Corporation Tax rates and Deferred Tax Impacts
The measure
Legislation will be introduced in the Finance Bill 2012 to reduce the main rate of corporation tax from 26% to 24% from 1 April 2012 and to 23% from 1 April 2013. Finance Bill 2012 also sets the small profit rate at 20% for the financial year commencing 1 April 2012.
Legislation will be introduced in Finance Bill 2013 to reduce the main rate of corporation tax to 22% for the financial year commencing 1 April 2014.
This is an acceleration of the reductions proposed in Budget 2011 which announced that the main rate of corporation tax would be reduced by 1% to 25% from 1 April 2012.
Who...
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