Critics cast doubt on Labour plan to increase UK corporation tax rate

A Labour government would create a national education service, providing increased funding for schools and colleges by reversing cuts to headline rates of corporation tax, the party announced …

Labour’s proposal is nonsensical, Conservatives said. The main corporation tax rate was reduced from 28 percent in 2010 to 19 percent in 2017. A small profits rate of 20 percent, applying to companies with profits of up to £300,000, was abolished in 2015 when the two rates merged.

Labour said it would increase the main rate to 21 percent in 2018, 24 percent in 2019, and 26 percent in 2020, adding that 26 percent would be the lowest rate in the G-7. A small profits rate would be set at 20 percent in 2018 and 21 percent in 2020 …

My news story for Tax Analysts, May 11 (paywall)