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Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March.
If the accounting period of a company straddles the 31 March, the profits are apportioned on a time basis to each Financial Year.
The Northern Ireland Executive has committed to setting the rate of corporation tax at 12.5% to apply to certain trading income. While legislation has been passed, the final devolution is subject to agreement between the UK Government and the Northern Ireland Executive, which has not yet been reached.
05 Dec 2022
The UK's tax burden will rise after Chancellor Jeremy Hunt reduced the threshold on the top rate of tax and announced freezes on other taxes in the Autumn Statement.
The Confederation of British Industry (CBI) praised Chancellor Jeremy Hunt for 'delivering stability and protecting the most vulnerable' in the Autumn Statement.