Corporation Tax Changes

The Chancellor has moved to discourage small businesses from incorporating for tax reasons by increasing the tax they will pay on profits up to 300,000, from 19% to 20% with effect from 1 April 2007. The small companies rate will further increase 21% in 2008 and to 22% in 2009.

 
In contrast the corporation tax rates for large companies, broadly those with profits of 1,500,000, are set to be cut from 30% to 28% from 1 April 2008.

more from Tax

Expect more VAT delays
Revenue & Customs has warned that the VAT registration bottleneck is unlikely to ease before autumn.
GST grows fastest
VAT and goods and services tax (GST) are two of the fastest growing taxes globally
Capital Allowances
All change for Capital Allowances
Corporation Tax Changes
The Chancellor has moved to discourage small businesses from incorporating for tax reasons
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