627Meaning of “rate of corporation tax” in case of companies with small profitsU.K.
(1)This section applies if corporation tax chargeable on profits of a company for a financial year—
(a)is to be charged at the small profits rate (see section 18), or
(b)is to be reduced by reference to the standard fraction or the ring fence fraction within the meaning of Part 3 (see sections 19 and 20).
(2)References in this Chapter to the “rate of corporation tax”, so far as relating to profits of the company for the financial year concerned, are to be taken—
(a)as references to the small profits rate, or
(b)(as the case may be) as including references to the standard fraction or the ring fence fraction (and with references to a rate being “fixed” or “proposed” read accordingly as references to the fraction concerned being fixed or proposed).