Financial year 2019-20(1) | Financial year 2020-21 | Financial year 2021-22 | |
Main rate | 19% | 19% | 19% |
North Sea oil and gas ring fence profirs rates (2) | See footnote | See footnote | See footnote |
(1) From 1 April 2015, for all profits except North Sea oil and gas ring fence profits, corporation tax is paid at a single rate. For 2019 to 2020 the rate is 19%.
(2) For North Sea oil and gas ring fence profits the main rate is 30% and the small profits rate is 19%. The marginal relief ring fence fraction is 11/400ths.
Financial year 2019-20 | Financial year 2020-21 | Financial year 2021-22 | |
Plant and machinery: main rate expenditure |
18% | 18% | 18% |
Plant and machinery: special rate expenditure |
6% | 6% | 6% |
Structures and buildings allowances (SBA) |
2% | 3% (1) | 3% |
Annual Investment Allowance (AIA) | £1,000,000 | £1,000,000 / £200,000 (2) | £200,000 |
First year allowances for certain energy-saving / water efficient products | 100% | N/A (3) | N/A |
(1) Structures and Building Allowance will be increased from 2% to 3% from April 2020
(2) An Annual Investment Allowance of £1m will apply to investments made from 1 January 2019 until 31 December 2020. The AIA for investments before and after those dates will be £200,000.
(3) From 1 April 2020 for incorporated businesses and from 6 April 2020 for unincorporated businesses, environmental enhanced capital allowances will be abolished.
Financial year 2019-20 | Financial year 2020-21 | Financial year 2021-22 | |
R & D tax credits SME scheme | 230% | 230% | 230% |
R & D SME payable credit | 14.5% | 14.5% | 14.5% |
R & D Expenditure Credit | 12% | 13% (1) | 13% |
Patent Box (2) | 10% | 10% | 10% |
(1) The R&D Expenditure Credit will increase from 12% to 13% from April 2020.
(2) The Patent Box has been phased in from April 2013 , with companies being able to claim 60% of the benefit
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Financial year 2019-20 | Financial year 2020-21 | Financial year 2021-22 | |
Film tax relief | 25% | 25% | 25% |
High-end TV tax relief | 25% | 25% | 25% |
Videogames tax relief | 25% | 25% | 25% |
Open ended investment companies and authorised unit trusts(1) | 20% | 20% | 20% |
(1) For open ended investment companies and authorised unit trusts the applicable corporation tax rate is 20 per cent.
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