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

  • 📰 BBCNews
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

'In 2023 the rate of corporation tax, paid on company profits, will increase to 25%' Chancellor Rishi Sunak says it is 'fair and necessary' for business to contribute to the economic recovery Budget2021

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."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: BBCNews - 🏆 3. / 97 Read more »