Brexit and BEPS will continue to dominate the corporate agenda in 2023.
Here are a few potential corporate tax developments on which to keep a watchful eye in 2023.
Corporation tax increase
On the purely domestic agenda after a brief hiatus during the Liz Truss government the planned increase in the corporation tax rate to 25% will proceed on 1 April 2023 as expected. This is an important milestone marking the end of an era of falling/relatively low UK corporate tax rates. The chances of a return to sub-20% rates in the near future look slim indeed. The combination of higher rates and the expiry of the super-deduction mean that many businesses will be bearing significantly higher effective tax rates on profits next year.
BEPS 2.0
In the wider world we can anticipate further progress on at least some aspects of the OECD Inclusive Framework’s two...
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Brexit and BEPS will continue to dominate the corporate agenda in 2023.
Here are a few potential corporate tax developments on which to keep a watchful eye in 2023.
Corporation tax increase
On the purely domestic agenda after a brief hiatus during the Liz Truss government the planned increase in the corporation tax rate to 25% will proceed on 1 April 2023 as expected. This is an important milestone marking the end of an era of falling/relatively low UK corporate tax rates. The chances of a return to sub-20% rates in the near future look slim indeed. The combination of higher rates and the expiry of the super-deduction mean that many businesses will be bearing significantly higher effective tax rates on profits next year.
BEPS 2.0
In the wider world we can anticipate further progress on at least some aspects of the OECD Inclusive Framework’s two...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
