UK corporation tax rate hike
The British Finance Minister, has recently announced that the UK corporation tax rate will be increased to 25% in April 2023.
The corporation tax rate in the UK is currently 19%. Earlier this year, British Finance Minister Rishi Sunak announced that this rate would be increased to 25% with effect from April 2023.
Only companies with profits exceeding GBP 250,000 will be taxed at the full rate of 25%. Companies with profits less than GBP 50,000 will continue to pay tax at the current rate of 19%. Those entities earning profits between GBP 50,000 and 250,000 will be taxed on a sliding scale.
The purpose hereof is, inter alia, to restore the British economy to levels prior to the COVID-19 related downturn.
16/07/2021