(1)Corporation tax is charged for the financial year 2011.
(2)For that year the rate of corporation tax is—
(a)[F126%] on profits of companies other than ring fence profits, and
(b)30% on ring fence profits of companies.
(3)In subsection (2) “ring fence profits” has the same meaning as in Part 8 of CTA 2010 (see section 276 of that Act).
Textual Amendments
F1Word in s. 2(2)(a) substituted (1.4.2011) by Finance Act 2011 (c. 11), s. 4
(1)For the financial year 2010 the small profits rate is—
(a)21% 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 CTA 2010, for that year—
(a)the standard fraction is 7/400ths, and
(b)the ring fence fraction is 11/400ths.
(3)In subsection (1) “ring fence profits” has the same meaning as in Part 8 of CTA 2010 (see section 276 of that Act).