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1301818

registered interest
date	11/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Corporation Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment his Department has made of the potential effect on economic activity and investment of the corporation tax taper from 2023-24 on profits between £50,000 and £250,000.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	167298
answer	answer is ministerial correction date of answer 16/03/2021 answer text <p>The taper on profits between £50,000 and £250,000 is designed to ensure that the benefit of the small profits rate is targeted at the smallest businesses, while at the same time minimising economic distortions for those to which it applies.</p><p> </p><p>Companies with profits within the taper will continue to be subject to an effective tax rate on profit that is below the main rate.</p><p> </p><p>The economic impacts of the Corporation Tax rate increase are forecast by the independent Office for Budget Responsibility and contained within its Economic and Fiscal Outlook.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 16/03/2021 13:26:37 answering member 3991 label Biography information for Jesse Norman
tabling member	4657 label Biography information for Anneliese Dodds

1302000

registered interest
date	11/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Corporation Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what steps he is taking to prevent larger businesses dividing into several smaller businesses in order to be eligible for the new small profits rate of corporation tax from 2023-24.
tabling member constituency	Oxford East
tabling member printed	Anneliese Dodds
uin	167300
answer	answer is ministerial correction date of answer 16/03/2021 answer text <p>The lower profit limit, below which companies will be eligible for the small profits rate, will be reduced in proportion to the number of associated companies a company has. This is designed to prevent companies with profits over the small profits thresholds from being divided up in an attempt to take advantage of the lower rate. The upper profit limit will also be subject to this rule. Associated companies rules also applied under the previous small profits rate.</p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 16/03/2021 13:25:04 answering member 3991 label Biography information for Jesse Norman
tabling member	4657 label Biography information for Anneliese Dodds

1302013

registered interest
date	11/03/2021
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Corporation Tax
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, what assessment he has made of the effect the £50,000 threshold for the new small profits rate of corporation tax will have on incentives for corporations with profits just below that level to expand their worth.
tabling member constituency	Houghton and Sunderland South
tabling member printed	Bridget Phillipson
uin	167194
answer	answer is ministerial correction date of answer 16/03/2021 answer text <p>From April 2023 companies with small profits, those companies with profits of £50,000 or less, will continue to pay 19%. That means that c.70% of actively trading companies will be protected from a rate increase.</p><p> </p><p>Marginal relief will be available for companies with profits between £50,000 and £250,000 ensuring that the effective rate of Corporation Tax increases gradually for companies with profits over £50,000, and that only about 10% of companies will pay the full main rate.</p><p> </p> answering member constituency Hereford and South Herefordshire answering member printed Jesse Norman question first answered 16/03/2021 13:30:02 answering member 3991 label Biography information for Jesse Norman
tabling member	4046 label Biography information for Bridget Phillipson