Section 627 — Corporation Tax Act 2010: Meaning of “main rate of corporation tax” for companies with ring fence profits or small profits

Meaning of “main rate of corporation tax” for companies with ring fence profits or small profits 627 1 This section applies if corporation tax chargeable on any profits of a company for a financial year—

a is to be charged at the main ring fence profits rate, b is to be charged at the standard small profits rate or the small ring profits rate, or c is to be reduced by reference to the standard marginal relief fraction or the ring fence marginal relief fraction (within the meaning of Part 3A or Chapter 3A of Part 8).

2 References in this Chapter to the main rate of corporation tax are to be taken, so far as relating to profits charged at any of the rates mentioned in subsection (1)(a) or (b), as references to the rate or rates concerned.

3 References in this Chapter to the main rate of corporation tax are, if corporation tax is reduced as mentioned in subsection (1)(c), to be taken as including references to the fraction or fractions concerned (and with references to a rate being “fixed” or “proposed” read accordingly as references to the fraction or fractions concerned being fixed or proposed).