Part 1Charges, rates, allowances etc
Corporation tax
5Charge and main rate for financial year 2012
1
Corporation tax is charged for the financial year 2012.
2
For that year the rate of corporation tax is—
a
F124% on profits of companies other than ring fence profits, and
b
30% on ring fence profits of companies.
3
In subsection (2) “ring fence profits” has the same meaning as in Part 8 of CTA 2010 (see section 276 of that Act).