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The chancellor confirms corporation tax will go up but opposition is expected from some Tory MPs.
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Corporation tax is set to go up again - in the face of some Conservative opposition - with the marginal rate of corporation tax rising from 19% to 25%. Even there, it represents the lowest corporation tax rate in the G7.
However, there's a sweetener: "every pound invested by businesses in IT equipment, plants or machinery to be deducted in full from taxable profits." It's claimed that this represents the equivalent of a annual £9bn cut in corporation tax.