Part 2Calculation of liability in respect of profits
Chapter 2Rates at which corporation tax on profits charged
3Corporation tax rates
1
Corporation tax is charged at the rate set by Parliament for the financial year (“the main rate”).
2
Section 18 provides for tax to be charged at the small profits rate instead of the main rate in certain cases.
3
In this Act “the small profits rate” means a rate that is—
a
lower than the main rate, and
b
set by Parliament as the small profits rate.