During the UK Labour Party's annual conference, which began 23 September, plans were announced for an increase in the main corporation tax rate to 26% and the reintroduction of a small profits rate of 21%. Such plans would be a reversal of years of reductions in the corporation tax rate, which previously included a small profits rate of 20% that was effectively abolished as the main corporation tax rate was steadily reduced to the current rate of 19% from 2017 and scheduled to be further reduced to 17% from 2020.