Dyson: High-tax economies are damaging enterprise Sir James Dyson has warned the Chancellor of the “unintended consequences” of hiking corporation tax and bringing in a new global levy. Jeremy Hunt confirmed in the autumn that a 15% tax rate for subsidiaries of large UK multinationals - the Global Minimum Tax - will be enacted from the end of 2023. Dyson said: “The policies the Government is pursuing - an increase in corporation tax and a new Global Minimum Tax - will do nothing to support [business creation], or generate the recovery and growth we need.” In a letter to Mr Hunt, Sir James wrote: “The Government has done nothing but pile tax upon tax on to British companies. When businesses are seeking to rebuild following the global pandemic , combat the impact of the lockdown in China and the war in Ukraine , and absorb soaring energy costs and double-digit inflation , the Government's contribution is to increase taxes. Is it any wonder the economy is teetering on recession, or that companies like AstraZeneca are deciding to take their investment elsewhere?” Of course many motorsport businesses have an international dimension.