UK Budget 2024 – Blog 8 – Corporation Tax
Post Author:
Anne Melville
Date Posted:
March 9, 2024
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Rates from 1 April 2024
Corporation tax rates and thresholds remain at the levels for the year to 31 March 2024 and are as follows:
| Financial year to 31 March 2025 | |
| Main rate | 25% |
| Small profits rate | 19% |
| Lower threshold | £50,000 |
| Upper threshold | £250,000 |
| Marginal relief fraction | 3/200 |
| Effective marginal relief rate | 26.5% |
Companies with profits between the lower and upper thresholds will qualify for marginal relief, which means they pay tax at 19% up to the lower threshold and at 26.5% on the remainder of the profits.
The thresholds must be equally shared between companies in a group and those controlled by the same person or persons.
It was confirmed in the UK Budget 2024 that the same rates and thresholds will also apply in the year to 31 March 2026.
The information in this blog provides only an overview of HMRC guidance and legislation in force at the date of publication and no action should be taken without consulting the detailed HMRC guidance and legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this blog can be accepted by the firm.
