Introduction Details of the Section
2.Subsection (1) reduces the rate of Supplementary Charge from 32% to 20%.
3.Subsection (2) provides that the reduced rate applies to accounting periods beginning on or after 1 January 2015.
4.Subsection (3) makes further provisions where a company has an accounting period beginning before 1 January 2015 and ending on or after that date.
5.Subsection (4) provides that if an accounting period straddles 1 January 2015, this is to be treated as two separate accounting periods: one falling before 1 January 2015 and one falling on and after that date. Profits for the original accounting period are time-apportioned between the two periods in relation to the number of days in each.
6.Subsection (5) provides that when an accounting period is apportioned as described in subsection (4), sections 330A and 330B of Corporation Taxes Act 2010 only apply in relation to the period falling before 1 January 2015.
7.Subsection (6) provides that the amount of Supplementary Charge for a straddling period is equal to the sum of the separate amounts of Supplementary Charge for each of the separate periods mentioned in subsection (4).