SCHEDULES

SCHEDULE 1Corporation tax rates

PART 1Abolition of small profits rate for non-ring fence profits

3

For section 3 (corporation tax rates) substitute—

3Corporation tax rates

1

Corporation tax is charged at the rate set by Parliament for the financial year as the main rate.

2

Subsection (1) is subject to any provision of the Corporation Tax Acts which provides for corporation tax to be charged at a different rate.