Budget 2013: Corporation tax cut from 21% to 20%

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The chancellor announced that corporation tax would be cut by 1% to 20% from April 2015, and claimed it showed that Britain was "open for business".

George Osborne told MPs the UK would have "the lowest business tax of any major economy in the world".

And he also announced a "major simplification" of the business tax system, to give Britain a single rate of corporation tax for the first time since 1973, with an increase in the Bank Levy rate next year to 0.142%.

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