corporation tax

noun

1. a British tax on the profits of a company or other incorporated body

Example Sentences

In its general election manifesto last year, Labour promised not to increase income tax, VAT and corporation tax, limiting the government's options to raise revenue.

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"We are a pro-business government that has capped corporation tax at 25%, the lowest rate in the G7, we're reforming business rates, have secured trade deals with the US, EU and India, and have seen interest rates cut five times since the election, benefiting businesses in every part of Britain."

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It said there are "serious constraints" on the next four biggest taxes - corporation tax, council tax, business rates and fuel duties - while "some other tax-raising options would be especially economically harmful".

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"We are a pro-business government that has capped corporation tax at 25%, the lowest rate in the G7, we're reforming business rates, have secured trade deals with the US, EU and India," a statement added.

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The spokesperson added the government it also "cutting alcohol duty on draught pints and capping corporation tax".

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