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<TITLE>United Kingdom corporation tax - Wikipedia</TITLE>

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<H1 id="firstHeading" class="firstHeading" lang="en">United Kingdom corporation tax</H1>			<DIV id="bodyContent" class="mw-body-content">
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UK Corporation Tax Receipts from 1999-2016, both in absolute terms and as % of GDP.<SUP id="cite_ref-1" class="reference"><A href="#cite_note-1">[1]</A></SUP><SUP id="cite_ref-2" class="reference"><A href="#cite_note-2">[2]</A></SUP></DIV>
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<TH style="padding:0.2em 0.4em 0.2em;font-size:145%;line-height:1.2em"><SPAN class="wraplinks"><A href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">Taxation in the United Kingdom</A></SPAN></TH>
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<TD style="padding:0.2em 0 0.4em"><A href="/wiki/File:Royal_Coat_of_Arms_of_the_United_Kingdom.svg" class="image"><IMG alt="Royal Coat of Arms of the United Kingdom.svg" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Royal_Coat_of_Arms_of_the_United_Kingdom.svg/150px-Royal_Coat_of_Arms_of_the_United_Kingdom.svg.png" width="150" height="145" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Royal_Coat_of_Arms_of_the_United_Kingdom.svg/225px-Royal_Coat_of_Arms_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/98/Royal_Coat_of_Arms_of_the_United_Kingdom.svg/300px-Royal_Coat_of_Arms_of_the_United_Kingdom.svg.png 2x" data-file-width="1550" data-file-height="1500" /></A></TD>
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<TH style="padding:0.1em">UK Government Departments</TH>
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<LI><A href="/wiki/HM_Treasury" title="HM Treasury">HM Treasury</A></LI>
<LI><A href="/wiki/HM_Revenue_and_Customs" title="HM Revenue and Customs">HM Revenue and Customs</A></LI>
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<TH style="padding:0.1em">UK Government</TH>
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<LI><A href="/wiki/Value-added_tax_(United_Kingdom)" class="mw-redirect" title="Value-added tax (United Kingdom)">VAT</A></LI>
<LI><A href="/wiki/Taxation_in_the_United_Kingdom#Income_tax" title="Taxation in the United Kingdom">Income tax</A></LI>
<LI><A href="/wiki/National_Insurance" title="National Insurance">National Insurance</A></LI>
<LI><A class="mw-selflink selflink">Corporation tax</A></LI>
<LI><A href="/wiki/Capital_gains_tax#United_Kingdom" title="Capital gains tax">Capital gains tax</A></LI>
<LI><A href="/wiki/Motoring_taxation_in_the_United_Kingdom" title="Motoring taxation in the United Kingdom">Motoring taxes</A></LI>
<LI><A href="/wiki/Inheritance_Tax_(United_Kingdom)" class="mw-redirect" title="Inheritance Tax (United Kingdom)">Inheritance tax</A></LI>
<LI><A href="/wiki/Stamp_duty_in_the_United_Kingdom" title="Stamp duty in the United Kingdom">Stamp duty</A></LI>
<LI><A href="/wiki/Insurance_Premium_Tax_(United_Kingdom)" title="Insurance Premium Tax (United Kingdom)">Insurance Premium Tax</A></LI>
<LI><A href="/wiki/Air_Passenger_Duty" title="Air Passenger Duty">Air Passenger Duty</A></LI>
<LI><A href="/wiki/Pay-as-you-earn_tax" title="Pay-as-you-earn tax">PAYE</A></LI>
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<TH style="padding:0.1em">Scottish Government</TH>
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<LI><A href="/wiki/Revenue_Scotland" title="Revenue Scotland">Revenue Scotland</A></LI>
<LI><A href="/wiki/Scottish_income_tax" title="Scottish income tax">Scottish income tax</A></LI>
<LI><A href="/wiki/Land_and_Buildings_Transaction_Tax" title="Land and Buildings Transaction Tax">Land and Buildings Transaction Tax</A></LI>
<LI><A href="/wiki/Scottish_Landfill_Tax" title="Scottish Landfill Tax">Scottish Landfill Tax</A></LI>
<LI><A href="/wiki/Air_Departure_Tax" title="Air Departure Tax">Air Departure Tax</A></LI>
