|Small profits rate*||20%*||20%*||20%*|
|Small profits rate can be claimed by qualifying companies with profits at a rate not exceeding||£300,000||£300,000||£300,000|
|Marginal Relief Lower Limit||£300,000||£300,000||£300,000|
|Marginal Relief Upper Limit||£1,500,000||£1,500,000||£1,500,000|
|Main rate of Corporation Tax*||26%*||24%*||23%*||21%*|
|Special rate for unit trusts and open-ended investment companies||20%||20%||20%*|
The main rate of Corporation Tax applies when profits (including ring fence profits) are at a rate exceeding £1,500,000, or where there is no claim to another rate, or where another rate does not apply.
In addition to the rates set out in the above table, the main rate of Corporation Tax for 2015 is set at 20 per cent. The small profits rate will be unified with the main rate, so from 1 April 2015 there will be only one Corporation Tax rate for non-ring fence profits - set at 20 per cent.
*For companies with ring fence profits (income and gains from oil extraction activities or oil rights in the UK and UK Continental Shelf) these rates differ. The small profits rate of tax on those profits is 19 per cent and the ring fence fraction is 11/400 for financial years starting 1 April 2011, 2012 and 2013. The main rate is 30 per cent for financial years starting on 1 April 2011, 2012 and 2013.
Indexation Allowance allows for the effects of inflation when calculating the chargeable gains of companies or organisations.