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Friday, 14 October 2022 15:17

PM u-turns on corporation tax hike

Prime Minister Liz Truss has u-turned on the plans to cancel the increase the rate of corporation tax from 25% from April 2023, after sacking Chancellor Kwasi Kwarteng.     

Increasing the rate of corporation tax for larger businesses to 25% from 19% will raise £18bn.

The rise in corporation tax was originally announced by former chancellor Rishi Sunak in March 2021, who said that companies should pay more due to the level of support received during the Covid pandemic.

Last modified on Wednesday, 26 October 2022 13:29

        

 
 

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