This is the Corporation Tax rate table for the 2011/12 tax year (starting 1st April).
The Chancellor surprised the business world with a 2% drop in the main rate of Corporation Tax from 28% to 26% during his 2011 Budget speech.
The main rate will be reduced further to 25% in the 2012/13 financial year. Eventually, a merger of the main and small profits rates is likely given the Coalition’s determination to simplify the tax system.
The small profits tax rate falls from 21% to 20% from April 1st 2011.
|£ per year||2010-11||2011-12|
|£300,001 – £1,500,000||Marginal relief||Marginal relief|
|£1,500,001 or more||28%||26%|
For more information on registering your small business for corporation tax, and how tax is collected, try our guide to corporation tax.