Introduction Overview Chapter 2: Rates at which corporation tax on profits charged Section 3: Corporation tax rates
29.This section introduces the rates of corporation tax. It is based on section 2 of CTA 2009.
30.The main rate has to be set annually. But the small profits rate may, in principle, be set at any time. In practice the annual Finance Act sets the small profits rate (and the associated limits and fractions, if they change) for the financial year immediately preceding the year for which it sets the main rate. So, for instance, section 7 of FA 2009 set the main rate for financial year 2010; and section 8 of the Act set the small companies’ rate (renamed small profits rate in this Act) and fractions for the financial year 2009.