Corporation tax rates and bands are as follows:
|Financial year to||31 March 2018||31 March 2017|
|Loans to participators rate||32.5%||32.5%|
|Diverted profits tax||25%||25%|
Corporation tax payable
For small and medium sized companies
- 9 months and 1 day after the end of the accounting period
For large companies
The 14th day of the 7th, 10th, 13th and 16th months after the commencement of a 12 month accounting period.
9 months and 1 day after the end of the accounting period.
Beyond 31 March 2018
The rate of corporation tax reduces to 17% from 1 April 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.