LONDON: Britain will raise corporation tax to 25% from 19% from 2023, finance minister Rishi Sunak said on Wednesday.
"The government is providing business with over 100 billion pounds of support to get through this pandemic so it is fair and necessary to ask them to contribute to our recovery," Sunak told parliament.
"Even after this change, the United Kingdom will still have the lowest corporation tax rate in the G7," Sunak said.
The United Kingdom introduced corporation tax at a rate of 40% in 1965. It rose to a high of 52% in the 1970s.
In the 1980s, the main rate was cut to 35% under Margaret Thatcher, then during the 1990s from 35% to 30% and eventually to 20%.
The rate was cut to 19% from 2017 and was supposed to be reduced further to 18% and then 17% but has been held at 19%.
This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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