David Jetuah, Accountancy Age, Friday 11 June 2010 at 09:10:00

Emergency budget will include a roadmap setting out the government?s plans toreform and reduce corporation tax gradually to 25%

The Treasury?s commercial secretary has suggested corporation tax cutspromised by the coalition government will be spread over the five-year term ofthe current parliament.

Speaking in the House of Lords, Lord Sassoon repeated the government?scommitment to "lower, simpler and more predictable taxes," which includes areduction in corporation tax from 28% to 25%,taxnews.comreported.

Lord Sassoon said that the emergency budget on 22 June would include aroadmap, setting out the government?s plans to reform and reduce the tax overthe five-year term and to make the tax rate the most competitive of allindustrial countries.

Further reading:

Toriesaiming to slash business taxes

Slashthe tax