Rishi Sunak's budget brings first corporation tax rise since 1974

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Chancellor applies biggest tax increase to businesses but sweetens the pill with £25bn in investment

Rishi Sunak has announced the first corporation tax rise in 47 years, but sought to soften the blow with £25bn in investment incentives for British businesses.

The headline rate of corporation tax, the tax businesses pay on their profits, will rise to 25% for company profits over £250,000 from April 2023, the chancellor told parliament in Wednesday’s budget.

Related: Budget 2021: the verdict on Rishi Sunak’s plans | Gaby Hinsliff and others

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