UK Summer Budget: Osborne delivers another corporate tax cut

George Osborne, UK chancellor of the exchequer, surprised businesses today in the first Conservative Budget in the UK for two decades by cutting the corporate tax rate, though not for two years. He also announced expected measures against tax evasion and aggressive avoidance, but made himself unpopular with the funds industry by closing loopholes that helped managers avoid full capital gains tax on carried interest, or their share of a fund’s profits.