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Corporation Tax

FY 2015 FY 2014
Rate Profits band Rate
Main rate 20% Over £1,500,000 21%
Small profits rate £300,001 – £1,500,000 20%
Effective marginal rate £0 – £300,000 21.25%
The main rate decreasing to 20% for FY 2015 means the main and small rates converge.