What is corporation tax?

Corporation tax is a tax that is levied on the profits of UK companies and organizations, including any gains from selling assets (e.g. land, property or shares) that have increased in value. As of the 1^st April 2023, the current rate of corporation tax is 25% for companies with profits over £250,000. Though small businesses with profits of less than £50,000 will be required to pay 19%.