Will the Corporation Tax Rate Change in Great Britain?
Great Britain companies are widely popular with businessmen from all over the world. For that reason, any news related to the cost of British company maintenance and operation resonates with many business owners.
How the British Government reduced corporation tax rates
In the summer of 2015, the Government of Great Britain announced that the total corporate tax rate would be decreased from 20% to 19% for 2017, 2018, and 2019 financial years (starting April 1, 2017). Provisions were also made for the rate reduction from 19% to 18% for the financial year beginning on April 1, 2020.
Forming the 2016 budget, the regulator announced another corporate tax abatement in Great Britain – to 17% for the financial year starting April 1, 2020. Businessmen had no doubts this would come true: the UK Government had kept their previous promise and reduced the tax rate. Up until the 2020 financial year the rate was 19%.
Did the corporation tax rate change in 2020?
The much-anticipated British corporation tax reduction to 17% in 2020 did not materialize. The UK Government has recently approved the 2020 budget and announced that the key corporation tax in Great Britain in the financial years of 2020 and 2021 would remain at the same level of 19%.
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