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		</div><p>Tough-talking British Chancellor George Osborne has promised further cuts to corporation tax after he announced in today&#8217;s Budget a cut in the UK&#8217;s corporation tax from its current 20% rate to 17% from April 2020.</p>
<p>He said the move would help British firms as he moved to clamp down on multinationals in the UK that seek to avoid taxes through complex structures.</p>
<p>But the Chancellor said he would bear down on international firms who use excessive interest payments to reduce the tax they pay on their profits in the UK.</p>
<p>Mr Osborne said relief on interest payments will now be capped at 30% of UK earnings, with exceptions for groups with legitimately high interest payments.</p>
<p>The Government also said it would introduce rules to prevent multinational companies avoid paying tax in any of the countries they do business in, a complex technique called hybrid mismatches.</p>
<p>It would also make sure offshore property developers are taxed on their UK profits.</p>
<p>The Treasury will also more closely tax outbound royalty payments &#8211; these are fees for using intellectual property like patents and copyrights &#8211; meaning multinationals will pay more tax in the UK.</p>
<p>Mr Osborne said this basket of measures will boost revenues raised from corporation tax by £9 billion by 2020.</p>
<p>The Chancellor said: &#8220;Britain is blazing a trail. Let the rest of the world catch up.&#8221;</p>
<p>Nilesh Shah, head of tax at chartered accountants Blick Rothenberg, said: &#8220;A further reduction in corporation tax rate to 17% closes the gap with Ireland to 4.5%, making the UK even more attractive for large international companies.&#8221;</p>
<p>Neal Todd, a partner at law firm Berwin Leighton Paisner, added: &#8220;Britain may be blazing a trail for other countries with the reduction of corporation tax to 17% by 2020.</p>
<p>&#8220;Yet this is being paid for by the crackdown in interest deductibility to 30% for large firms and the earning stripping restrictions on losses.</p>
<p>&#8220;Together, these will add a significant additional burden to the tax planning roadmap for major UK businesses.&#8221;</p>
<p>Corporation tax has fallen from 28% when the Conservative/Liberal Democrat coalition government came to power in 2010.</p>
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Between George and Dave, all UK assets will be sold out to foreigners 2020.