35 Corporation tax: small companies.U.K.
(1)For the financial year 1989—
(a)the small companies’ rate shall be 25 per cent., and
(b)the fraction mentioned in section 13(2) of the Taxes Act 1988 (marginal relief for small companies) shall be one fortieth.
(2)In section 13(3) of that Act (limits of marginal relief), in paragraphs (a) and (b)—
(a)for “£100,000” there shall be substituted “£150,000”, and
(b)for “£500,000” there shall be substituted “£750,000”.
(3)Subsection (2) above shall have effect for the financial year 1989 and subsequent financial years; and where by virtue of that subsection section 13of the Taxes Act 1988 has effect with different relevant maximum amounts in relation to different parts of a company’s accounting period, then for the purposes of that section those parts shall be treated as if they were separate accounting periods and the profits and basic profits of the company for that period shall be apportioned between those parts.
Modifications etc. (not altering text)
C1 For earlier years see Table K, Vol. 1
C2 For earlier years see Table L, Vol. 1