| Rate | 2010 | 2011 | 2012 | 2013 |
| Small Profits Rate | 21% | 20% | 20% | |
| Lower limit | £300,000 | £300,000 | £300,000 | |
| Upper Limit | £1,500,000 | £1,500,000 | £1,500,000 | |
| Standard fraction | 7/400 | 3/200 | 1/100 | |
| Full rate | 28% | 26% | 24% | 23% |
| Special rate for unit trusts and OEIC | 20% | 20% | 20% |
The main rate of Corporation Tax (also called the full rate) applies when profits (including ring fence profits) are above £1,500,000, or where there is no claim to another rate, or where another rate does not apply.
Where companies augmented profits exceed the lower limit but do not exceed the upper limit, the charge to corporation tax on the chargeable profits is reduced by an amount calculated in accordance with the following formula as stipulated in the legislation:
F x (U – A) x N / A
Where:
- F = Standard fraction – this is also the marginal rate when expressed as a percentage;
- U = Upper limit;
- N = The total taxable profits;
- A = Augmented profits i.e. taxable profits plus non group franked investment income;
