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Corporation tax rates and bands are as follows:
|Financial year to||31 March 2016||31 March 2015|
|On profits over £1,500,000||N/A||23%|
|Tax credits on dividends||10%||10%|
|Marginal relief fraction||N/A||1/400|
|Loans to participators rate||25%||25%|
Corporation tax payable
For small and medium sized companies
- Nine months and one day after the end of the accounting period
For large companies
- The 14th day of the seventh, tenth, 13th and 16th months after the commencement of a 12 month accounting period
- Nine months and one day after the end of the accounting periodBeyond 31 March 2016
The rate of corporation tax will reduce from 20% to 19% in 2017 and 18% in 2020.
From 1 April 2017 companies with taxable profits of £20 million or more will be required to pay corporation tax in quarterly instalments in the third, sixth, ninth and twelfth months of their accounting period. The £20 million threshold will be divided by the number of companies in the group.