PART 1

Income tax, corporation tax and capital gains tax

Corporation tax charge and rates

Small profits rate chargeable on companies from 1 April 2023
7
1
Schedule 1 contains the following provision (with effect from 1 April 2023)—
a
provision for corporation tax to be charged at the standard small profits rate on profits that are not ring fence profits,
b
provision for marginal relief to be given by reference to the standard marginal relief fraction,
c
provision making corresponding amendments to Chapter 3A of Part 8 of CTA 2010 (corporation tax rates on ring fence profits), and
d
provision making other consequential amendments to provision made by the Corporation Tax Acts.
2
For the financial year 2023—
a
the standard small profits rate is 19%, and
b
the standard marginal relief fraction is 3/200ths.