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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

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