- 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 31.3.25 | 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 |
2023/24
- 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
- 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 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 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.
Disclaimer
This publication is published for the information of clients. It provides only an overview of the regulations in force at the date of publication and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this publication can be accepted by the authors or the firm.