Section 6: Corporation Tax: Main Rate for Financial Year 2015
Summary
1.Section 6 sets the corporation tax (CT) main rate for profits other than ring fence profits at 20 per cent for the financial year beginning 1 April 2015.
Details of the Section
2.Subsections (1) and (2) set the main rate of CT for the financial year beginning 1 April 2015.
Background
3.The Government announced at Budget 2013 that they intend to legislate in Finance Bill 2014 so that the CT main rate will be unified with the small profits rate from the financial year 2015.
4.Profits from oil extraction and oil rights in the UK and the UK Continental Shelf (“ring fence profits”) will continue to be subject to a separate main rate of CT applicable to those ring fenced profits. Profits from activities which are not ring fenced will continue to be charged at the main rate of CT applicable to all other profits.
