Corporation Tax Act 2010 (c. 4)

Part 2 U.K. Calculation of liability in respect of profits

Chapter 2 U.K. Rates at which corporation tax on profits charged

3 Corporation tax rates U.K.

(1) Corporation tax is charged at the rate set by Parliament for the financial year (“the main rate”).

(2) Section 18 provides for tax to be charged at the small profits rate instead of the main rate in certain cases.

(3) In this Act “the small profits rate” means a rate that is—

(a) lower than the main rate, and

(b) set by Parliament as the small profits rate.