Corporation tax
Corporation tax rates and bands are as follows:
| Financial year to |
31 March 2011 |
31 March 2010 |
| Taxable profits |
|
|
| First £300,000 |
21% |
21% |
| Next £1,200,000 |
29.75% |
29.75% |
| On profits over £1,500,000 |
28% |
28% |
| Tax credit on dividends |
10% |
10% |
| Marginal relief fraction |
7/400 |
7/400 |
Corporation tax payable
For small and medium sized companies
- Nine months and one day after the end of the accounting period
For large companies
- Instalments
- The 14th day of the seventh, tenth, 13th and 16th months after the commencement of a 12 month accounting period
- Balance
- Nine months and one day after the end of the accounting period
Did you know?
The revenue the Government are budgeting to generate from corporation tax this year amounts to £43.3 Billion (2009/10 - £36.5).
2011 and beyond
|
Main rate |
Small companies rate |
| Financial year to 31 March 2012 |
27% |
20% |
| Financial year to 31 March 2013 |
26% |
N/K |
| Financial year to 31 March 2014 |
25% |
N/K |
| Financial year to 31 March 2015 |
24% |
N/K |
N/K = Not known
