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Finance Act 2012

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Changes over time for: Cross Heading: Corporation tax

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Point in time view as at 16/11/2017.

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There are currently no known outstanding effects for the Finance Act 2012, Cross Heading: Corporation tax. Help about Changes to Legislation

Corporation taxU.K.

5Main rate of corporation tax for financial year 2012U.K.

(1)In section 5(2)(a) of FA 2011 (main corporation tax rate for financial year 2012 on profits other than ring fence profits), for “25%” substitute “ 24% ”.

(2)The amendment made by this section is treated as having come into force on 1 April 2012.

6Charge and main rate for financial year 2013U.K.

(1)Corporation tax is charged for the financial year 2013.

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

(a)23% 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).

7Small profits rate and fractions for financial year 2012U.K.

(1)For the financial year 2012 the small profits rate is—

(a)20% on profits of companies other than ring fence profits, and

(b)19% on ring fence profits of companies.

(2)For the purposes of Part 3 of CTA 2010, for that year—

(a)the standard fraction is 1/100th, and

(b)the ring fence fraction is 11/400ths.

(3)In subsection (1) “ring fence profits” has the same meaning as in Part 8 of that Act (see section 276 of that Act).

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