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<TH style="padding:0.1em">Welsh Government</TH>
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<LI><A href="/wiki/Welsh_Revenue_Authority" title="Welsh Revenue Authority">Welsh Revenue Authority</A></LI>
<LI><A href="/w/index.php?title=Land_Transaction_Tax&action=edit&redlink=1" class="new" title="Land Transaction Tax (page does not exist)">Land Transaction Tax</A></LI>
<LI><A href="/w/index.php?title=Landfill_Disposals_Tax&action=edit&redlink=1" class="new" title="Landfill Disposals Tax (page does not exist)">Landfill Disposals Tax</A></LI>
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<LI><A href="/wiki/Council_Tax" title="Council Tax">Council Tax</A></LI>
<LI><A href="/wiki/Domestic_rates_in_Northern_Ireland" title="Domestic rates in Northern Ireland">Domestic rates in Northern Ireland</A></LI>
<LI><A href="/wiki/Business_rates_in_England" title="Business rates in England">Business rates in England</A></LI>
<LI><A href="/w/index.php?title=Business_rates_in_Wales&action=edit&redlink=1" class="new" title="Business rates in Wales (page does not exist)">Business rates in Wales</A></LI>
<LI><A href="/wiki/Business_rates_in_Scotland" title="Business rates in Scotland">Business rates in Scotland</A></LI>
<LI><A href="/w/index.php?title=Business_rates_in_Northern_Ireland&action=edit&redlink=1" class="new" title="Business rates in Northern Ireland (page does not exist)">Business rates in Northern Ireland</A></LI>
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<P>In the <B>United Kingdom, corporation tax</B> is a <A href="/wiki/Corporate_tax" title="Corporate tax">corporate tax</A> levied in the United Kingdom on the <A href="/wiki/Profit_(economics)" title="Profit (economics)">profits</A> made by UK-resident <A href="/wiki/Company_(law)" class="mw-redirect" title="Company (law)">companies</A> and on the profits of entities registered overseas with <A href="/wiki/Permanent_establishment" title="Permanent establishment">permanent establishments</A> in the UK.</P>
<P>Until 1 April 1965, companies were taxed at the same <A href="/wiki/Taxation_in_the_United_Kingdom#Income_tax" title="Taxation in the United Kingdom">income tax rates</A> as individual taxpayers, with an additional <A href="/wiki/Profits_tax" class="mw-redirect" title="Profits tax">profits tax</A> levied on companies. <A href="/wiki/Finance_Act_1965" title="Finance Act 1965">Finance Act 1965</A><SUP id="cite_ref-FA_65_3-0" class="reference"><A href="#cite_note-FA_65-3">[3]</A></SUP> replaced this structure for companies and associations with a single corporate tax, which took its basic structure and rules from the income tax system. Since 1997, the UK's <A href="/wiki/Tax_Law_Rewrite_Project" title="Tax Law Rewrite Project">Tax Law Rewrite Project</A><SUP id="cite_ref-rewrite_4-0" class="reference"><A href="#cite_note-rewrite-4">[4]</A></SUP> has been modernising the UK's tax legislation, starting with income tax, while the legislation imposing corporation tax has itself been amended, the rules governing income tax and corporation tax have thus diverged. Corporation tax was governed by the <A href="/wiki/Income_and_Corporation_Taxes_Act_1988" title="Income and Corporation Taxes Act 1988">Income and Corporation Taxes Act 1988</A> (as amended) prior to the rewrite project.<SUP id="cite_ref-ICTA_88_5-0" class="reference"><A href="#cite_note-ICTA_88-5">[5]</A></SUP><SUP id="cite_ref-6" class="reference"><A href="#cite_note-6">[6]</A></SUP></P>
