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Corporation Tax

FY 2015 FY 2014  
  Rate Profits band Rate
Main rate 20% Over £1,500,000 21%
Small profits rate   £300,001 - £1,500,000 20%
Effective marginal rate   £0 - £300,000 21.25%

The main rate decreasing to 20% for FY 2015 means the main and small rates converge.

Relief for acquisitions of goodwill after 8 July 2015 will be restricted.

From 1 January 2016 there will be an 8% supplementary tax on banking sector profits.

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