On 1st April, 2023, Britain’s international Corporation Tax (CT) ranking changed dramatically: from a competitive ninth lowest position in the OECD, to ninth highest with CT receipts expected to reach record levels, boosting Treasury income by £50 billion.
Though Jeremy Hunt’s ‘Ides of March’ Budget presented him with an opportunity to reconsider adding to business’s burgeoning tax liabilities, ultimately he decided against it. Accordingly, from 1st April CT increased to 25%, although the existing 19% level will remain for companies reporting annual profits up to £ 50,000.
The new 25% rate will apply to companies with annual profits of £250,000 and above. Between the two rates, taper relief will apply, with CT levied at 26.5%.
STM Group plc (LON:STM) is a multi-jurisdictional financial services group listed on the Alternative Investment Market of the London Stock Exchange. The Group was formed as a strategic investment company specifically to build a leading financial services group originally operating in the international corporate and trustee service provider (CTSPs) sector.