xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
(1)In section 5(2)(a) of FA 2011 (main corporation tax rate for financial year 2012 on profits other than ring fence profits), for “25%” substitute “ 24% ”.
(2)The amendment made by this section is treated as having come into force on 1 April 2012.
(1)Corporation tax is charged for the financial year 2013.
(2)For that year the rate of corporation tax is—
(a)23% on profits of companies other than ring fence profits, and
(b)30% on ring fence profits of companies.
(3)In subsection (2) “ring fence profits” has the same meaning as in Part 8 of CTA 2010 (see section 276 of that Act).
(1)For the financial year 2012 the small profits rate is—
(a)20% on profits of companies other than ring fence profits, and
(b)19% on ring fence profits of companies.
(2)For the purposes of Part 3 of CTA 2010, for that year—
(a)the standard fraction is 1/100th, and
(b)the ring fence fraction is 11/400ths.
(3)In subsection (1) “ring fence profits” has the same meaning as in Part 8 of that Act (see section 276 of that Act).