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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
Main taxes
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals