From April 2023 corporation tax will be 25%. To help protect small businesses a £50,000 small profits rate will be introduced, set at the current rate of 19%. Once a company’s profits rise above £50,000 a taper will apply, so that only businesses with profits above £250,000 will have to pay the 25% rate.
In 2023 the rate of corporation tax, paid on company profits, will increase to 25%. Even after this change we’ll still have the lowest corporation tax rate in the G7.
We’ll also protect small businesses so only 10% of companies will pay the full higher rate #Budget2021 pic.twitter.com/izwsLRLiXZ
— Rishi Sunak (@RishiSunak) March 3, 2021