Top tax cut on IoD autumn statement wishlist

Top tax cut on IoD autumn statement wishlist

Simon Walker will tell the institute’s annual dinner that attracting business and investment to Britain must be at the centre of government policy. “We’ve got a lot to do and lot to undo,” Walker will say, according to the Times.

He will urge the Chancellor to announce an intention to reduce the rate of corporation tax to 15% by 2020. George Osborne has said that the tax rate will be reduced from the present 26% to 23% by 2014.

“A 15% corporation tax would act like a magnet, boosting domestic business and attracting global capital into the UK,” he said ahead of next Tuesday’s autumn statement.

He will also say that a cut in the top rate of income tax may be more acceptable to the wider public if it is accompanied by a rise in tax allowances to help all taxpayers.

“The 50% rate marks out the UK as a high-tax country. Polling shows that if it were coupled with a modest increase in the personal allowance, opinion would be in favour of the whole package.”