4. Corporation tax (small profits rate and fractions for financial year 2014)
Tuesday 25th March 2014
(10 years, 9 months ago)
Commons Chamber
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Resolved,
That—
(1) For the financial year 2014 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 the Corporation Tax Act 2010, for that year—
(a) the standard fraction is 1/400th, and
(b) the ring fence fraction is 11/400ths.
(3) In paragraph (1) “ring fence profits” has the same meaning as in Part 8 of that Act (see section 276 of that Act).