Introduction Summary
1.Section 8 sets the small companies’ rate of corporation tax for the financial year beginning 1 April 2009 at 21 per cent for all profits apart from “ring fence profits” of North Sea oil companies and 19 per cent for “ring fence profits”. Additionally, it sets the fraction used in calculating marginal small companies’ relief from the main rate at 7/400 for all profits apart from “ring fence profits” and 11/400 for “ring fence profits”.