Finance Act 2011 (c. 11)

Part 1 U.K. Charges, rates, allowances etc

Corporation tax U.K.

5 Charge and main rate for financial year 2012 U.K.

(1) Corporation tax is charged for the financial year 2012.

(2) For that year the rate of corporation tax is—

(a) [F1 24%] 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).

Textual Amendments

F1 Words in s. 5(2)(a) substituted (retrospective to 1.4.2012) by Finance Act 2012 (c. 14), s. 5(1)(2)