Corporate tax overhaul expected in Spring Statement

The chancellor is set to use next week’s spring statement to herald an overhaul of the corporate tax system. Rishi Sunak’s statement on Wednesday will be overshadowed by the growing cost of living crisis, but the chancellor is expected to commit to reform of business taxation, setting the stage for detailed decisions in his autumn Budget. This is expected to lead to reform of the corporate tax system to encourage more capital spending by companies. Sunak is also likely to push ahead with reform of tax credits for research and development, which he believes are not delivering value for money, particularly in relation to small and medium-sized companies The Times (£) Photo © ANDY RAIN/EPA-EFE/Shutterstock