Small Firms Protected From Corp Tax Hike, 'Super-Deduction' Introduced

Chancellor Sunak: " I'm protecting small businesses with profits of £50,000 or less, by creating a Small Profits Rate, maintained at the current rate of 19%. This means around 70% of companies – 1.4 million businesses - will be completely unaffected. [...], we will introduce a taper above £50,000, so that only businesses with profits of £250,000 or greater will be taxed at the full 25% rate. That means only 10% of all companies will pay the full higher rate. So yes, it's a tax rise on company profits. But only on the larger, most profitable companies. And only in two years' time. And I wanted to announce this now because I think that, for business, certainty matters."

• Reintroduces lower corporate tax band previously removed by Conservative chancellor George Osborne.
• 'Super-deduction: for 2 years when companies invest they can reduce tax bill by 130% of the cost of the investment'.
• The above is to encourage firms with big cash reserves to invest rather than sitting on the money.