Elizabeth Small quoted in ePrivateClient on the Budget and Corporation Tax
Corporate Tax Partner, Elizabeth Small's comments have been published in the ePrivateClient article entitled 'Budget 2021: Six key takeaways from people in private wealth'.
In the Budget it was announced that Corporation Tax will increase to 25 percent. Small businesses, with profits less than £50,000 per annum, will continue to be taxed at 19 percent and a taper above £50,000 will be introduced, ensuring that only businesses with profits greater than £250,000 per annum will be taxed at the full rate of 25 percent.
Elizabeth comments that there is no doubt “this measure will frustrate those who hoped Britain would become a 'Singapore-upon-Thames' following her departure from the European Union", highlighting that some clients “will be less willing to incorporate UK companies for active business or passive investment, especially if this rate increase is just the thin end of the wedge”.
The full article can be read here, behind the paywall.