Corporation tax rates are set for each financial year. A financial year runs from the 1 April to 31 March. If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each financial year.
The profit limits are reduced for accounting periods of less than 12 months and for a company with associated companies. A company is an associated company of another company if one of the two has control of the other, or both are under the control of the same person or persons. A company may be an associated company no matter where it is resident for tax purposes.
|Small companies rate up to £300,000||19%||19%|
|Upper marginal rate £300,001 to £1,500,000||19%||19%|
|Full rate over £1,500.00||19%||19%|
|Companies with taxable profits of £1,500,000 or more may be liable to quarterly instalment payments on account of tax liabilities|