What to expect in tax in 2023: corporate and international perspective

Ashley Greenbank

Here are a few potential corporate tax developments on which to keep a watchful eye in 2023.

Corporation tax increase

On the purely domestic agenda after a brief hiatus during the Liz Truss government the planned increase in the corporation tax rate to 25% will proceed on 1 April 2023 as expected. This is an important milestone marking the end of an era of falling/relatively low UK corporate tax rates. The chances of a return to sub-20% rates in the near future look slim indeed. The combination of higher rates and the expiry of the super-deduction mean that many businesses will be bearing significantly higher effective tax rates on profits next year.

BEPS 2.0

In the wider world we can anticipate further progress on at least some aspects of the OECD Inclusive Framework’s two ‘Pillar’ approach to reform the international tax system (commonly referred to as...

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