Corporate income tax rises in the United Kingdom from 19% to 25%


tax rises

The United Kingdom government is forced to seek resources to plug the hole in the public finances (deficit of 5.4% in 2022) with the aim of increasing revenue by some £12 billion over the 2023-2024 financial year.

Companies reporting a profit of up to £50,000 will continue to be taxed at 19%, while companies above £250,000, around 10% of the total, will be taxed at 25%. Companies that fall in the middle of these two ranges will pay the proportional part. These measures were implemented last April 2023, leaving a margin of 9 months for companies to adapt their accounts. In the case of large companies, the situation is different since they have a different calendar and agree with the Administration on tax advances.

Profits tax is levied on local companies, foreign companies that have a branch or office in the UK, clubs and cooperatives. In addition to this increase, the 1.25 percentage point increase in dividend payments, which already began to be applied in April 2022, is maintained. The measure represents an additional £1 billion in revenue. This change may affect the UK’s consideration for doing business.


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