Corporation tax rates and bands are as follows:
| Financial year to |
31 March 2012 |
31 March 2011 |
| Taxable profits |
|
|
| First £300,000 |
20% |
21% |
| Next £1,200,000 |
27.5% |
29.75% |
| On profits over £1,500,000 |
26% |
28% |
| Tax credit on dividends |
10% |
10% |
| Marginal relief fraction |
3/200 |
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
2012 and beyond
|
Main rate |
Small profits rate |
| Financial year to 31 March 2013 |
25% |
N/K |
| Financial year to 31 March 2014 |
24% |
N/K |
| Financial year to 31 March 2015 |
23% |
N/K |
N/K = Not known
Did you know?
That the Government expect to receive £49bn from corporation tax in 2011/12 (2010/11 - £42.7bn)
