Jeremy Hunt's U-turns disastrous for some small motorsport firms The decision by the new Chancellor Jeremy Hunt to row back on tax-cutting measures designed to stimulate growth has dismayed small motorsport businesses. Mr Hunt’s reversal of the previous planned cut in corporation tax, which would have reduced the rate from 25 to 19%, and his U-turn on the proposed 1.25 percentage point reduction in dividend tax, were deemed bad news for small motorsport firms.