Details of the Section
2.Subsection (1) sets the small companies’ rate of corporation tax for the financial year 2009.
3.Subsection (2) sets the fraction used to calculate marginal small companies’ relief.
4.Subsection (3) provides that where a company makes a claim for marginal small companies’ relief in respect of an accounting period, part of which falls in the financial year 2009, or any subsequent financial year and its profits for that accounting period consist of both ring fence and other profits, then its claim to marginal small companies relief under section 13(2) of the Income and Corporation Taxes Act 1988 (ICTA) is modified appropriately. The conditions for this modification are laid out in subsections (3) to (7) of Section 3 of Finance Act 2007.
