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Autumn Statement: UK gov’t tax reform, new regulations hit tech sector

Chancellor Jeremy Hunt has unveiled a slew of measures affecting the UK tech industry in his Autumn Statement, whilst also introducing new tax reforms explicitly aimed at forcing Big Tech companies to pay more tax.

With the chancellor conceding that the UK is already in a recession, the Autumn Statement, issued Thursday, included the announcement of £55 billion in tax rises and cuts to public spending. The corporation tax rate will increase to 25% from April 2023, while the rate for smaller businesses—companies with less than £50,000 profit—will continue to pay a 19% tax rate.

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Source:: Computerworld