Tax & Pensions

Quick Links: Corporation Tax

Under a pay and file system, Corporation Tax is due and payable without demand 8 months and 1 day from the end of each accounting period

Interest on unpaid tax will automatically run from the due date whether or not an assessment has been issued

A corporation tax return and statutory accounts are required to be delivered within 9 months of the end of the Company's period of account

There are penalties for late returns which increase for longer delays and/or repeated failures

Corporation Tax Rates (for account periods commencing on or after 1 January 2008):

Small companies rate (profits up to £1 million) 21%

Full rate 26%

Please also note the below in respect of the corporation tax rates

Associated Companies
The £1m threshold for the small companies rate depends on the number of associated companies, and to claim the benefit of the small companies rate the number of all associated companies world-wide must be declared

Non resident offshore contractors
Offshore contractors involved in the search for petroleum will be chargeable to corporation tax at the full rate of 26%

Please address any corporation tax queries regarding non-resident offshore contractors to:

Falkland Islands Government Taxation Office
Oil Tax Representative
Large Business Service, Oil and Gas Sector
5th Floor
Bush House
South West Wing

Tel +44 20 7438 7626
Fax +44 20 7438 6910
To get in touch by email, please click on this link

For further information on Corporation Tax please go to Businesses & Corporations