corporation tax


corporation tax
= CT
Tax charged on the total profits of a company resident in the UK arising in each accounting period. The rate of corporation tax depends on the level of profits of the company. The small companies rate of 19% currently applies to companies with total profits of £300,000 or less; since 2002 very small companies with total annual profits of £10,000 or less pay no CT. Full-rate corporation tax of 30% applies to companies with total profits of over £1.5 million. There is a marginal relief for those companies with total profits between £300,000 and £1.5 million or between £10,000 and £50,000.

Accounting dictionary. 2014.

Look at other dictionaries:

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