Summer Budget 2015: Corporation tax – reduction in rate

The main corporation tax rate for 1 April 2016 is set at 20% for all non-ring fenced profits from oil activities.

The rate for all non-ring fenced profits will reduce to 19% from 1 April 2017 and will further reduce to 18% with effect from 1 April 2020.

The measure, which is aimed at making the UK a more attractive place to do business, will be welcomed by the 1.1 million businesses which currently pay corporation tax.