The new Chancellor of the Exchequer Jeremy Hunt announced on 17 October 2022 that many of the tax cuts announced in his predecessor’s recent mini- budget would be scrapped (as can be seen from the graphic below). Corporation Tax rates will now increase from 19 to 25% on 1 April 2023 as was originally planned. Businesses with profits under £250K will pay between 19 and 24.99%.
