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
Sverige Senaste nytt, Sverige Rubriker
Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.
Källa: BBCNews - 🏆 3. / 97 Läs mer »