Budget 2021: Corporation tax changes

The chancellor of the exchequer Rishi Sunak delivered Budget 2021 in the midst of the global Covid-19 pandemic and shortly after Brexit two events that have had cataclysmic repercussions for the UK economy. The cost of these events is unprecedented – in excess of £400bn – and it is clear that the chancellor will need to find ways in which the government can begin to repay the enormous increase in debt that has arisen. Tax rises were inevitable but these needed to be balanced against an economy still being battered by the pandemic and Brexit.

The chancellor was refreshingly clear that he was going to raise taxes – rather than hiding the main rises in the small print as we have experienced in the past. He explained that he would continue to support the economy now but that taxes would rise in the future in order to...