The Prime Minister has announced today that she will reverse her recent mini-Budget plan to scrap next years increase in corporation tax rates. From April 2023, the main rate of corporation tax for companies with profits of £250,000 (assuming no associated companies) or more will be 25%. For those with profits of £50,000 or less the rate will be 19%. The main rate will taper between £50,000 and £250,000.
This is the second U-turn in as many weeks, leaving many wondering what will happen next.
Disclaimer - All information in this post was correct at time of writing.