On 8 July 2015, UK Chancellor of the Exchequer George Osborne presented the Summer Budget 2015. The main tax related measures of the budget are summarized as follows. Tax Lock The government will set a ceiling for the main rates of income tax, the standard and reduced rates of VAT, and employer and employee NICs rates, to ensure that they cannot rise above their current (2015-16) levels. Corporate Taxation The corporation tax rate will be cut from 20% to 19% in 2017 and to 18% in 2020; The controlled foreign company (CFC) regime will be amended to restrict the offset...