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Key points
- The reduction to £250 000 of profits at which the full rate of corporation tax applies will result in substantial numbers of companies paying 25%.
- The limits are lower where there are associated companies.
- For companies subject to the diverted profits tax the rate from 1 April 2023 will be 31%.
- Losses can be carried back for three years for accounting periods between 1 April 2020 and 31 March 2022.
- The increase in corporation tax will be tempered by capital allowances including the new super-deduction.
The chancellor of the exchequer Rishi Sunak delivered Budget 2021 in the midst of the global Covid-19 pandemic and shortly after Brexit two events that have had cataclysmic repercussions for the UK economy. The cost of these events is unprecedented – in excess of £400bn – and it is clear that the chancellor will need to find ways in...
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