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New HSCL and corporation tax rates: What are the implications?

Shared from Tax Insider: New HSCL and corporation tax rates: What are the implications?
By Lee Sharpe, January 2022

Lee Sharpe considers the effect of the health and social care levy on owner-managed businesses in light of the scheduled rise in corporation tax rates. 

Owner-managed business (OMB) taxation is set for some quite significant changes over the next year or so, with the March 2021 Budget announcing changes to corporation tax from 1 April 2023, and the new health and social care levy (HSCL) planned from April 2022.  

Looking at corporation tax first: 

Profits £0 - £50,000 

19.0% 

Profits £50,001 - £250,000 

26.5% (marginal rate) 

Profits £250,000+ 

25.0% 


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