Corporation Tax
|
FY 2015 |
FY 2014 |
|
|
|
Rate |
Profits band |
Rate |
|
|
Main rate |
20% |
Over £1,500,000 |
21% |
|
Small profits rate |
|
£300,001 - £1,500,000 |
20% |
|
Effective marginal rate |
£0 - £300,000 |
21.25% |
|
|
The main rate decreasing to 20% for FY 2015 means the main and small rates converge. Relief for acquisitions of goodwill after 8 July 2015 will be restricted. From 1 January 2016 there will be an 8% supplementary tax on banking sector profits. |
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