The tax charged on companies resident for tax purposes in the UK and foreign companies operating through a UK branch, tax is calculated as a percentage of taxable profit, i.e. taxable income less deductible expenses, reliefs and allowances. For the tax year 2000/1 the following rates apply: - profits up to ₤10,000 at 10% - a marginal rate of 22.5% is applied to profits between ₤10,000 and ₤50,000 - profits up to ₤300,000 at 20% - profits between ₤300,000 and ₤1.5m at a marginal rate of 32.5% - profits in excess of ₤1.5m at 30%
Easyform Glossary of Law Terms. — UK law terms.