Corporation tax to increase – but not until 2023

The Budget on 3 March contained an announcement regarding an increase in corporation tax on company profits to 25% from April 2023.  The small profits rate is maintained at the current level of 19% – around 70 percent of companies will be completely unaffected.  There will be a taper above £50,000, so only businesses with profits of a quarter of a million pounds or greater will be taxed at the full 25% rate.