| profits | year to: | 31/3/15
(FY2014) |
31/3/16
(FY2015) |
| first £300,000 |
20% |
20% |
|
| over £1.5m |
21% |
20% |
The concept of associated companies will be of limited application once there is a standard rate of corporation tax of 20%, but it will still be relevant in determining whether the tax has to be paid by instalments by large companies. A simpler system will apply, based on 51% group membership, so this may help you avoid paying the tax before the normal due date of 9 months from the end of the accounting period (well 9 months + 1 day to be exact!).
Equally interesting is the news that the rules which restrict the availability of relief for trading losses on a change in ownership will be relaxed via Finance Bill 2014.