The main rate of corporation tax is currently 20% and this rate will continue for the Financial Year beginning on 1 April 2016. In the following years the rate of tax will fall as follows: 19% for the Financial Years beginning on 1 April 2017, 1 April 2018 and 1 April 2019. 17% for the Financial Year beginning on 1 April 2020. The 17% rate from April 2020 is a reduction of 1% from the rate previously announced by the Chancellor in his Summer Budget in 2015. CBI Director-General, Carolyn Fairbairn, said: 'The reduction in the headline Corporation Tax rate sends out a strong signal that the UK is open for global business investment, and reforms to Interest Deductibility are rightly in line with the international consensus.'