UK Government Announces 2011 Budget, Tax Changes

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On March 23, the UK Government announced its budget and tax proposals for the UK tax year April 2011–April 2012. Significant changes include:

Corporation Tax—Corporation Tax, payable by UK tax resident companies and the UK branches of non-UK resident companies, is to be reduced to 26% from April 2011, and it will then drop by 1% each year to 23% from April 2014; Double Tax Treaties—New measures have been announced to combat the use of the UK's double tax treaties to avoid UK tax. These will target both UK residents (individuals, trustees and companies) who use tax avoidance schemes and overseas residents who claim benefits to which they should not be entitled under the UK double tax treaties. The Government will circulate draft legislation for comment in the fall with a view to passing legislation in 2012...

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