There is an 8% supplementary tax on banking profits.

It was announced as part of the Budget 2021 measures that from 1 April 2023, there will be two rates of Corporation Tax. Taxable profits up £50,000 will continue to be taxed at 19% under the new Small Business Profits Rate. Taxable profits in excess of £250,000 will be taxed at 25%. Profits between £50,000 and £250,000 will be subject to a marginal tapering relief. This would be reduced for the number of associated companies and for short accounting periods.

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