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 isβ€”

(a)

28% on profits of companies other than ring fence profits, and

(b)

30% on ring fence profits of companies.

(3)

In subsection (2) β€œring fence profits” has the F1meaning given by section 276 of CTA 2010.