Corporation tax rates and bands are as follows:
| Financial year to | 31 March 2012 | 31 March 2011 |
| Taxable profits | ||
| First £300,000 | 20% | 21% |
| Next £1,200,000 | 27.5% | 29.75% |
| On profits over £1,500,000 | 26% | 28% |
| Tax credit on dividends | 10% | 10% |
| Marginal relief fraction | 3/200 | 7/400 |
Corporation tax payable
For small and medium sized companies
- Nine months and one day after the end of the accounting period
For large companies
- Instalments
- The 14th day of the seventh, tenth, 13th and 16th months after the commencement of a 12 month accounting period
- Balance
- Nine months and one day after the end of the accounting period
2012 and beyond
| Main rate | Small profits rate | |
| Financial year to 31 March 2013 | 25% | N/K |
| Financial year to 31 March 2014 | 24% | N/K |
| Financial year to 31 March 2015 | 23% | N/K |
N/K = Not known
Did you know?
That the Government expect to receive £49bn from corporation tax in 2011/12 (2010/11 - £42.7bn)