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 (see ¶701-200ff.) and chargeable gains (see ¶753-000ff.) 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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