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
