The measure sets the Corporation Tax main rate for each year from the financial year beginning 1 April 2017 to the financial year beginning 1 April 2020, reducing the CT main rate by 3% by 2020 to 17%.
The CT main rate for 1 April 2016 is set at 20%. This measure reduces the rate to 19% for the financial year beginning 1 April 2017, 18% for the financial years beginning 1 April 2018 and 1 April 2019. The CT main rate will then be reduced by a further 1% to 17% for the financial year beginning 1 April 2020.
The below table shows the Corporation Tax rates for the last 4 financial years and the next financial year beginning 1 April 2017:-
|
Rate |
2017 | 2016 | 2015 | 2014 | 2013 |
| Small profits rate | – | – | – | 20% | 20% |
| (profits under £300,000) | |||||
| Main rate | – | – | – | 21% | 23% |
| (profits over £300,000) | |||||
| Main rate | 19% | 20% | 20% | – | – |
| Marginal Relief lower limit | – | – | – | £300,000 | £300,000 |
| Marginal Relief upper limit | – | – | – | £1,500,000 | £1,500,000 |
| Standard fraction | – | – | – | 1/400 | 3/400 |
Leave a Reply