UK Corporation and Income tax
Below are the both UK corporation tax and Income tax rates for 2007-2010.
What is Corporation Tax?
Corporation Tax is a tax on your limited company's taxable income or profits over a twelve month accounting period. For Corporation Tax, your limited company must work out their own tax liability, pay their tax without prior assessment by the Inland Revenue
and deliver a return by the statutory filing date.
Income Tax allowances table
| |
2007-08 |
2008-09 |
2009-10 |
| |
£5,225 |
£6,035 |
£6,475 |
Personal Allowance for people aged 65-74 (1)
|
£7,550 |
£9,030 |
£9,490 |
Personal Allowance for people aged 75 and over (1)
|
£7,690 |
£9,180 |
£9,640 |
Married Couple's Allowance (born before 6th April 1935 but aged under 75) (1)(2)(3)
|
£6,285 |
£6,535 |
Not applicable |
Married Couple's Allowance - aged 75 and over (1) (2)
|
£6,365 |
£6,625 |
£6,965 |
Income limit for age-related allowances
|
£20,900 |
£21,800 |
£22,900 |
Minimum amount of Married Couple's Allowance
|
£2,440 |
£2,540 |
£2,670 |
| |
£1,730 |
£1,800 |
£1,890 |
Corporation Tax Rates for financial years starting on 1 April
|
| Small Companies Rate* |
19% |
20%* |
21%* |
21%* |
Small Companies Rate can be claimed by qualifying companies with profits at a rate not exceeding
|
£300,000 |
£300,000 |
£300,000 |
£300,000 |
Marginal Small Companies Relief Lower Limit
|
£300,000 |
£300,000 |
£300,000 |
£300,000 |
Marginal Small Companies Relief Upper Limit
|
£1,500,000 |
£1,500,000 |
£1,500,000 |
£1,500,000 |
Marginal Small Company Relief (MSCR) Fraction
|
11/400 |
1/40 |
7/400 |
7/400 |
Main rate of Corporation Tax
|
30% |
30% |
28%* |
28%* |
| Special rate for unit trusts and open - ended investment companies |
20% |
20% |
20% |
20% |
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