Corporation tax

Companies pay corporation tax on their income and gains. View the current rates and estimate the tax due.

Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.

If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.

The Northern Ireland Executive has committed to setting the rate of corporation tax at 12.5% when the Northern Ireland Executive demonstrates its finances are on a sustainable footing.

Year to 31.3.24:

Rate Profits band (£) Rate (%)
Small profits rate 0 - 50,000 19
Marginal rate 50,001 - 250,000 26.5
Main rate Over 250,000 25
Marginal relief fraction 3/200  

Year to 31.3.23: All profits taxed at 19%

For the year to 31.3.23 the main rate of corporation tax was 19%. Special rules apply to accounting periods straddling 1 April 2023. For the year to 31.3.24 the profits limits are reduced for a company with associated companies. Different rates apply for ring-fenced (broadly oil industry) profit.

Address

DSCO, The Tower, The Maltings, Hoe Lane, Ware, Hertfordshire SG12 9LR

ICAEW Firm No: C008243141

Put your plans into action!

01920 444900

© 2024 DSCO. All rights reserved. powered by totalSOLUTION

We use cookies on this website, you can find more information about cookies here.