Changes to UK tax and immigration rules that came into effect on April 1 will help turn Britain into one of the most attractive business environments in the world, according to a press release issued by the British High Commission in Colombo.
Under this, corporation tax will be cut by 2 % and will fall by 1 % per year for the next three years to 23 % by 2014. This cut will mean Britain will have the lowest corporation tax rate in the G7.
The Government has also announced its intention to create the most competitive tax regime in the G20, along with a new ‘entrepreneurs’ visa’, so that those with the ideas and energy to set up a company and help it grow will have a dedicated path to the UK. Minister for Trade and Investment Lord Green said:
“These changes send a powerful signal that Britain is serious about its ambitions as a place to do business. We are taking a range of actions across many of the areas that businesses tell us are important to them. We have set ourselves the goal of having one of the most competitive tax systems in the G20 and today’s two per cent cut in corporation tax is an important move forward. Also, the entrepreneur visa shows our commitment to welcoming to Britain those with the ambition and the vision to be successful in the UK and to help us grow.”
Other measures being introduced in the coming months include a simplification of the planning regime, which will now be balanced in favour of sustainable development to help firms invest and create jobs without overcoming regulatory hurdles.
Eleven new Enterprise Zones will be created around England and companies located in the Enterprise Zones will benefit from tax breaks, simplified planning rules and superfast broadband, the statement said.
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