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Corporation Tax

Up until 31 March 2015 there were two rates of corporation tax and one effective marginal rate. From 1 April 2015 the main rate and the small profits rate have been unified and are set at 20%.

Corporation tax rates and bands are as follows:

Financial Year to

31 March 2016

31 March 2015

Taxable profits

First £300,000

20%

20%

Next £1,200,000

20%

21.25%

Over £1,500,000

20%

21%