(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)).