From 1 April 2023, the corporate tax rate will increase to 25%.

British Prime Minister Liz Truss has stated that the corporation tax rate will rise from the current 19% rate to 25% in an effort to calm the chaos that has erupted in the financial markets since the mini Budget.

Beginning on April 1, 2023, the corporation tax rate will rise to 25% for businesses with profits of $250,000. The legislation that allowed for this increase also stipulates that small businesses will continue to pay corporation tax at a rate of 19% on profits up to £50,000, with profits over £50,000 subject to a tapering rate.

In order to maintain the present six percentage point difference with the main corporation, Finance Act 2021 also included an increase in diverted earnings tax from 27% to 31% beginning on April 1, 2023.

The Finance Act of 2022 reduced the bank corporation tax surcharge to 3% beginning on April 1, 2023. The assurance that these modifications would now take place and not be undone as was previously indicated in the mini-budget is awaited by experts.

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