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Small companies rate
The planned increase of the small companies' rate of corporation tax from 21% to 22% from 1 April 2009 has been deferred until 1 April 2010.
The rate for ring fence profits will remain at 19% from 1 April 2009 and the marginal small companies' relief fraction for ring fence profits will remain at 11/400 (see TA 1988 s 13(2)).
The upper and lower limits for small companies' rate are set at s 13(3) and will remain unchanged.
Trading losses
Current rules allow trading loss carry back of one year. For accounting periods ending between 24 November 2008 and 23 November 2009 it is proposed to extend the carry back to three years with losses to be set first against profits of most recent years before carry back to earlier years.
No change is proposed to the current one year unlimited carry back of trade...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
