Corporation tax rate update - May 2010
A further one year deferral has been announced regarding the planned increase in the small companies' rate of corporation tax. The rate will now remain at 21% for 2010-11, for those companies with profits below the £300,000 threshold. After 2010-11, the rate will increase to 22%.
The profit limits have not been amended, they remain:
| Rate of CT payable | Profit Level £ |
|---|---|
| 21% | 0-300,000 |
| Marginal Rate 29.75% | 300,001-1,500,000 |
| 28% | 1,500,001 or more |
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