British Finance Minister Rishi Sunak it will deliver its budget statement to parliament on Wednesday.
Key statements summarized by Reuters
“It will not raise the rates of income tax, national insurance or VAT.”
“It will freeze income tax thresholds.”
“The freezing of income tax thresholds will continue until April 2026.”
“It will maintain the lifetime allocation thresholds for the inheritance and pension tax until April 2026.”
“In 2023, the corporate tax rate will increase to 25%.”
“The UK will continue to have the lowest corporate tax rate in the G7.”
“The new higher rate of corporate tax will not apply to companies with profits of less than £ 50,000.”
“Only 10% of companies will pay the highest rate of corporate tax.”
Market reaction
The UK FTSE 100 Index It was down slightly after these comments and was last seen gaining 0.6% on the day at 6,653.
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