Corporation Tax is the tax paid by Limited Companies on their taxable profits. The rate of tax on all profits is 19%. Please see below the table along with comparative years tax rates.
Rates for Corporation Tax years starting 1 April
There are different rates for ring fence companies
|Small profits rate (companies with profits under £300,000)||–||–||–||20%|
|Main rate (companies with profits over £300,000)||–||–||–||21%|
|Main rate (all profits except ring fence profits)||19%||20%||20%||–|
|Marginal Relief lower limit||–||–||–||£300,000|
|Marginal Relief upper limit||–||–||–||£1,500,000|
|Special rate for unit trusts and open-ended investment companies||20%||20%||20%||20%|
From 1 April 2015, there is a single tax rate of 20% for non-ring fence profits.