Corporation tax rates and bands are as follows:
| Financial year to |
31 March 2013 |
31 March 2012 |
| Taxable profits |
|
|
| First £300,000 |
20% |
20% |
| Next £1,200,000 |
25% |
27.5% |
| On profits over £1,500,000 |
24% |
26% |
| Tax credit on dividends |
10% |
10% |
| Marginal relief fraction |
1/100 |
3/200 |
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
2013 and beyond
|
Main rate |
Small profits rate |
| Financial year to 31 March 2014 |
23% |
N/K |
| Financial year to 31 March 2015 |
22% |
N/K |
N/K = Not known
Did you know?
That the Treasury is expecting to raise £36.8 billion (2011/12 - £34 billion) from onshore corporation tax and a further £8 billion (2011/12 £9.4 billion) from offshore corporation tax.
