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Corporation tax

Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March. If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year. The profits limits are reduced for accounting periods of less than 12 months and for a company with ‘associated companies’.

Year to 31-03-2016:

Rate Profits band (£) Rate (%)
Main Any 20

Year to 31-03-2015:
Rate Profits band (£) Rate (%)
Small profits 0 – 300,000 20
Marginal (small profits)¹ 300,001 – 1,500,000 21.25
Main Over 1,500,000 21

Important Note…
¹Standard Rate Fraction: 1/400

Professional Consultation

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