3Corporation tax rates
This section has no associated Explanatory Notes
(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.