United Kingdom Tax Agency Updates Guidance on Corporation Tax Rates, Allowances for 2026

The United Kingdom HM Revenue and Customs April 1 updated a guidance on the corporation tax rates and allowances for 2026, effective April 1. The updated guidance includes the: 1) 19 percent small profits rate for companies with profits below 50,000 British pounds (US$66,079); 2) 25 percent main rate for companies with profits exceeding 250,000 pounds (US$330,397); 3) 50,000 pound marginal relief lower limit, and 250,000 pound marginal relief upper limit; 4) 20 percent special rate for unit trusts and open-ended investment companies; and 5) 19 percent small ring fence profits rate for companies with profits from oil extraction or ...