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Written Question
Coronavirus: Protective Clothing and Screening
Tuesday 28th September 2021

Asked by: Baroness Taylor of Bolton (Labour - Life peer)

Question to the HM Treasury:

To ask Her Majesty's Government what estimate they have made of the potential revenue of introducing a windfall tax on companies supplying (1) PPE, and (2) private COVID-19 tests.

Answered by Lord Agnew of Oulton

It is right that, as the economy rebounds, those best able to contribute share in the task of restoring the public finances to a sustainable footing.

That is why, at Budget, the Chancellor announced an increase in the Corporation Tax (CT) rate from 19 per cent to 25 per cent from 2023 onwards. This will, by definition, only apply to companies that are making profits, and profitable businesses have continued to pay CT throughout the pandemic.