(1)Corporation tax is charged for the financial year 2008; and 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.
(2)In this section βring fence profitsβ has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A)).
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Textual Amendments
F1S. 3 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 574, Sch. 3 Pt. 1 (with Sch. 2)