<P>Originally introduced as a classical tax system, in which companies were subject to tax on their profits and companies' <A href="/wiki/Shareholder" title="Shareholder">shareholders</A> were also liable to income tax on the <A href="/wiki/Dividend" title="Dividend">dividends</A> that they received, the first major amendment to corporation tax saw it move to a <A href="/wiki/Dividend_imputation" title="Dividend imputation">dividend imputation</A> system in 1973, under which an individual receiving a dividend became entitled to an income tax credit representing the corporation tax already paid by the company paying the dividend. The classical system was reintroduced in 1999, with the abolition of <A href="/wiki/Advance_corporation_tax" title="Advance corporation tax">advance corporation tax</A> and of repayable dividend tax credits. Another change saw the single main rate of tax split into three. <A href="/wiki/Tax_competition" title="Tax competition">Tax competition</A> between jurisdictions reduced the main corporate tax rate from 28% in 2008-2010 to a flat rate of 20% as of April 2015.<SUP id="cite_ref-Rates_7-0" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP><SUP id="cite_ref-8" class="reference"><A href="#cite_note-8">[8]</A></SUP></P>
<P>The <A href="/wiki/UK_government" class="mw-redirect" title="UK government">UK government</A> faced problems with its corporate tax structure, including <A href="/wiki/European_Court_of_Justice" title="European Court of Justice">European Court of Justice</A> judgements that aspects of it are incompatible with EU treaties.<SUP id="cite_ref-Hoechst_9-0" class="reference"><A href="#cite_note-Hoechst-9">[9]</A></SUP> <A href="/wiki/Tax_avoidance" title="Tax avoidance">Tax avoidance</A> schemes marketed by the financial sector have also proven an irritant, and been countered by complicated anti-avoidance legislation.</P>
<P>The complexity of the corporation tax system is a recognised issue. The Labour government, supported by the Opposition parties, carried through wide-scale reform from the Tax Law Rewrite project, resulting in the <A href="/wiki/Corporation_Tax_Act_2010" title="Corporation Tax Act 2010">Corporation Tax Act 2010</A>. The tax has slowly been integrating <A href="/wiki/Generally_accepted_accounting_practice" class="mw-redirect" title="Generally accepted accounting practice">generally accepted accounting practice</A>, with the corporation tax system in various specific areas based directly on the accounting treatment.</P>
<P>Total net corporation tax receipts in 2014-15 were £43.0 billion, which was an increase of 7% from £40.3 billion in 2013-14.<SUP id="cite_ref-10" class="reference"><A href="#cite_note-10">[10]</A></SUP></P>
<P></P>
<DIV id="toc" class="toc">
<DIV class="toctitle" lang="en" dir="ltr" xml:lang="en">
<H2>Contents</H2>
<SPAN class="toctoggle"> [<A role="button" tabindex="0" class="togglelink">hide</A>] </SPAN></DIV>
<UL>
<LI class="toclevel-1 tocsection-1"><A href="#History"><SPAN class="tocnumber">1</SPAN> <SPAN class="toctext">History</SPAN></A>
<UL>
<LI class="toclevel-2 tocsection-2"><A href="#Finance_Act_1965"><SPAN class="tocnumber">1.1</SPAN> <SPAN class="toctext">Finance Act 1965</SPAN></A></LI>
<LI class="toclevel-2 tocsection-3"><A href="#Advance_Corporation_Tax"><SPAN class="tocnumber">1.2</SPAN> <SPAN class="toctext">Advance Corporation Tax</SPAN></A>
<UL>
<LI class="toclevel-3 tocsection-4"><A href="#Abolition_of_Advance_Corporation_Tax"><SPAN class="tocnumber">1.2.1</SPAN> <SPAN class="toctext">Abolition of Advance Corporation Tax</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-2 tocsection-5"><A href="#Rates"><SPAN class="tocnumber">1.3</SPAN> <SPAN class="toctext">Rates</SPAN></A></LI>
<LI class="toclevel-2 tocsection-6"><A href="#Historic_tax_revenues"><SPAN class="tocnumber">1.4</SPAN> <SPAN class="toctext">Historic tax revenues</SPAN></A></LI>
<LI class="toclevel-2 tocsection-7"><A href="#Taxable_profits_and_accounting_profits"><SPAN class="tocnumber">1.5</SPAN> <SPAN class="toctext">Taxable profits and accounting profits</SPAN></A>
<UL>
<LI class="toclevel-3 tocsection-8"><A href="#International_Financial_Reporting_Standards"><SPAN class="tocnumber">1.5.1</SPAN> <SPAN class="toctext">International Financial Reporting Standards</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-2 tocsection-9"><A href="#Avoidance"><SPAN class="tocnumber">1.6</SPAN> <SPAN class="toctext">Avoidance</SPAN></A></LI>
