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Corporation tax
Corporation tax rates and bands are as follows:
| Financial year to | 31 March 2014 | 31 March 2013 |
| Taxable profits | ||
| First £300,000 | 20% | 20% |
| Next £1,200,000 | 23.75% | 25% |
| On profits over £1,500,000 | 23% | 24% |
| Tax credit on dividends | 10% | 10% |
| Marginal relief fraction | 3/400 | 1/100 |
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
2014 and beyond
| Main rate | Small profits rate | |
| Financial year to 31 March 2015 | 21% | 20% |
| Financial year to 31 March 2016 | 20% | 20% |
Did you know?
That the Treasury is expecting to raise £33.6 billion (2012/13 - £34.5 billion) from onshore corporation tax and a further £4.7 billion (2012/13 £4.8 billion) from offshore corporation tax.