The following tax rates and allowances are applicable for the tax year 1997/98 with comparatives for the year 1996/97 and 1995/96.
| CORPORATION TAX | |||
| Financial Year | |||
|
1997 |
1996 | 1995 | |
| (to 31.3.98) | (to 31.3.97) | (to 31.3.96) | |
| Full rate |
33% |
33% | 33% |
| Small companies rate | |||
| Profits up to £300,000 |
23% |
24% | 25% |
| Effective marginal rate on profits | |||
| between £300,000 and £1,500,000 |
35.5% |
35.25% | 35% |
| Authorised unit trusts |
20% |
20% | 25% |
| Small companies fraction |
1/40 |
9/400 | 1/50 |
| ACT rate (from 6 April) |
1/4 |
1/4 | 1/4 |
| Full rate of tax always applies to close investment holding companies. | |||