Finance Act 2014 (c. 26)

PART 1 Income tax, corporation tax and capital gains tax

CHAPTER 1 Charge, rates etc

Corporation tax

6 Small profits rate and fractions for financial year 2014

(1) For the financial year 2014 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 1/400th, 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).