Part 8 Oil activities

CHAPTER 3A Rates at which corporation tax is charged on ring fence profits

Marginal relief

279C Company with ring fence profits and other profits
(1) This section applies if—
(a) a company is UK resident in an accounting period,
(ab) it is not a close investment-holding company in the period,
S. 279C(1)(ab) inserted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 7(2)
(b) its augmented profits of the accounting period—
(i) exceed the lower limit, but
(ii) do not exceed the upper limit, and
(c) 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 marginal relief fraction of the ring fence amount, and
(b) the sum equal to the standard marginal relief fraction of the remaining amount.
S. 279C(2) substituted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 7(3)
Pt. 8 Ch. 3A inserted (with effect in accordance with Sch. 1 para. 22 of the amending Act) by Finance Act 2014 (c. 26), Sch. 1 para. 5(3)