Corporation tax rates and bands are as follows:
From 1 April 2004, a minimum tax rate of 19% is charged when profits are distributed to individual shareholders by a company or group. Lower tax rates will continue to apply where profits are retained or distributed to other companies.
Did you know?
That the Government expect to raise £50 billion of its £553 billion tax generating programme from corporation tax. In the last tax year this tax raised £50 billion. Thus the Government seeks to raise its receipts from corporation tax by over 11%.
April 2008 and Beyond
The main rate of corporation tax will be 28% for the year commencing 1 April 2008. The small companies' rate will be 21% from 1 April 2008 and 22% from 1 April 2009.