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Corporation tax rates and bands are as follows:
|Financial year to||31 March 2017||31 March 2016|
|Tax credits on dividends||N/A||10%|
|Loans to participators rate||32.5%||25%|
|Diverted profits tax||25%||25%|
Corporation tax payable
For small and medium sized companies
- Nine months and one day after the end of the accounting period
For large companies
The 14th day of the seventh, tenth, 13th and 16th months after the commencement of a 12 month accounting period.
Nine months and one day after the end of the accounting period.
Beyond 31 March 2017
The rate of corporation tax will reduce from 20% to 19% in 2017 and 17% in 2020.
From 1 April 2019 companies with taxable profits of £20 million or more will be required to pay corporation tax in quarterly instalments in the third, sixth, ninth and twelfth months of their accounting period. The £20 million threshold will be divided by the number of companies in the group.
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