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<p>It is right that businesses share in the burden of restoring the public finances
to a sustainable footing; that is why the Government announced an increase in the
rate of Corporation Tax at Budget. The rate increase will not come into force until
April 2023, by which time GDP is forecast to have recovered to its pre-pandemic level.</p><p>
</p><p>Companies that have made profits during the pandemic have continued to pay
Corporation Tax on those profits as normal. Corporation Tax is charged in line with
the level of a company’s profits, so more profitable companies will have contributed
more.</p>
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