Mar 4, 2021

Budget 2021: UK's tax burden to 'reach highest levels since 1960s'

Taxes on large company profits will rise in 2023 and 1.3 million more people will start paying income tax. The headline rate of corporation tax will go up from 19% to 25% from 2023, although smaller firms will be exempt, while income tax thresholds will be frozen. The freeze on income tax thresholds is expected to bring 1.3 million more people into paying income tax and a million more into paying at the higher rate. The point at which people begin paying income tax will increase by £70 to £12,570 in April, but will be maintained at that level until April 2026, meaning more people will become eligible to pay tax as wages increase. Mr Sunak insisted the UK would still have the lowest effective corporation tax rate in the G7 group of industrialised economies.

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