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Corporation tax — Rates

Company rate 1, 2 Profits 2023/24 2022/23
Small rate Up to £50,000 19% 19%
Marginal rate £50,001 – £250,000 26.5% 19%
Main rate Over £250,000 25% 19%
  1. From April 2023 the main rate of corporation tax will increase to 25% on profits over £250,000. The rate for companies earning profits up to £50,000 will remain at 19%. Where a company’s profits fall between these upper and lower thresholds it will be entitled to marginal relief, which will deliver an effective tax rate between the thresholds of 26.5%. These rates and thresholds will continue to apply for the 2024 financial year.
  2. The UK government has devolved power to the Northern Ireland Assembly to set a Northern Ireland rate of corporation tax to apply to certain trading income once the Northern Ireland Executive has demonstrated to the UK government that its finances are on a sustainable footing, and the Northern Ireland Assembly sets the rate of corporation tax to be applied.