|
|
Corporation Tax
| Year to |
31.3.2024 |
31.3.2023 |
| Main rate (all profits) |
N/A |
19% |
| Main rate (profits above £250,000) |
25% |
N/A |
| Small profits rate (profits up to £50,000) |
19% |
N/A |
| Marginal relief band (MRB) |
£50k – £250k |
N/A |
| Fraction in MRB (effective marginal rate) 3/200 |
(26.5%) |
N/A |
| Research and development relief |
|
|
SME enhanced expenditure
deduction scheme* |
86% |
130% |
Large company R&D Expenditure
Credit (RDEC) scheme** |
20% |
13% |
*Additional deduction for qualifying R&D
**Taxable expenditure credit for qualifying R&D
SMEs that make losses can surrender any R&D loss to HMRC in exchange for a payment of 10% (year to 31.3.23: 14.5%) of the loss (capped at £20,000 plus 3 x PAYE & NIC).
|
