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.

Require more information?

If you would like more information or would like to speak to us direct then call us on 01525 601321. Or if you would prefer, ask us a question online.

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Upton Wilson Ltd are registered in England and Wales company number 6455885. Registered office: Upton Wilson Ltd, 3 West Street, Leighton Buzzard, Bedfordshire LU7 1DA
Regulated for a range of investment business activities in the United Kingdom by the Association of Chartered Certified Accountants.