Finance Acts determine the rates of CT chargeable for a financial year (CTM01405).
For financial years up to and including 2014, CTA10/S3 and S18 provide for special rates of CT to be charged on UK resident companies with smaller profits which are not close investment-holding companies (CTM60700 onwards). Broadly this means companies whose profits do not exceed the ‘marginal relief upper limit’ formerly referred to as the ‘upper relevant maximum amount’ (CTM03500 onwards). From the financial year 2015 on, the small profits rate of tax was abolished for companies other than oil and gas companies with ring fence profits.
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