Mini-budget 2022: Kwasi Kwarteng axes corporation tax hike on big business profits

Kwasi Kwarteng has announced the cancellation of an increase in corporation tax on big business profits as part of the government’s fiscal event - or “mini-budget” - today, 23 September.

In the government’s “growth plan,” the chancellor said that the cancellation of the planned rise and reversing the rise in National insurance contributions will “save 920,000 businesses almost £10,000 on average next year.”

The levy was due to rise from 19 per cent to 25 per cent next April, but will now stay at the lowest rate in the G7.

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