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Corporation tax rates and bands are as follows:
|Financial year to||31 March 2017||31 March 2016|
|Tax credits on dividends||N/A||10%|
|Loans to participators rate||32.5%||25%|
|Diverted profits tax||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 period.
Beyond 31 March 2017
In Autumn Statement 2016 the government reaffirmed its commitment to reducing the rate of corporation tax to 17% by 2020.
From 1 April 2019 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.