Corporation Tax

Corporation tax rates and bands are as follows:

Corporation Tax Payable

For small and medium sized companies

• Nine months and 1 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

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.