In the last week of June 2007, the Chief Minister presented the Budget for 2007-08 to the House of Assembly. All figures are in GBP. Unless otherwise stated, the proposals are expected to take effect from 1 July 2007. The proposals include: Business taxation The proposals include reducing the rate of corporation tax from 35% to 33% for 2007-08, to 30% for 2008-09 and to 27% for 2009-10. The Government also stated that it is anticipated that the new flat rate of corporation tax, which is likely to be in the region of 10%, will take effect in 2010.