Corporation Tax U-turn - as expected
This afternoon the PM announced another mini-Budget U-turn, this time concerning corporation tax. What’s the full story?
Despite numerous assurances that the government would press ahead with its tax-cutting measures in the face of strongly negative political and economic reactions, the Prime Minister has decided to row back on her promise to scrap the forthcoming increase to corporation tax in April 2023. This follows the earlier U-turn on scrapping the additional rate of income tax.
As things stand, the main rate of corporation tax will increase to 25% from 1 April 2023. However, company owners may well feel that they can’t take anything for granted given that there is now significant pressure on the Prime Minister to resign.
Related Topics
-
Timetable for agent multi-factor authentication rollout published
HMRC has published further details of its plans to introduce multi-factor authentication (MFA) for tax agents. The rollout is intended to strengthen security across HMRC's online services and will be introduced in stages over the coming months. What do you need to know?
-
Using the EIS to unwind capital gains tax
You inherited shares from your father last year and sold them several months later making a tidy capital gain. You’ve read that the enterprise investment scheme (EIS) can defer the resulting tax bill, but how might it reduce it?
-
Electronic VAT return and payment due
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.