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 companies rate | |
Financial year to 31 March 2014 | 23% | N/K |
Financial year to 31 March 2015 | 22% | N/K |
N/K = Not known