Corporation Tax
Corporation tax rates and bands are as follows:
| Financial Year to |
31 March 2009 |
31 March 2008 |
| Taxable profits |
|
|
| First £300,000 |
21% |
20% |
| Next £1,200,000 |
29.75% |
32.5% |
| On profits over £1,500,000 |
28% |
30% |
| Tax credit on dividends |
10% |
10% |
| Marginal relief fraction |
7/400 |
1/40 |
Corporation Tax Payable
For small and medium sized companies
- Nine months and 1 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
April 2009 and Beyond
The small companies' rate will be 22% from 1 April 2009.
Did you know?
That the Government expect to raise £51.3 billion in corporation tax receipts. This represents an increase of more than 10% compared to the estimated net yield of £46.4 billion in the last tax year.
