In 2017-18 companies paid the highest amount of Corporation Tax ever with receipts topping £56bn.

Corporation tax (CT) rates have continually reduced over recent years with the current rate of 19% being just half that in place in 1982. Yet HMRC statistics show that in 2017/18 the amount of corporation tax paid was £56.2bn which was an 11% increase on the previous year.

Whilst rates are due to decrease again in 2020 (to 17%) this coincides with plans to move non-resident companies owning UK property from income tax to corporation tax and will follow the extension of Non-resident capital gains tax to all UK property meaning that CT receipts may continue to rise.

Useful guides for our subscribers:

Finance Act 2018: tax update and rolling planner
What’s new across all SME taxes from April 2018 and what’s planned for future years.

Corporation tax instalment payments

Corporate interest restriction

 

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