Corporation tax: Jeremy Hunt confirms rise to 25% from April
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Loading... - Victoria Maier
- 16 Mar 2023
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The rate of corporation tax, paid on company profits, will rise next month, the chancellor has confirmed.
It will go up from 19% to 25% for companies with over £250,000 in profits, Jeremy Hunt told the Commons.
He also announced a new scheme to allow every pound invested by businesses in IT equipment, plants or machinery to be deducted in full from taxable profits.
The tax hike, first announced in 2021 when Rishi Sunak was chancellor, has been a source of much political debate.
Ex-PM Liz Truss attempted to scrap the policy in her mini-budget last September and some Conservative MPs still oppose it.
Delivering his Spring Budget, Mr Hunt said the UK would still have the lowest headline rate of corporation tax in the G7, a group of the world's seven richest nations, even after the rise in April. Read More..
