1.126 The Government's aim is to create the most competitive tax system in the G20. In the Corporate Tax Road Map the Government set out a series of reforms in a single programme to give certainty to businesses.17 At Budget 2011 the Government cut the main rate of corporation tax to 26 per cent, and by 2014 it will reach 23 per cent - the lowest rate in the G7 and one of the lowest rates in the G20.
1.127 Following consultation over summer 2011, the Government will publish on 6 December 2011 further details of the Patent Box and of its reform of the Controlled Foreign Company rules and R&D tax credits.
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17 Corporate Tax Reform: delivering a more competitive system, HM Treasury, November 2010.