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).