Rate Of Corporation Tax Print
The full corporation tax rate was reduced to 20% with effect from 1 April 2014. There has been no cut to the small company’s tax rate, which had been 20% since April 2011 so this has now been absorbed into the main corporation tax rate. Accordingly from April 2015 there is only one rate of corporation tax.
This will greatly simplify the calculation of corporation tax where there are a number of associated companies as this no longer has any effect on the rate of corporation tax payable by each company.
In the Budget on 8 July 2015 it was announced that the corporation tax rate will be reduced to 19% from April 2017, and to 18% from April 2020.