The government has now cancelled the corporate tax’s April 2023 planned increase No matter how much profit a company makes, the rate will stay 19% starting in April 2023 rather than increasing to 25%
In September, a mini-budget was created, which included a rise in the corporate tax rate, among other changes The new UK chancellor, Jeremy Hunt, almost entirely repealed Liz Truss’s mini-budget One of the first tax cuts was the proposal to halt a corporate tax increase
What is Corporate Tax?
Companies, public corporations, and unincorporated associations like industrial and provident societies, clubs, and trade associations must pay corporation tax on their profits
Since offshore companies engaged in the oil and gas industry are subject to a different corporation tax regime, the tax is frequently called “onshore corporation tax”
