C4C3C2C1F1PART 3ACompanies with small profits
Pt. 3A excluded (9.12.2021) by S.I. 2006/964, reg. 14B(3)(c) (as inserted by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 4(b))
Pt. 3A excluded (9.12.2021) by S.I. 2006/964, reg. 14DA(3)(a) (as inserted by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(2))
Pt. 3A applied (with effect in accordance with Sch. 1 para. 33 of the amending Act) by 2001 c. 2, s. 99(4A) (as inserted by Finance Act 2021 (c. 26), Sch. 1 para. 16(3))
Pt. 3A applied (with effect in accordance with Sch. 1 para. 33 of the amending Act) by S.I. 1998/3175, reg. 2(2A) (as inserted by Finance Act 2021 (c. 26), Sch. 1 para. 13(2)(c))
The standard small profits rate for non-ring fence profits
18AProfits charged at the standard small profits rate
1
Corporation tax is charged at the standard small profits rate on a company's taxable total profits of an accounting period which are not ring fence profits if—
a
the company is UK resident in the accounting period,
b
it is not a close investment-holding company in the period, and
c
its augmented profits of the accounting period do not exceed the lower limit.
2
In this Act “the standard small profits rate” means a rate that—
a
is lower than the main rate, and
b
is set by Parliament for the financial year as the standard small profits rate.
3
In this Part “ring fence profits” has the same meaning as in Part 8 (see section 276).
4
In the case of a company with ring fence profits, see section 279A(3) (small ring fence profits rate chargeable on ring fence profits).
Pt. 3A inserted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 3