Domesday Live

Corporation tax: how the rate has changed

Business. Corporation tax is charged on the profits of companies. From 1973 to 2014 smaller companies paid a lower rate on part of their profits. Between 2015 and 2022 one rate applied to everyone. From April 2023 the 25% rate applies to profits above £250,000, the 19% small profits rate to profits under £50,000, and a sliding scale in between.

Worth knowing

• HMRC's table starts in 1971. Corporation tax began in 1965, when it replaced income tax and profits tax on companies.
• Years are financial years that start on 1 April.
• Oil and gas companies pay extra: see the Energy Profits Levy.