The government will introduce legislation in the Finance Bill 2026-27 to set the yearly charge for Corporation Tax and will maintain the main rate at 25% and the small profits rate at 19% for the financial year beginning 1 April 2028.
Despite being a relatively recent introduction, the R&D tax credit Claim Notification Form will be removed for R&D claims made on or after 1 April 2027, and the R&D Additional Information Form will be “simplified” from autumn 2027.
The government will temporarily increase the Bank Corporation Tax surcharge rate to 6% for 15 months, from 1 January 2027 to 31 March 2028, returning to 3% from 1 April 2028.
As announced in May 2026, the government will introduce legislation to make the foreign permanent establishment (PE) exemption regime mandatory for accounting periods beginning on or after 1 January 2027. This will prevent UK-resident companies from offsetting losses made by foreign PEs against profits subject to UK Corporation Tax.
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