Part 8Oil activities
F1CHAPTER 3ARates at which corporation tax is charged on ring fence profits
Annotations:
Amendments (Textual)
Marginal relief
279CCompany with ring fence profits and other profits
1
This section applies if—
a
a company is UK resident in an accounting period,
F2ab
it is not a close investment-holding company in the period,
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.
F32
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.
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)