Rishi Sunak set to increase UK corporation tax from 19% to 23%

[Roamer]

Rishi Sunak will announce much-anticipated plans to increase corporation tax in the Budget next month, in a bid to repair the UK's pandemic-hit economy.

The Chancellor is not expected to immediately rise the tax on March 3, but instead increase it by 1 percentage point in the autumn, taking it to 23pc over the parliament, reported The Times.
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Intense. Some may say expected. Yet, is it the straw that will break your camel's back?

 

[Fothermucker]

Bad news for anyone opening a UK Ltd. 19% was bad enough. 23%..f**k..no thanx

 

[LondonOTC]

They told us that thanks to Brexit they can lower the corporate tax to just 17%. Seems they lied again

 

[danilointer]

Oh... I was planing to incorporate my new company there, better I will choose another jurisdction..

 

[espresso]

not the best way to stop companies moving to The Netherlands 🙂

 

[LondonOTC]

Better move to Gibraltar / Jersey

 

[espresso]

LondonOTC said:
Better move to Gibraltar / Jersey
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indeed

 

[Roamer]

LondonOTC said:
Better move to Gibraltar / Jersey
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How do you deal with central management and control? Or you mean move both the company and yourself to these jurisdictions?

 

[hdloader11]

I've realized that as long as you aren't a citizen or a resident, US is the best place to incorporate. No taxes for foreign owned LLCs that don't do business in the US, access to trustworthy high street banks and payment processors, and it is also very hard for your home country to find you if you set up your structures correctly.

 

[manukahoney]

hdloader11 said:
I've realized that as long as you aren't a citizen or a resident, US is the best place to incorporate. No taxes for foreign owned LLCs that don't do business in the US, access to trustworthy high street banks and payment processors, and it is also very hard for your home country to find you if you set up your structures correctly.
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You are not wrong. The only thing a lot of people forget - US is a litigious nation with very expensive lawyers. So if you don't have customers in the US or happy to accept the risk of being sued for no reason - US is a great choice.