Corporation tax

Corporation tax rates and bands are as follows:

Financial year to 31 March 2013 31 March 2012
Taxable profits    
First £300,000 20% 20%
Next £1,200,000 25% 27.5%
On profits over £1,500,000 24% 26%
Tax credit on dividends 10% 10%
Marginal relief fraction 1/100 3/200

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

2013 and beyond

Main rate Small profits rate
Financial year to 31 March 2014 23% N/K
Financial year to 31 March 2015 22% N/K

N/K = Not known

Did you know?

That the Treasury is expecting to raise £36.8 billion (2011/12 - £34 billion) from onshore corporation tax and a further £8 billion (2011/12 £9.4 billion) from offshore corporation tax.