U.K. Plans to Stay Competitive With G-7 on Corporation Tax

Logo: Bloomberg Law

By Alex Morales

The U.K. expects to keep business levies competitive with the other Group of Seven nations, a government official familiar with the matter said, giving Chancellor of the Exchequer Rishi Sunak scope to raise corporation tax in his budget next week. The U.K. rate is already the lowest among the seven nations at 19%, the person said. Rates in Canada, France, Germany, Italy and Japan are all above 25%. The official also pointed to proposals earlier this week by Treasury Secretary Janet Yellen to lift the U.S. rate to 28% from 21%. 

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By Alex Morales, posted on Wednesday February 24, 2021

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