Corporation tax

Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.

If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.

The Northern Ireland Executive has committed to setting the rate of corporation tax at 12.5% when the Northern Ireland Executive demonstrates its finances are on a sustainable footing.

Year to 31.3.24:

Rate Profits band (£) Rate (%)
Small profits rate 0 - 50,000 19
Marginal rate 50,001 - 250,000 26.5
Main rate Over 250,000 25
Marginal relief fraction 3/200  

Year to 31.3.23: All profits taxed at 19%

For the year to 31.3.23 the main rate of corporation tax was 19%. Special rules apply to accounting periods straddling 1 April 2023. For the year to 31.3.24 the profits limits are reduced for a company with associated companies. Different rates apply for ring-fenced (broadly oil industry) profit.

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Higson & Co (Nottingham) Limited, White House, Wollaton Street, Nottingham, Nottinghamshire NG1 5GF
S C R Skill FCA, Mrs G J Strickland FCA, D R Wallwork BA FCA, Miss E C Davey FCCA Registered to carry out audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference C011003720. A member of the ICAEW Practice Assurance Scheme

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