(1)Corporation tax is charged for the financial year 2011.
(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 same meaning as in Part 8 of CTA 2010 (see section 276 of that Act).