What is the current basic rate of corporation tax for UK companies?

The basic rate of corporation tax for UK companies is set at 19%. This rate has been in effect since April 1, 2017, and applies to all profits from the businesses of UK companies.

The corporation tax rate is a fundamental aspect of corporate taxation in the UK, as it directly impacts the net profit that companies can retain after their tax obligations. A corporation tax rate of 19% is considered competitive when compared internationally, aiming to foster a conducive environment for business investment and growth.

It's important to be aware that tax rates can be influenced by government fiscal policies, and they may change over time as economic conditions evolve or as part of government budgeting strategies. This context is relevant for understanding the fluctuations in the corporate tax landscape and the implications for businesses operating in the UK.

The other potential rates mentioned do not reflect the current law for corporation tax as of October 2023. The older rates noted are not applicable for the current tax framework.