<LI class="toclevel-2 tocsection-10"><A href="#Need_for_greater_revenues"><SPAN class="tocnumber">1.7</SPAN> <SPAN class="toctext">Need for greater revenues</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-1 tocsection-11"><A href="#Method_of_charge"><SPAN class="tocnumber">2</SPAN> <SPAN class="toctext">Method of charge</SPAN></A>
<UL>
<LI class="toclevel-2 tocsection-12"><A href="#Assessment"><SPAN class="tocnumber">2.1</SPAN> <SPAN class="toctext">Assessment</SPAN></A></LI>
<LI class="toclevel-2 tocsection-13"><A href="#Schedular_system"><SPAN class="tocnumber">2.2</SPAN> <SPAN class="toctext">Schedular system</SPAN></A>
<UL>
<LI class="toclevel-3 tocsection-14"><A href="#Relief_for_expenses"><SPAN class="tocnumber">2.2.1</SPAN> <SPAN class="toctext">Relief for expenses</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-2 tocsection-15"><A href="#Rates_and_payment"><SPAN class="tocnumber">2.3</SPAN> <SPAN class="toctext">Rates and payment</SPAN></A></LI>
<LI class="toclevel-2 tocsection-16"><A href="#HM_Revenue_and_Customs_powers_of_enquiry"><SPAN class="tocnumber">2.4</SPAN> <SPAN class="toctext">HM Revenue and Customs powers of enquiry</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-1 tocsection-17"><A href="#Relief_from_double_taxation"><SPAN class="tocnumber">3</SPAN> <SPAN class="toctext">Relief from double taxation</SPAN></A></LI>
<LI class="toclevel-1 tocsection-18"><A href="#Loss_relief"><SPAN class="tocnumber">4</SPAN> <SPAN class="toctext">Loss relief</SPAN></A>
<UL>
<LI class="toclevel-2 tocsection-19"><A href="#Group_relief"><SPAN class="tocnumber">4.1</SPAN> <SPAN class="toctext">Group relief</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-1 tocsection-20"><A href="#Example_computation"><SPAN class="tocnumber">5</SPAN> <SPAN class="toctext">Example computation</SPAN></A></LI>
<LI class="toclevel-1 tocsection-21"><A href="#Interaction_with_European_law"><SPAN class="tocnumber">6</SPAN> <SPAN class="toctext">Interaction with European law</SPAN></A></LI>
<LI class="toclevel-1 tocsection-22"><A href="#Recent_developments"><SPAN class="tocnumber">7</SPAN> <SPAN class="toctext">Recent developments</SPAN></A>
<UL>
<LI class="toclevel-2 tocsection-23"><A href="#Corporation_tax_reform"><SPAN class="tocnumber">7.1</SPAN> <SPAN class="toctext">Corporation tax reform</SPAN></A></LI>
<LI class="toclevel-2 tocsection-24"><A href="#Other_enactments"><SPAN class="tocnumber">7.2</SPAN> <SPAN class="toctext">Other enactments</SPAN></A></LI>
</UL>
</LI>
<LI class="toclevel-1 tocsection-25"><A href="#See_also"><SPAN class="tocnumber">8</SPAN> <SPAN class="toctext">See also</SPAN></A></LI>
<LI class="toclevel-1 tocsection-26"><A href="#References"><SPAN class="tocnumber">9</SPAN> <SPAN class="toctext">References</SPAN></A></LI>
<LI class="toclevel-1 tocsection-27"><A href="#External_links"><SPAN class="tocnumber">10</SPAN> <SPAN class="toctext">External links</SPAN></A></LI>
</UL>
</DIV>
<P></P>
<H2><SPAN class="mw-headline" id="History">History</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=1" title="Edit section: History">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
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<A href="/wiki/James_Callaghan" title="James Callaghan">Jim Callaghan</A>, the <A href="/wiki/Chancellor_of_the_Exchequer" title="Chancellor of the Exchequer">Chancellor of the Exchequer</A> who introduced corporation tax in 1965.</DIV>
