Part 1Charges, rates, allowances, etc
Corporation tax
7Charge and main rates for financial year 2010
1
Corporation tax is charged for the financial year 2010.
2
For that year the rate of corporation tax is—
a
28% on profits of companies other than ring fence profits, and
b
30% on ring fence profits of companies.
3
In subsection (2) “ring fence profits” has the F2meaning given by section 276 of CTA 2010.
8Small companies' rates and fractions for financial year 2009
1
For the financial year 2009 the small companies' rate is—
a
21% on profits of companies other than ring fence profits, and
b
19% on ring fence profits of companies.
2
For the financial year 2009 the fraction mentioned in section 13(2) of ICTA is—
a
7/400ths in relation to profits of companies other than ring fence profits (“the standard fraction”), and
b
11/400ths in relation to ring fence profits of companies (“the ring fence fraction”).
3
See section 7(3) of FA 2008 for provision applying section 3(3) to (7) of FA 2007 in relation to profits for an accounting period any part of which falls in the financial year 2009.
4
In this section “ring fence profits” has the F1meaning given by section 276 of CTA 2010.