CTM03510 - Corporation Tax: small companies: lower rates, limits & fractions
The lower rates of CT, and relevant limits and fractions, applicable to small companies are as follows:
Financial year (commencing 1 April in calendar year) |
Rate |
Lower relevant maximum amount where no associated company** |
Upper relevant maximum amount where no associated company** |
ICTA88/S13 (2) fraction |
1989 |
25% |
£150,000 |
£750,000 |
1/40 |
1990 |
25% |
£200,000 |
£1,000,000 |
9/400 |
1991 |
25% |
£250,000 |
£1,250,000 |
1/50 |
1992 |
25% |
£250,000 |
£1,250,000 |
1/50 |
1993 |
25% |
£250,000 |
£1,250,000 |
1/50 |
1994 |
25% |
£300,000 |
£1,500,000 |
1/50 |
1995 |
25% |
£300,000 |
£1,500,000 |
1/50 |
1996 |
24% |
£300,000 |
£1,500,000 |
9/400 |
1997 |
21% |
£300,000 |
£1,500,000 |
1/40 |
1998 |
21% |
£300,000 |
£1,500,000 |
1/40 |
1999 |
20% |
£300,000 |
£1,500,000 |
1/40 |
2000 |
20% |
£300,000 |
£1,500,000 |
1/40 |
2001 |
20% |
£300,000 |
£1,500,000 |
1/40 |
2002 |
19% |
£300,000 |
£1,500,000 |
11/400 |
2003 |
19% |
£300,000 |
£1,500,000 |
11/400 |
2004 |
19% |
£300,000 |
£1,500,000 |
11/400 |
2005 |
19% |
£300,000 |
£1,500,000 |
11/400 |
2006 |
19% |
£300,000 |
£1,500,000 |
11/400 |
2007 |
20% |
£300,000 |
£1,500,000 |
1/40 |
2008 |
21% |
£300,000 |
£1,500,000 |
7/400 |
2009 |
21% |
£300,000 |
£1,500,000 |
7/400 |
**based on a 12 month accounting period.
A table showing the full rate of CT for the financial years 1989 onwards can be found at CTM01750.
In some financial years different corporation tax rates can apply to oil production companies that are subject to a corporation tax ring fence regime. Where an oil production company has “ring fence profits” within the meaning of section 502(1) and (1A) of ICTA 1988 you should check the corporation tax rate applicable.
