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.
