The rate of corporation tax is determined by reference to the financial year. A financial year runs from 1 April to the following 31 March. So, Financial Year FY06 started on 1 April 2006 and will end on 31 March 2007. The main rate of corporation tax is 30%. However, lower rates are sometimes applicable.
Taxation in the United Kingdom/Capital gains tax - Wikibooks, open books for an open world
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↑ Section 468(1A) of the Income and Corporation Taxes Act 1988
↑ Section 88(1) of the Finance Act 1989
↑ Section 501A(1) of the Income and Corporation Taxes Act 1988
↑ Section 13AB of the Income and Corporation Taxes Act 1988 and Schedule A2 of the Income and Corporation Taxes Act 1988
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Subsection (1) provides that no payment made by a UK resident company shall be treated as income tax, and also that a requirement to withhold income tax imposed by the Income Tax Acts stands notwithstanding that the company is not within the charge to income tax itself. Subsection (2) provides that subject to provision for the contrary, a UK resident company that has received a payment net of withheld income tax may set that income tax off against its corporation tax liability of the accounting period in which the receipt is brought into the corporation tax charge, or would have been brought into the corporation tax charge but for an exemption from corporation tax. Subsection (3) disapplies subsection (2) for a payment of loan interest to which Section 369 of ICTA applies. Section 369 deals with mortgage relief at source. As mortgage relief at source no longer applies, this subsection no longer has any practical effect. Subsection (4) expands, for the purposes of this section, the references to payments received by a company to include references to payments received by another person on behalf of or in trust for the company.
Nor do they apply to companies in liquidation after the first 12 months. [10]
Authorised unit trusts and open-ended investment companies are taxed at the lower rate of income tax, which, for 2005/6 is 20%. [11]
Life assurance companies are taxed using the above rate on shareholder profits and the lower rate of income tax, which, for 2005/6 is 20%, on policy holder profits. [12]
Companies active in the oil and gas extraction industry in the UK or on the UK continental shelf are subject to an additional 10% charge on their profits from those activities. [13]
Non-corporate distribution rate
For distributions made between 1 April 2004 and 31 March 2006 a non-corporate distribution rate of 19% was levied. This measure ensured that all amounts distributed to non-corporates (eg individuals, trusts and personal representatives of deceased persons) suffered corporation tax of at a rate of at least 19%.
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