|
|
Corporation Tax
Corporation tax rates and bands are as follows:
| Financial Year Commencing |
1 April 2004 |
1 April 2003 |
| Taxable profits |
|
|
| First £10,000 |
0% |
0% |
| Next £40,000 |
23.75% |
23.75% |
| Next £250,000 |
19% |
19% |
| Next £1,200,000 |
32.75% |
32.75% |
| On profits over £1,500,000 |
30% |
30% |
|
From 1 April 2004, a minimum tax rate of 19% is charged when profits are distributed to individual shareholders by a company or group. Lower tax rates will continue to apply where profits are retained or distributed to other companies.
|
|
