3/3, 2:04 PM (Source: TeleTrader)
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Sunak raises UK corporation tax to 25%

British Chancellor of the Exchequer Rishi Sunak unveiled on Wednesday that the corporation tax in the United Kingdom will be increased to 25%.

He explained that the hike will remain in place during the next two years, and apply, in full, only to 10% of the highest-grossing businesses.

Sunak also unveiled that the British government will introduce a "super deduction" to allow for a tax reduction if a business invests. The companies will, under the new program, will be eligible for a 130% deduction of the amount invested.

Breaking the News / BU