Part 1 Small Profits Rate
Finance Act 2021 (2021 c 26) | Legislation

SCHEDULE 1 Small Profits Rate for Non-Ring Fence Profits

Section 7

Part 1 Small Profits Rate

1

CTA 2010 is amended as follows.

2

In section 3 (corporation tax rates), for subsection (2) substitute—

“(2)     Subsection (1) is subject to—

(a)     section 18A (which provides for tax to be charged at the standard small profits rate instead of the main rate in certain cases), and

(b)     any other provision of the Corporation Tax Acts which provides for corporation tax to be charged at a different rate.â€

3

Before Part 4 insert the following as a new Part 3A—

“Part 3A
Companies with Small Profits
The standard small profits rate for non-ring fence profits
18A Profits charged at the standard small profits rate

(1)     Corporation tax is charged at the standard small profits rate on a company's taxable total profits of an accounting period which are not ring fence profits if—

(a)     the company is UK resident in the accounting period,

(b)     it is not a close investment-holding company in the period, and

(c)     its augmented profits of the accounting period do not exceed the lower limit.

(2)     In this Act “the standard small profits rate†means a

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