UK opposition Party Labour said that it would increase corporation tax to cover higher funding for education if it wins the upcoming election.
The Party said that from next tax year it would increase the headline rate of corporation tax from 19 percent to 21 percent and to 24 percent in 2019-20 and 26 percent in 2020-21.
It added that the small profits rate, payable by firms with profits below GBP300,000 (USD388,499), would rise to 20 percent in 2018-19 and 21 percent in 2020-21.
"This will still leave it at the lowest rate in the G7," Labour said.
An early election is set to take place on June 8. Labour is trailing in the polls behind the ruling Conservative Party.
The Party said that from next tax year it would increase the headline rate of corporation tax from 19 percent to 21 percent and to 24 percent in 2019-20 and 26 percent in 2020-21.
It added that the small profits rate, payable by firms with profits below GBP300,000 (USD388,499), would rise to 20 percent in 2018-19 and 21 percent in 2020-21.
"This will still leave it at the lowest rate in the G7," Labour said.
An early election is set to take place on June 8. Labour is trailing in the polls behind the ruling Conservative Party.
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