15(1)Part 13 of CTA 2010 (other special types of company etc) is amended as follows.U.K.
(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 ”.