UK to hike corporation tax to 25% from 19% from 2023, says FM Sunak

Sunak said small businesses with profits of less than 50,000 pounds a year would be charged only 19%

Britain will raise corporation tax to 25% from 19% from 2023 to help pay for the cost of the COVID crisis but tempered the tax rise with a “super deduction” to spur investment, finance minister Rishi Sunak said on Wednesday.

“The government is providing businesses with over 100 billion pounds of support to get through this pandemic so it is fair and necessary to ask them to contribute to our recovery,” Sunak told parliament.

“Even after this change, the United Kingdom will still have the lowest corporation tax rate in the G7,” Sunak said.

Sunak said he would encourage businesses