- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)This section applies if—
(a)a company is UK resident in an accounting period,
(b)it is not a close investment-holding company in the period,
(c)its augmented profits of the accounting period—
(i)exceed the lower limit, but
(ii)do not exceed the upper limit, and
(d)its augmented profits of the period do not include any ring fence profits.
(2)The corporation tax charged on the company’s taxable total profits of the accounting period is reduced by an amount equal to—
where—
F is the standard fraction,
U is the upper limit,
A is the amount of the augmented profits, and
N is the amount of the taxable total profits.
(3)In this Part “the standard fraction” means the fraction set by Parliament as the standard fraction for the purposes of this Part.
(1)This section applies if—
(a)a company is UK resident in an accounting period,
(b)it is not a close investment-holding company in the period,
(c)its augmented profits of the accounting period—
(i)exceed the lower limit, but
(ii)do not exceed the upper limit, and
(d)its augmented profits of the period consist exclusively of ring fence profits.
(2)The corporation tax charged on the company’s taxable total profits of the accounting period is reduced by an amount equal to—
where—
R is the ring fence fraction,
U is the upper limit,
A is the amount of the augmented profits, and
N is the amount of the taxable total profits.
(3)In this Part “the ring fence fraction” means the fraction set by Parliament as the ring fence fraction for the purposes of this Part.
(1)This section applies if—
(a)a company is UK resident in an accounting period,
(b)it is not a close investment-holding company in the period,
(c)its augmented profits of the accounting period—
(i)exceed the lower limit, but
(ii)do not exceed the upper limit, and
(d)its augmented profits of that period consist of both ring fence profits and other profits.
(2)The corporation tax charged on the company’s taxable total profits of the accounting period is reduced by the total of—
(a)the sum equal to the ring fence fraction of the ring fence amount, and
(b)the sum equal to the standard fraction of the remaining amount.
(3)In this Part “ring fence profits” has the same meaning as in Part 8 (see section 276).
(1)In section 21 “the ring fence amount” means the amount given by the formula—
(2)For the purposes of this section—
UR is the amount given by multiplying the upper limit by—
AR is the total amount of any ring fence profits that form part of the augmented profits of the accounting period,
NR is the total amount of any ring fence profits that form part of the taxable total profits of the accounting period, and
A is the amount of the augmented profits of the accounting period.
(1)In section 21 “the remaining amount” means the amount given by the formula—
(2)For the purposes of this section—
UZ is the amount given by multiplying the upper limit by—
AZ is the total amount of any profits other than ring fence profits that form part of the augmented profits of the accounting period,
NZ is the total amount of any profits other than ring fence profits that form part of the taxable total profits of the accounting period, and
A is the amount of the augmented profits of the accounting period.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: