On 23 March 2011, the Chancellor of the Exchequer presented the Budget for 2011-12. Summarized below are the main tax measures relating to corporate taxation. Measures taking effect from financial year 2011 (a) Rates The main rate of corporation tax will be reduced to 26%. The small profits rate will be reduced to 20%. The main rate of corporation tax will be reduced to 25% for financial year 2012.