Budget 2021: Tax on company profits to rise to 25%

The rate of corporation tax, paid on company profits, is to rise to 25% from 19%, starting in 2023.

Paul Johnson, director of the Institute for Studies, said the rise in the headline rate was at the top end of expectations, calling it "risky". "The government is providing business with over £100bn of support to get through this pandemic, so it is fair and necessary to ask them to contribute to our recovery," the chancellor told the Commons.

Mr Sunak said: "So yes, it's a tax rise on company profits. But only on the larger, most profitable companies. And only in two years' time."Nevertheless, economist Mr Johnson described the headline rise as "huge". He tweeted: "Right at the top of expectations. Extraordinary reversal of longstanding policy. Risky."

What about reducing public spending?

Why not now?

Why can't we cut the benefit handout merry-go-round.

BBCPolitics I thought we were going for Singapore on Thames and to be ultra competitive in the world market post Brexit

This is ToryMaths to help their mates avoid tax! FFS what's the point in waiting 2 years? Companies that have profited from the COVID crisis should be taxed now! CorporationTax Budget ToryCorruption ToryCronyism bbcnews skynews C4News

BBCPolitics

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Budget 2021: Sunak raises tax on business to help repair economy after Covid - BBC News“Whatever spin the chancellor tries to put on the figures today, as a result of his decisions, we’ve suffered deeper economic damage, and much worse outcomes” Keir Starmer accuses Rishi Sunak of making decisions that damaged the UK economy PMQs Whatever. Decent reply to budget from Starmer, highlighted some of the ‘gaps’ in the budget.
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