Corporation tax — Rates
| Company rate 1, 2 | 2022/23 | 2021/22 |
|---|---|---|
| Main rate | 19% | 19% |
- 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%, with marginal tax relief given to companies with profits between £50,000 and £250,000 so that they pay less than the main rate.
- 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.