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Budget 2021: Corporation tax to rise as Rishi Sunak hits firms to pay for Covid recovery
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Corporation tax has been increased to help pay for the Covid-19 recovery, Rishi Sunak has announced. The Chancellor said the rate would rise from 19% to 25% - though he said this would remain the lowest in the G7.
And smaller companies will be exempt from the increase - with a taper above profits of £50,000 to ensure only the top 10% of firms would pay the top rate.
And Mr Sunak announced a "super deduction" to encourage firms to make urgently needed investments. He told MPs: "Even after this change the UK will still have the lowest corporation tax rate in the G7 - lower than the United States, Canada, Italy, Japan, Germany and France." He added: "First, this new higher rate won't take effect until April 2023, well after the point when the
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COVID-19
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