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Corporation Tax

Volume 563: debated on Wednesday 15 May 2013

12. What assessment he has made of the potential effects in Wales of the reduction in the rate of corporation tax to 20%. (153896)

In total, the main rate of tax is set to fall by 8 percentage points under this Government. The United Kingdom will have the lowest rate in the G20, lower than most of our main competitors.

As well as reducing corporation tax, what else can the Government do to help small businesses in Wales?

The reduction in corporation tax will be of immense benefit to Welsh small businesses. The Budget did, of course, announce that the national insurance employment allowance will benefit 35,000 businesses in Wales, with 20,000 of them taken out of paying national insurance contributions altogether.