what is the rate of corporation tax uk
United Kingdom corporation tax Originally introduced as a classical tax system, in which companies were subject to tax on their profits and companies' shareholders were also liable to income tax on the dividends that they received, the first major amendment to corporation tax saw it move to a dividend imputation system in 1973, under 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.[7][8]
Income in the United Kingdom The most recent SPI report (2012/13) gave annual median income as £21,000 before tax and £18,700 after tax.[2] The 2013/14 HBAI report gave median household income (2 adults) as £23,556.[4] The provisional results from the April 2014 ASHE report gives median gross annual earnings of £22,044 for all employees and £27,195 for full-time employees.[9]