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  • Reduction in Corporation Tax rates (19% from 1 April 2017)

Reduction in Corporation Tax rates (19% from 1 April 2017)

February 14, 2017 Leave a Comment Written by jgadmin

tax photo   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

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