Hunt warned of tax 'double-whammy' for firms The Confederation of British Industry (CBI) has warned that Britain will become less attractive to investors and fall behind global rivals if plans to hike corporation tax and end a super-deduction tax break go ahead. This is likely to have a assive impact on the motorsport sector which has strong international connections. Chancellor Jeremy Hunt has faced calls to scrap plans to raise corporation tax from 19% to 25% in April and extend the super-deduction that gives big tax breaks to companies that invest in new infrastructure, factory and machinery assets. The CBI’s lead economist Alpesh Paleja said Mr Hunt must take “decisive action towards stimulating business investment and unlocking greater economic growth,” adding: “Businesses are facing a double-whammy of the super-deduction expiring and a higher rate of corporation tax.” The CBI wants to see the super-deduction replaced by a similar though less generous scheme.