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<P>Until 1965, companies were subject to income tax on their profits<SUP id="cite_ref-CT_11-0" class="reference"><A href="#cite_note-CT-11">[11]</A></SUP> at the same rates as was levied on individual taxpayers. A <A href="/wiki/Dividend_imputation" title="Dividend imputation">dividend imputation</A> system existed, whereby the income tax paid by a company was offset against the income tax liability of a shareholder who received dividends from the company. The standard rate of income tax in 1949 was 50%.<SUP id="cite_ref-Just_Taxes_12-0" class="reference"><A href="#cite_note-Just_Taxes-12">[12]</A></SUP> If the company paid a £100 dividend, the recipient would be treated as if he had earned £200 and had paid £100 in income tax on it – the tax paid by the company fully covered the tax due from the individual on the dividend paid. If, however, the individual was subject to tax at a higher rate (known as "surtax"), he (not the company) would be liable to pay the additional tax.</P>
<P>In addition to income tax, companies were also subject to a profits tax,<SUP id="cite_ref-CT_11-1" class="reference"><A href="#cite_note-CT-11">[11]</A></SUP> which was deducted from company profits when determining the income tax liability. It was a differential tax, with a higher tax rate on <A href="/wiki/Dividend" title="Dividend">dividends</A> (profits distributed to shareholders) than on profits retained within the company. By penalising the distribution of profits, it was hoped companies would retain profits for investment, which was considered a priority after the Second World War.<SUP id="cite_ref-E&I_13-0" class="reference"><A href="#cite_note-E&I-13">[13]</A></SUP> The tax did not have the desired effect, so the distributed profits tax was increased by 20%<SUP id="cite_ref-newark_adv._14-0" class="reference"><A href="#cite_note-newark_adv.-14">[14]</A></SUP> by the <A href="/wiki/Attlee_ministry" title="Attlee ministry">post-war Labour government</A> to encourage companies to retain more of their profits. At the time of <A href="/wiki/Hugh_Gaitskell" title="Hugh Gaitskell">Hugh Gaitskell</A>'s 1951 budget, the profits tax was 50% for distributed profits and 10% for undistributed profits.</P>
<P>A series of reductions in the profits tax were brought in from 1951 onwards by the new Conservative government. The tax rates fell to 22.5% on distributed profits and 2.5% on undistributed profits by 1957, but the profits tax was no longer income tax-deductible. <A href="/wiki/Derick_Heathcoat-Amory" class="mw-redirect" title="Derick Heathcoat-Amory">Derick Heathcoat-Amory</A>'s Budget of March 1958 replaced the differential profits tax with a single profits tax measure, applicable to both retained and distributed profits. This gradual decrease, and final abolition, of taxes on capital distributions reflected ideological differences between the Conservative and Labour parties: the Conservative approach was to distribute profits to capital holders for investment elsewhere, while Labour sought to force companies to retain profits for reinvestment in the company in the hope this would benefit the company's workforce.<SUP id="cite_ref-E&I_13-1" class="reference"><A href="#cite_note-E&I-13">[13]</A></SUP></P>
<H3><SPAN class="mw-headline" id="Finance_Act_1965">Finance Act 1965</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=2" title="Edit section: Finance Act 1965">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>Finance Act 1965<SUP id="cite_ref-FA_65_3-1" class="reference"><A href="#cite_note-FA_65-3">[3]</A></SUP> replaced the system of income tax and profits tax from 1 April 1965 with the Corporation Tax, which re-introduced aspects of the old system. Corporation Tax was charged at a uniform rate on all profits, but additional tax was then payable if profits were distributed as a dividend to shareholders. In effect, dividends suffered double taxation. This method of corporation tax is known as the classical system and is similar to that used in the United States. The effect of the tax was to revert to the distribution tax in operation from 1949 to 1959: dividend payments were subject to higher tax than profits retained within the company.</P>
