Corporation Tax
Up until 31 March 2015 there were two rates of corporation tax and one effective marginal rate. From 1 April 2015 the main rate and the small profits rate have been unified and are set at 20%.
Corporation tax rates and bands are as follows:
| Financial Year to | 31 March 2016 | 31 March 2015 |
|---|---|---|
| Taxable profits | ||
| First £300,000 | 20% | 20% |
| Next £1,200,000 | 20% | 21.25% |
| Over £1,500,000 | 20% | 21% |