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How does this change affect small businesses?

On the surface, scrapping a rise in corporation tax is good news for businesses, and the majority of UK firms will avoid paying a larger tax bill thanks to this policy reversal. However, the decision to axe the tax rise will cost the Treasury roughly £12 billion and will mostly benefit the largest businesses, particularly the top 10% most profitable.

Under Rishi Sunak’s original plan, business would pay:

• 19% on profits up to £50,000
• A progressive rate of between 19% and 25% on profits between £50,000 and £250,000

This means that only 10% of UK companies (those with profits over £250,000) would actually have been charged the full 25% rate and it is these companies who benefit most from the policy reversal announced this month. Meanwhile, almost 1 in 3 UK businesses post profits of less than £50,000 – meaning they’ll see no additional benefit.

Furthermore, analysis by the Institute for Public Policy Research (IPPR) suggests that the central assumption that lower corporation tax encourages investment and bolsters growth is not necessarily true in the case of the UK.

Back in 2019, the UK had the lowest level of business investment of the G7 nations, despite also having the lowest level of corporate tax. The IPPR suggests that incremental cuts to corporation tax in the UK over the last 15 years have not led to higher levels of investment and growth.