Part 8Oil activities

F1CHAPTER 3ARates at which corporation tax is charged on ring fence profits

Annotations:
Amendments (Textual)
F1

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)

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.