The higher rate will apply to companies that make profits of £250,000 or more.
The rate for smaller companies, with profits of up to £50,000, will remain at 19%.
Companies with profits of between £50,000 and £250,000 will pay tax at a hybrid rate. The effective rate of corporation tax for profits between £50,000 and £250,000 rises to 26.5%.
The increase will be mitigated to some extent for businesses making substantial investments in plant and machinery.