The Summer Budget Report – July 2015, released today by UK Chancellor of the Exchequer George Osborne, announced plans to reduce the 20% UK corporate tax rate to 19% in 2017, then to 18% in 2020.  The budget included several other major tax measures including a new supplementary 8% tax on banking sector profit in excess of £25,000,000 starting in January 2016, elimination of “non-domicile” status for certain long term residents effective in April 2017, and increased anti-abuse penalties and measures.