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Corporation Tax

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.

 

Corporation Tax 2017/2018 2018/19
 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
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