The corporate income tax rate in the UK remains 19%
Many businessmen from all over the world actively use companies registered in the UK. There is nothing surprising in the fact that any news concerning the cost of maintaining and using British companies arouse keen interest far beyond the borders of this country.
In the summer 2015 budget, the UK government announced that the overall corporate income tax rate will be reduced from 20% to 19% for fiscal years 2017, 2018 and 2019 (starting April 1, 2017), with a further reduction from 19% to 18% for the fiscal year starting April 1, 2020.
Subsequently, in the 2016 budget, the government announced an additional reduction in corporate income tax in the UK by 1% (up to 17%) for the fiscal year beginning on April 1, 2020.Such a forecast for reducing the basic corporate tax rate was not in doubt for a long time, because the UK government kept its initial promise – the tax rate was indeed reduced, and up to the 2020 fiscal year was 19%.
But, unfortunately, such a reduction in the corporate income tax rate expected by business in the UK to 17% in 2020 did not happen. In the recently adopted UK budget for 2020, the government announced that the main corporate income tax rate in the UK in the 2020 and 2021 financial years will remain at the same level – 19%.
Antwort Law specialists are always up to date with the latest developments — we provide a full range of legal, corporate and tax services for British companies. Antwort is ready not only to register your company in the UK and open an account for it, but also to help with any related issues at all stages of its life path.