Corporation tax rates
2024/25
- 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 31.3.25 |
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 |
2023/24
- 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
- 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
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
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.
