Despite rumours of perhaps a cut in the main rate of Corporation Tax, the Chancellor has fixed it at 28% for the year to 31 March 2011, and also for the following year - he's either putting down a marker that no change is planned for the foreseeable future, or setting up an opportunity to announce some good news for larger companies in his next Budget!
The small profits rate remains at 21% for the year from 1 April 2010 but is due to rise to 22% from 1 April 2011 if the 2009 Pre-Budget Report proposal is carried through. Of course there is another PBR and probably two more Budgets before this increase takes effect, so the future CT rate remains fairly uncertain for small companies even if no material change is expected.
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