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RATES AND BANDS
2009/10
2008/09
Profits subject to tax
First £300,000
21%
21%
Next £1,500,000 (effective rate)
29.75%
29.75%
Profits over £1,500,000
28%
28%
Marginal relief fraction
7/400
7/400
Notes
The lower and upper limits for the small companiesí rate and the small companiesí marginal relief are reduced proportionally:
for accounting periods of less than 12 months, and
in the case of associated companies, by dividing the limits by the total number of non-dormant associated companies
The small companies rate was expected to increase from 21% to 22% from 1 April 2009. However, the Chancellor has announced that it will remain unchanged at 21%.
 
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