<P>Finance Act 1965<SUP id="cite_ref-FA_65_3-2" class="reference"><A href="#cite_note-FA_65-3">[3]</A></SUP> also introduced a <A href="/wiki/Capital_gains_tax" title="Capital gains tax">capital gains tax</A>, at a rate of 30%, charged on the gains arising on the disposal of capital assets by individuals. While companies were exempted from capital gains tax, they were liable to corporation tax on their "chargeable gains", which were calculated in substantially the same way as capital gains for individuals. The tax applied to company shares as well as other assets. Before 1965, capital gains were not taxed, and it was advantageous for taxpayers to argue that a receipt was non-taxable "capital" rather than taxable "revenue".</P>
<H3><SPAN class="mw-headline" id="Advance_Corporation_Tax">Advance Corporation Tax</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=3" title="Edit section: Advance Corporation Tax">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<DIV role="note" class="hatnote navigation-not-searchable">Main article: <A href="/wiki/Advance_corporation_tax" title="Advance corporation tax">Advance corporation tax</A></DIV>
<P>The basic structure of the tax, where company profits were taxed as profits, and dividend payments were then taxed as income, remained unchanged until 1973, when a partial imputation system was introduced for dividend payments.<SUP id="cite_ref-CT_11-2" class="reference"><A href="#cite_note-CT-11">[11]</A></SUP> Unlike the previous imputation system, the tax credit to the shareholder was less than the corporation tax paid (corporation tax was higher than the standard rate of income tax, but the imputation, or set-off, was only of standard rate tax). When companies made distributions, they also paid the advance corporation tax (known as ACT), which could be set off against the main corporation tax charge, subject to certain limits (the full amount of ACT paid could not be recovered if significantly large amounts of profits were distributed).<SUP id="cite_ref-CTM20105_15-0" class="reference"><A href="#cite_note-CTM20105-15">[15]</A></SUP> Individuals and companies who received a dividend from a UK company received a <A href="/wiki/Tax_credit" title="Tax credit">tax credit</A> representing the ACT paid.<SUP id="cite_ref-CTM16120_16-0" class="reference"><A href="#cite_note-CTM16120-16">[16]</A></SUP> Individuals could set off the tax credit against their income tax liability.<SUP id="cite_ref-CTM15150_17-0" class="reference"><A href="#cite_note-CTM15150-17">[17]</A></SUP></P>
<P>On introduction, ACT was set at 30% of the gross dividend (the actual amount paid plus the tax credit). If a company made a £70 dividend payment to an individual, the company would pay £30 of advance corporation tax. The shareholder would receive the £70 cash payment, plus a tax credit of £30; thus, the individual would be deemed to have earned £100, and to have already paid tax of £30 on it. The ACT paid by the company would be deductible against its final "mainstream" corporation tax bill. To the extent that the individual's tax on the dividend was less than the tax credit – for example, if his income was too low to pay tax (below £595 in 1973–1974<SUP id="cite_ref-Personal_allowances_18-0" class="reference"><A href="#cite_note-Personal_allowances-18">[18]</A></SUP>) – he would be able to reclaim some or all of the £30 tax paid by the company. The set-off was only partial, since the company would pay 52% tax (small companies had lower rates, but still higher than the ACT rate),<SUP id="cite_ref-Rates_7-1" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP> and thus the £70 received by the individual actually represented pre-tax profits of £145.83. Accordingly, only part of the double taxation was relieved.</P>
