Main rate of corporation tax, paid by businesses on taxable profits over £250,000, confirmed to increase from 19% to 25%. Companies with profits between £50,000 and £250,000 to pay between 19% and 25%. Corporation tax rate for small profit 19% (profit up to 50k).
Chancellor announced childcare revolution to expand 30 hours free childcare for children over the age of nine months, alongside boosts to subsidised childcare for parents on Universal Credit including upfront support. This support being phased in until every single eligible working parent of under 5s gets this support by September 2025.
Support households with cost-of-living pressures including keeping the Energy Price Guarantee at £2,500 for the next three months.
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