You can already avoid paying any corporation tax by taking money out of a company as salary.
In the UK you have dividend tax credit so effectively when you take a dividend you get the tax back that has already been paid (as corporation tax).
So both those reasonable ways of extracting money from a company allow you to not pay any additional tax above what income tax would be.
However if there was no corporation tax then the loophole / incentive would be to move money out of the jurisdiction and extract the dividends in a zero tax country.
This is effectively what the big multinationals do via transfer pricing etc but not having any corporation tax would no doubt make it a lot easier for more companies to do that.