<P>ACT was not payable on dividends from one UK company to another (unless the payor company elected to pay it).<SUP id="cite_ref-CTM20070_19-0" class="reference"><A href="#cite_note-CTM20070-19">[19]</A></SUP> Also, the recipient company was not taxed on that dividend receipt, except for dealers in shares and <A href="/wiki/Life_assurance" class="mw-redirect" title="Life assurance">life assurance</A> companies in respect of some of their profits.<SUP id="cite_ref-CTM20070_19-1" class="reference"><A href="#cite_note-CTM20070-19">[19]</A></SUP> As the payor company would have suffered tax on the payments it made, the company that received the dividend also received a credit that it could use to reduce the amount of ACT it itself paid, or, in certain cases, apply to have the tax credit repaid to them.<SUP id="cite_ref-CTM16120_16-1" class="reference"><A href="#cite_note-CTM16120-16">[16]</A></SUP></P>
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<DIV class="thumbinner" style="width:222px;"><A href="/wiki/File:Gordon_Brown_Photo.jpg" class="image"><IMG alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Gordon_Brown_Photo.jpg/220px-Gordon_Brown_Photo.jpg" width="220" height="293" class="thumbimage" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Gordon_Brown_Photo.jpg/330px-Gordon_Brown_Photo.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Gordon_Brown_Photo.jpg/440px-Gordon_Brown_Photo.jpg 2x" data-file-width="1128" data-file-height="1500" /></A>
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<A href="/wiki/Gordon_Brown" title="Gordon Brown">Gordon Brown</A>, the Chancellor of the Exchequer who abolished ACT and introduced the quarterly instalment regime in 1999.</DIV>
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<P>The level of ACT was linked to the basic rate of income tax between 1973 and 1993. The March 1993 Budget of <A href="/wiki/Norman_Lamont_(1942)" class="mw-redirect" title="Norman Lamont (1942)">Norman Lamont</A> cut the ACT rate and tax credit to 22.5% from April 1993, and 20% from April 1994.<SUP id="cite_ref-Rates_7-2" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP> These changes were accompanied with a cut of income tax on dividends to 20%, while the basic rate of income tax remained at 25%. Persons liable for tax were lightly affected by the change, because income tax liability was still balanced by the tax credit received, although higher rate tax payers paid an additional 25% tax on the amount of the dividend actually received (net), as against 20% before the change.</P>
<P>The change had bigger effects on pensions and non-taxpayers. A pension fund receiving a £1.2 m dividend income prior to the change would have been able to reclaim £400,000 in tax, giving a total income of £1.6 m. After the change, only £300,000 was reclaimable, reducing income to £1.5 m, a fall of 6.25%.</P>
<P><A href="/wiki/Gordon_Brown" title="Gordon Brown">Gordon Brown</A>'s summer Budget of 1997<SUP id="cite_ref-Budget_1997_20-0" class="reference"><A href="#cite_note-Budget_1997-20">[20]</A></SUP> ended the ability of pension funds and other tax-exempt companies to reclaim tax credits with immediate effect, and for individuals from April 1999.<SUP id="cite_ref-CT_11-3" class="reference"><A href="#cite_note-CT-11">[11]</A></SUP> This tax change has been blamed for the poor state of British pension provision, while usually ignoring the more significant effect of the dot-com shareprice crash of 2000 onwards when the FTSE-100 lost half its value to fall from 6930 at the beginning of 2000 to just 3490 by March 2003. Despite this, critics such as <A href="/wiki/Member_of_Parliament" class="mw-redirect" title="Member of Parliament">Member of Parliament</A> <A href="/wiki/Frank_Field_(UK_politician)" class="mw-redirect" title="Frank Field (UK politician)">Frank Field</A> described it as a "hammer blow" and the <I><A href="/wiki/Sunday_Times" class="mw-redirect" title="Sunday Times">Sunday Times</A></I> described it as a swindle,<SUP id="cite_ref-Pension_Swindle_21-0" class="reference"><A href="#cite_note-Pension_Swindle-21">[21]</A></SUP> with the hypothetical £1.5 m income described above falling to £1.2 m, a fall in income of 20%, because no tax would be reclaimable.</P>
