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Corporation tax

Corporation tax rates and bands are as follows:

Financial year to 31 March 2016 31 March 2015
Taxable profits    
All profit        20%       21%
First £300,000 N/A 20%
Next £1,200,000 N/A 23.75%
On profits over £1,500,000 N/A 23%
Tax credit on dividends 10% 10%
Marginal relief fraction N/A 1/400
Loans to participators rate        25%        25%

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 Treasury is expecting to raise £42.3 billion (2014/15 - £40.3 billion) from onshore corporation tax and a further £0.7 billion (2014/15 - £0.7 billion) from offshore corporation tax.

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