Budget day: 'Fair and necessary' to raise tax on business profits, Sunak says

News Team, 03/03/2021

Image credit: HM Treasury

Chancellor Rishi Sunak has today said it is “fair and necessary” to ask businesses to play a central role in paying down the UK government’s £407 billion coronavirus support bill.

This comes in the form of a tax rise on corporation profits to 25 percent from the existing 19 percent level. This comes into effect from April 2023 for larger firms.

In the Budget presented to Parliament this afte...

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