what is the corporate tax rate in great britain
20%
title: United Kingdom corporation tax text: United Kingdom corporation tax In the United Kingdom, corporation tax is a corporate tax levied in the United Kingdom on the profits made by UK-resident companies and on the profits of entities registered overseas with permanent establishments in the UK. Until 1 April 1965, companies were taxed at the same income tax rates as individual taxpayers, with an additional profits tax levied on companies. Finance Act 1965 replaced this structure for companies and associations with a single corporate tax, which took its basic structure and rules from the income tax system. Since 1997, the UK's Tax Law Rewrite Project has title: United Kingdom corporation tax text: to collect corporation tax must be passed annually by parliament, otherwise there is no authority to collect it. The charge for the financial year (beginning 1 April each year) is imposed by successive finance acts. The tax is charged in respect of the company's accounting period, which is normally the 12-month period for which the company prepares its accounts. Corporation tax is administered by Her Majesty's Revenue and Customs (HMRC). Corporation tax is levied on the net profits of a company. Except for certain life assurance companies, it is borne by the company as a direct tax. Up until 1999 title: United Kingdom corporation tax text: which an individual receiving a dividend became entitled to an income tax credit representing the corporation tax already paid by the company paying the dividend. The classical system was reintroduced in 1999, with the abolition of advance corporation tax and of repayable dividend tax credits. Another change saw the single main rate of tax split into three. Tax competition between jurisdictions reduced the main corporate tax rate from 28% in 2008-2010 to a flat rate of 20% as of April 2015. The UK government faced problems with its corporate tax structure, including European Court of Justice judgements that aspects of title: United Kingdom corporation tax text: charities are also normally deducted in calculating taxable income if made under Gift Aid. The 2007 Budget announced a main rate cut from 30% to 28%, effective from April 2008. At the same time, the small companies' rate was increased from 19% to 20% from April 2007, 21% in April 2008, to stop "individuals artificially incorporating as small companies to avoid paying their due share of tax, a practice if left unaddressed would cost the rest of the taxpaying population billions of pounds". The rate of corporation tax is determined by the financial year, which runs from 1 April to title: United Kingdom corporation tax text: third and fourth quarterly instalments are merged, including the supplementary 10% charge. In the financial year 2004–2005, approximately 39,000 companies paid corporation tax at the main rate. These 4.7% of active companies are responsible for 75% of all corporation tax receipts. Around 224,000 companies paid the small companies rate, with 34,000 benefiting from marginal relief. 264,000 were in the starting rate, with 269,000 benefiting from the lower band of marginal relief. The total revenue was £41.9bn from 831,885 companies. Only 23480 companies had a liability in excess of £100,000. HMRC has one year from the normal filing date, which is