Finance Act 2007 (c. 11)

Part 1 U.K. Charges, rates, thresholds etc

Corporation tax U.K.

2 Charge and main rates for financial year 2008 U.K.

(1) Corporation tax is charged for the financial year 2008; and for that year the rate of corporation tax is—

(a) 28% on profits of companies other than ring fence profits, and

(b) 30% on ring fence profits of companies.

(2) In this section “ring fence profits” has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A)).