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.

Home | Newsletters | May 2023Contact us | Site map | Accessibility | Help | Disclaimer | Privacy |

Gibson Booth is the brand under which a number of independent firms provide professional services. Each firm is a separate and distinct legal entity, liable for its own acts and omissions and not for those of any other firm. No firm has an authority to enter into obligations or incur liabilities on behalf of another.

© 2024 Gibson Booth. All rights reserved.


Gibson Booth, New Court, Abbey Road North, Huddersfield, West Yorkshire HD8 8BJ