Corporation tax
Corporation tax rates and bands are as follows:
| Financial year to |
31 March 2010 |
| Taxable profits |
|
| First £300,000 |
21% |
| Next £1,200,000 |
29.75% |
| On profits over £1,500,000 |
28% |
| Tax credit on dividends |
10% |
| Marginal relief fraction |
7/400 |
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
Did you know?
That the Government expects to receive £34.7 billion from Corporation Tax in the current tax year (2008/09 £43.4 billion)
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