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Corporation Tax Changes – do you know what they are?
Rishi Sunak announced a slew of corporation tax changes in last year's budget announcements (March and October 2021), some of which are already in effect and others that will take effect in 2023.
Before these adjustments, the UK corporation tax rate of 19% was competitive worldwide. Because the COVID19 pandemic has pushed government borrowing to new heights, targeting the business tax rate is a simple method to raise billions of pounds in additional revenue.
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