SCHEDULES
SCHEDULE 1Corporation tax rates
PART 2Amendments consequential on Part 1 of this Schedule
Corporation Tax Act 2010
15
1
Part 13 of CTA 2010 (other special types of company etc) is amended as follows.
2
In section 614 (open-ended investment companies: applicable corporation tax rate), omit “(and sections 18 and 19 (relief for companies with small profits) do not apply)”.
3
In section 618 (authorised unit trusts: applicable corporation tax rate), omit “(and sections 18 and 19 (relief for companies with small profits) do not apply)”.
4
In section 627 (companies in liquidation etc: meaning of “rate of corporation tax” in case of companies with small profits)—
a
for subsections (1) and (2) substitute—
1
This section applies if corporation tax is chargeable on ring fence profits of a company for a financial year.
2
References in this Chapter to the “main rate of corporation tax”, so far as relating to those profits, are to be taken—
a
if corporation tax is to be charged on those profits at the main ring fence profits rate, as references to that rate;
b
if corporation tax is to be charged on those profits at the small ring fence profits rate, as references to that rate;
c
if corporation tax on those profits is to be reduced by reference to the marginal relief fraction within the meaning of Chapter 3A of Part 8 (see sections 279B and 279C), as including references to the marginal relief fraction (and with references to a rate being “fixed” or “proposed” read accordingly as references to the marginal relief fraction concerned being fixed or proposed).
b
accordingly, in the heading for the section, for “small profits” substitute “
ring fence profits
”
.
5
In section 628 (company in liquidation: corporation tax rates), for “the rate of corporation tax” (in each place it occurs) substitute “
the main rate of corporation tax
”
.
6
In section 630 (company in administration: corporation tax rates), for “the rate of corporation tax” (in each place it occurs) substitute “
the main rate of corporation tax
”
.