皇冠体育app

• 皇冠体育app Prime Minister has set out that the way the government is delivering on its mission to achieve a low tax, high wage, high growth economy is to change.
• 皇冠体育app legislated increase in the Corporation Tax rate from April 2023 will go ahead, with most small businesses benefitting from the new small profits rate.
• Chancellor Jeremy Hunt will deliver the Medium-Term Fiscal Plan on 31 October, detailing action to get debt falling as a percentage of GDP over the medium term.

皇冠体育app decision has been taken in recognition of the need to ensure the UK鈥檚 economic stability and reassure markets of its commitment to fiscal discipline, after elements of September鈥檚 Growth Plan went further and faster than markets were expecting.

皇冠体育app Prime Minister has set out that the government is prepared to do whatever is necessary to ensure debt is falling as a share of the economy in the medium term and to ensure that taxpayers鈥� money is well spent, putting public finances on a sustainable footing.

皇冠体育app previously announced small profits rate of Corporation Tax will be maintained. Smaller or less profitable businesses will not pay the full 25% rate, and companies with less than 拢50,000 of profit 鈥� the large majority 鈥� will not see any increase at all, continuing to pay Corporation Tax at 19%.

皇冠体育app UK鈥檚 corporate tax regime will remain competitive and supportive of growth at the 25% rate, continuing to be the lowest rate in the G7. As part of the forthcoming tax review, the government will look at how the tax system can go further to promote growth and investment.

皇冠体育app government is committed to growing the economy and taking forward supply-side reforms that will ignite strong and sustained growth that delivers prosperity for the UK.

Chancellor of the Exchequer Jeremy Hunt will set out the government鈥檚 Medium-Term Fiscal Plan on 31 October, alongside a full forecast from the independent Office for Budget Responsibility.

Further information

• 皇冠体育app around 拢18 billion raised per year through an increase in the Corporation Tax rate to 25% is an approximate figure. 皇冠体育app OBR will assess the fiscal impact of the change on 31 October.

• 皇冠体育app Chancellor will confirm the position on the Bank Surcharge in the Medium-Term Fiscal Plan.