate will then fall one per cent a year until it is down to 24%. Smaller companies with profits of £300,000 or under, who pay a lower rate of corporation tax, will also see their tax rate, currently 21%, cut by one per cent.
So, that’s all lovely, and will presumably be welcomed by the bosses of most music companies.
