For the year from 1 April 2012 (i.e. the financial year 2012), the corporation tax rates are as follows:
- Companies with profits up to £1.5 million pay 20% on the first £300,000 of profits and 25% on the remainder.
- Companies with profits of £1.5 million or more pay tax at 24% on all profits.
If two or more companies are under common ownership or control, the rate limits (£1.5 million and £300,000) are divided equally between all the companies. For example, if you own two companies, each company is taxable at the 20% rate on the first £150,000 of profit. The limits are proportionately reduced for periods of less than 12 months.Last Updated