Corporation tax is charged on the profits of companies (CTA 2009, s. 2(1)).

Definition of profits

For the purposes of the charge to corporation tax, profits comprise the income (¶701-200) and chargeable gains (¶753-000) of a company.

Definition of a company

A company means (CTA 2010, s. 1121):

(1)trustees of an authorised unit trust (in relation to income or relief for capital expenditure) (CTA 2010, s. 617);

(2)any body corporate; or

(3)any unincorporated association (see below),

but not:

(1)a partnership;

(2)a local authority; or

(3)a local authority association.

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