Treasury,
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 2017):

Small companies rate (profits up to £0.5 million) 21%

Full rate 26%

 

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 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%

 

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