[F1279CCompany with ring fence profits and other profitsU.K.
(1)This section applies if—
(a)a company is UK resident in an accounting period,
[F2(ab)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.
[F3(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.]]
Textual Amendments
F1Pt. 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)
F2S. 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)
F3S. 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)