Spring Budget 2021: Chancellor hikes corporation tax to 25% from 2023

Sunak told the House of Commons the move may not be popular but it was fair as the economy recovers after the Covid-19 pandemic. He added the UK would still have the lowest corporation tax in the G7.  Sunak said the government would create a small profits rate to ensure only firms with profits over £250,000 would be taxed at the higher 25% rate. "That means only 10% of all companies will pay the full higher rate," said Sunak. Corporation tax is currently 19%. Elsewhere, income tax rates were held at current levels until April 2026.  The income tax threshold for paying the basic rat...