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The prime minister has reversed the government’s plans to freeze corporation tax at 19% and instead increased it to 25% from April 2023
The prime minister has reversed the government’s plans to freeze corporation tax at 19% and instead increased it to 25% from April 2023.
"This will raise £18bn per year. It will act as a down payment on our medium-term fiscal plan, which will be accompanied by a forecast from the independent Office of Budget Responsibility," said Truss.
Also, Kwasi Kwarteng has been replaced as Chancellor by Jeremy Hunt.
08 Jul 2024
The UK's business groups have pledged to work in partnership with the new Labour government to revitalise the nation's economy.
The UK's tax gap estimate rose to a record to £39.8 billion in 2022/23 as small businesses accounted for almost two thirds of unpaid tax, according to HMRC's data.
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