United Kingdom Tax Agency Updates Guidance on Corporation Tax Rates, Allowances for 2024

The United Kingdom HM Revenue and Customs April 4 updated guidance on corporation tax rates and allowances, to include rates for corporation tax years beginning April 1. The updates include the unchanged: 1) main rate of 25 percent, for companies with profits over 250,000 British pounds (US$314,674); 2) small profits rate of 19 percent, for companies with profits under 50,000 pounds (US$62,934); 3) special rate of 20 percent, for unit trusts and open-ended investment companies; 4) main ring fence profits rate of 30 percent, for companies with profits over 250,000 pounds; and 5) small ring fence profits rate of 19 ...