FY 2024 |
FY 2023 |
|
Main rate (profits over £250,000 from 1 April 2023) |
25% |
25% |
| Small profits rate (profits below £50,000) | 19% | 19% |
| Marginal relief fraction | 3/200 | 3/200 |
Taxable profits in excess of £250,000 will be taxed at 25%, the main rate.
Profits between £50,000 and £250,000 will be subject to a marginal tapering relief which will provide for a gradual increase in the Corporation Tax rate.