7.1 C
Lancashire
Thursday, June 13, 2024

Call for Corporation Tax Cut to 19% by FD Capital in the Forthcoming March Budget

Leading the charge in the UK’s financial recruitment sector, FD Capital is lobbying for significant tax reductions for individuals and corporations in the March budget, while criticising the rise in Corporation tax. The firm is urging the government to swiftly revert corporation tax to 19% or below to mitigate potential economic setbacks.

FD Capital’s strategy for achieving a 19% corporation tax rate in the March 2023 budget involves significant government spending cuts and a reduction in civil service numbers, both of which have been previously suggested by the government in the run-up to the general election this year.

Seen as the most economically damaging, corporation tax often results in its burdens being borne by employees and the broader public. A reduction in corporation tax is championed as beneficial across the economic landscape, enhancing wages and fostering international investment.

The trajectory of corporation tax reductions from 28% to 19% by 2018 was reversed when Rishi Sunak, then chancellor, announced an increase to 25% from April 2023, a move justified by the financial toll of the pandemic on government coffers. Liz Truss mooted the idea of reversing this increase during her tenure, which was later enforced by Jeremy Hunt as Chancellor in the Rishi Sunak administration in 2023.

It is a common misapprehension that the primary victims of elevated corporation taxes are the corporations themselves, whereas recent scholarship suggests that the impact is shared among business proprietors and employees earning lower wages.

In the wake of Brexit, the UK’s success hinges on its attractiveness as a global business hub. However, the competitiveness of the UK’s corporation tax rate is questionable, particularly in light of the Republic of Ireland’s lower rate of 12.5%.

FD Capital advocates for a reduction in corporation tax to 19%, arguing that it would invigorate the UK economy by enhancing its global competitiveness, thereby encouraging economic expansion through increased business confidence and investment.

Explore more about FD Capital and its contributions to economic and recruitment research at https://www.fdcapital.co.uk

Sam Allcock
Sam Allcockhttps://businesslancashire.co.uk/
Sam Allcock is a highly regarded digital entrepreneur with over 20 years’ experience in online marketing for some of the World’s biggest brands. He has extensive knowledge and experience in SEO and digital marketing. He is based in Cheshire but has an interest in all things going on in the North West and enjoys contributing local news to the site.
spot_imgspot_img

Latest

Trams return to Blackpool’s train station for the first time in 60 years

Passenger trams have linked up with Blackpool’s main train...

Paris Olympics: Nadal and Alcaraz to pair up for doubles

Spanish duo Rafael Nadal and Carlos Alcaraz will pair...

Benefits of a fire alarm system

Whether for your business or at home, having a...

Fearless fundraisers needed to take the heat for Rainbow Hub

Do you and your work colleagues have what it...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Trams return to Blackpool’s train station for the first time in 60 years

Passenger trams have linked up with Blackpool’s main train...

Chief executive to leave Lancashire County Council

The chief executive at Lancashire County Council is moving...

How to keep your banking details safe online

With online banking at our fingertips, it’s never been...

Fearless fundraisers needed to take the heat for Rainbow Hub

Do you and your work colleagues have what it...

More News

How to keep your banking details safe online

With online banking at our fingertips, it’s never been more important to safeguard personal and financial information. With cyber threats becoming more sophisticated and...

Xelix Unveils Helpdesk, a Gen AI Solution for Streamlined Vendor Query Management

Xelix, a leading provider of Accounts Payable and Procure-to-Pay software, proudly announces the launch of its newest solution, Helpdesk. Helpdesk is designed for enterprises dealing...

Fuuse Closes £8.7m Series A Funding Round to Accelerate EV Charging Expansion

Fuuse, the UK’s premier electric vehicle charge point management platform, has secured significant funding to fuel its next stage of growth across the UK...