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What is corporation tax? Current rate and who pays after Rishi Sunak announces hike

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www.mirror.co.uk

One of the main announcements in Rishi Sunak's 2021 Budget was that corporation tax would be increased to help pay for the coronavirus recovery.

The Chancellor insisted the UK will retain the lowest rates in the G7 despite the hike from 19% to 25%, and will not apply for another two years.

He also said smaller companies will be exempt, with a sliding scale so only the top 10% of businesses - with profits over £250k - would pay the highest rate.

Smallest companies with profits under £50k will continue to pay 19%. Speaking in the House of Commons on Wednesday, he said the new rate won't come in until April 2023, "well after the point when the OBR (Office of Budget Responsibility) expect the economy to have recovered".

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