Written question asked by Huw Irranca-Davies (Labour) on Thursday, 22 March 2012, in the House of Commons. It was due for an answer on Monday, 26 March 2012. It was answered by David Gauke (Conservative) on Thursday, 19 April 2012 on behalf of the Treasury.

Farms: Taxation

Question: To ask the Secretary of State for Environment, Food and Rural Affairs what proportion of farms will be affected by the change to the corporate tax rate in the 2012 Budget; and what assessment she has made of the likely effect of this change on the incorporation of farms.

Answer: I have been asked to reply on behalf of the Treasury.The corporation tax rate cut in the 2012 Budget will benefit incorporated farms with profits in excess of £300,000. It is not possible to provide figures for the proportion of farms benefiting from the reduction.The Government are committed to improving the UK's competitiveness and supporting investment and growth. The reduction in the main rate of corporation tax announced at the Budget will help achieve this.

Secondary information