Corporation Tax
Updated Budget 2007
| Financial year | 2004-05 (£) | 2005-06 (£) | 2006-07 (£) | 2007-08 (£) |
|---|---|---|---|---|
| Starting rate zero | 0 - 10 000 | 0 - 10 000 | N/A* | - |
| Marginal relief | 10 001 - 50 000 | 10 001 - 50 000 | N/A* | - |
| Small companies' rate ** | 50 001 - 300 000 | 50 001 - 300 000 | 0 - 300 000 | 0 - 300 000 |
| Marginal relief | 300 001 - 1 500 000 | 300 001 - 1 500 000 | 300 001 - 1 500 000 | 300 001 - 1 500 000 |
| Main rate | 1 500 001 or more | 1 500 001 or more | 1 500 001 or more | 1 500 001 or more |
* The 2005 Pre-Budget Report announced that the starting rate and non-corporate distribution rate would be replaced with a single banding for small companies set at the existing small companies' rate.
The corporation tax main rate is 30%. In budget 2007 it was announced that this would fall to 28% in 2008
Marginal relief applies to companies with profits between £300,000 and £1,500,000. The fraction used in the calculation of this marginal relief will be 11/400.
** The small companies rate rose by 1% to 20% from 1 April 2007.
Treating Customers Fairly
Dictionary
- Fee Based Independent Financial Advisors IFAs
- Approved Pension Schemes
- Taxation of Dividend Income
- Non-Contributory Pension
- State Earning Related Pension Scheme SERPS
- Funded unapproved pension schemes FURBS
- Personal Allowance
- Pay-As-You-Earn PAYE
- Consumer Price Index CPI
- Market maker