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Corporation Tax

Companies are liable to pay corporation tax on profits of an accounting period.

The rates apply for a Financial Year. A Financial Year for companies runs from 1 April to 31 March. If the accounting period of a company straddles 31 March, the profits are apportioned on a time basis to each Financial Year.

Corporation Tax Rate
1st April 2016 to 31st March 2017 20%
1st April 2017 to 31st March 2018 19%

It was announced in the March 2017 budget that corporation tax rates will be reduced to 17% from 1st April 2020.