§ 20. Mr. Derek TwiggTo ask the Chancellor of the Exchequer if he will make a statement on the level of UK corporation tax in(a) the current financial year and (b) in 1997. [125845]
§ Dawn PrimaroloCorporation tax rates in the UK are at their lowest ever levels. The main rate of corporation tax for the current year is 30 per cent., and the small companies' rate is 20 per cent. Since 1997, the Government have cut these rates from 33 per cent. and 23 per cent. respectively. In addition, a new starting rate of 10 per cent. was introduced from April 2000.