Tax Rates 2023/24



Income Tax
Annual investment limits
National Insurance Contributions
Vehicle Benefits
Tax-free mileage allowances
Capital Gains Tax
Corporation Tax
Main capital allowances
Property Taxes
Value Added Tax
Inheritance Tax
Key dates and deadlines
Useful rates

Corporation Tax

Year to 31.3.2024 31.3.2023
Main rate (all profits) N/A 19%
Main rate (profits above £250,000) 25% N/A
Small profits rate (profits up to £50,000) 19% N/A
Marginal relief band (MRB) £50k – £250k N/A
Fraction in MRB (effective marginal rate) 3/200 (26.5%) N/A

Research and development relief    
SME enhanced expenditure
deduction scheme*


Large company R&D Expenditure
Credit (RDEC) scheme**



*Additional deduction for qualifying R&D

**Taxable expenditure credit for qualifying R&D

SMEs that make losses can surrender any R&D loss to HMRC in exchange for a payment of 10% (year to 31.3.23: 14.5%) of the loss (capped at £20,000 plus 3 x PAYE & NIC).