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Part 3 U.K. INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

Chapter 1 U.K. CHARGE AND RATES

Income taxU.K.

F150 Charge and rates for 2001-02U.K.

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Textual Amendments

F1S. 50 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

F251 Starting rate limit for 2001-02U.K.

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Textual Amendments

F2S. 51 repealed (with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

F352 Children’s tax credit: amount for 2001-02 and subsequent yearsU.K.

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Textual Amendments

F453 Children’s tax credit: baby rateU.K.

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Textual Amendments

Corporation taxU.K.

54 Charge and main rate for financial year 2002U.K.

Corporation tax shall be charged for the financial year 2002 at the rate of 30%.

55 Small companies’ rate and fraction for financial year 2001U.K.

For the financial year 2001—

(a)the small companies’ rate shall be 20%, and

(b)the fraction mentioned in section 13(2) of the Taxes Act 1988 (marginal relief for small companies) shall be one fortieth.

56 Corporation tax starting rate and fraction for financial year 2001U.K.

For the financial year 2001—

(a)the corporation tax starting rate shall be 10%, and

(b)the fraction mentioned in section 13AA(3) of the Taxes Act 1988 (marginal relief for small companies) shall be one fortieth.