The Chancellor of the Exchequer presented his Growth Plan to Parliament on Friday 23 September 2022. These are the main points about corporation tax:
The main rate of corporation tax was due to increase to 25% from April 2023, however, this increase has been scrapped and corporation tax will stay at 19%.
The Annual Investment Allowance (AIA) was going to decrease in April 2023 to £200k, however, the AIA will now remain at £1 million permanently.
Although no announcement’s been made about the super deduction, it’s expected that this will end as planned in April 2023.
The government’s going to introduce investment zones which will have lower taxes and accelerated developments for housing. The tax incentives under consideration for these zones include:
- Business rates
- Enhanced capital allowances
- Enhanced structures and buildings allowance
- Employer National Insurance contributions relief
- Stamp Duty Land Tax relief
(More details can be found at https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1105989/CCS207_CCS0822746402-001_SECURE_HMT_Autumn_Statement_2022_BOOK_Web_Accessible.pdf )
For details about the budget in general, please check out this post.