Corporation Tax and Capital Allowances

CORPORATION TAX From 1.4.15 From 1.4.14
Small companies rate
(£0 - £300,000)
20% 20%
£300,001 - £1,500,000 20% Marginal rate
Full rate (£1,500,001+) 20% 21%

Corporation tax payments

  • Small companies: tax due 9 months and 1 day after end of accounting period.
  • Large companies: tax due in quarterly instalments from 6 months and 13 days after start of accounting period.

CAPITAL ALLOWANCES

  2015-2016 2014-2015
Plant and Machinery  
Annual Investment Allowance:  Rate 100%  100% 
   Limit  £500,000* £500,000 
Writing down allowance:  
General pool   18% 18%
Special rate pool   8% 8%
Energy saving and water efficient equipment   100%  100% 
Motor cars:      
CO2 emissions up to 75g/km / 95g/km (new cars only)   100% 100% 
CO2 emissions 76g/km to 130g/km    18%  -
CO2 emissions 96g/km to 130g/km   - 18%
CO2 emissions above 130g/km   8% 8%

* £500,000 until 31 December 2015. Limit from 1 January 2016 to be announced.

Budget 2015

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