Emergency Budget 22 June 2010: Corporation tax rates from 1 April 2011
22nd June 2010
With effect from 1 April 2011:
- The main rate of corporation tax will be reduced from 28% to 27%; and
- The small profits rate will be reduced to 20%. (In contrast, the last government had announced that it would be increased to 22%.)
It is intended to reduce the main rate of corporation tax by 1% per year until it reaches 24%.
(Different rules apply to companies with profits arising from oil extraction and oil rights in the UK and the UK Continental Shelf.)