<H4><SPAN class="mw-headline" id="Abolition_of_Advance_Corporation_Tax">Abolition of Advance Corporation Tax</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=4" title="Edit section: Abolition of Advance Corporation Tax">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H4>
<P>From 6 April 1999 ACT was abolished,<SUP id="cite_ref-CT_11-4" class="reference"><A href="#cite_note-CT-11">[11]</A></SUP> and the tax credit on dividends was reduced to 10%.<SUP id="cite_ref-Rates_7-3" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP> There was a matching reduction in the basic income tax rate on dividends to 10%, while a new higher-rate of 32.5% was introduced which led to an overall effective 25% tax rate for higher rate taxpayers on dividends (after setting this "notional" tax credit against the tax liability).While non-taxpayers were no longer able to claim this amount from the treasury (as opposed to taxpayers who could deduct it from their tax bill), the 20% ACT (which would have previously been deducted from the dividend before payment) was no longer levied.</P>
<P>The abolition of ACT was actually one of the biggest tax grabs ever by a Chancellor, as pension companies could no longer recover the tax paid on dividends (along with pensioners and other reliant on the income). This now costs over £10bn a year and was one of the factors that lead to the death of the final salary pension scheme. (ref:<A rel="nofollow" class="external free" href="http://www.telegraph.co.uk/finance/personalfinance/pensions/10798785/True-cost-of-Labours-pension-tax-raid-and-others-since-Seventies.html">http://www.telegraph.co.uk/finance/personalfinance/pensions/10798785/True-cost-of-Labours-pension-tax-raid-and-others-since-Seventies.html</A>). It is one of the biggest tax grabs ever, sold as 'the abolition of a tax'.</P>
<P>ACT that had been incurred prior to 1999 could still be set off against a company's tax liability, provided it would have been able to set it off under the old imputation system.<SUP id="cite_ref-CTM18250_22-0" class="reference"><A href="#cite_note-CTM18250-22">[22]</A></SUP> In order to keep the stream of payments associated with advance corporation tax payment, 'large' companies (comprising the majority of corporation tax receipts) were subjected to a quarterly instalments scheme for tax payment.<SUP id="cite_ref-CTM92505_23-0" class="reference"><A href="#cite_note-CTM92505-23">[23]</A></SUP></P>
<H3><SPAN class="mw-headline" id="Rates">Rates</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=5" title="Edit section: Rates">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>On its introduction in 1965, corporation tax was charged at 40%, rising to 45% in the 1969 <A href="/wiki/Budget" title="Budget">Budget</A>. The rate then fell to 42.5% in the second Budget of 1970 and 40% in 1971. In 1973, alongside the introduction of <A href="/wiki/Advance_corporation_tax" title="Advance corporation tax">advance corporation tax</A> (ACT), Conservative chancellor <A href="/wiki/Anthony_Barber" title="Anthony Barber">Anthony Barber</A> created a main rate of 52%, together with a smaller companies' rate of 42%.<SUP id="cite_ref-Rates_7-4" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP> This apparent increase was negated by the fact that under the ACT scheme, dividends were no longer subject to income tax.</P>
<P>The 1979 Conservative Budget of <A href="/wiki/Geoffrey_Howe" title="Geoffrey Howe">Geoffrey Howe</A> cut the small companies' rate to 40%, followed by a further cut in the 1982 Budget to 38%.<SUP id="cite_ref-Rates_7-5" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP> The Budgets of 1983–1988 saw sharp cuts in both main and small companies' rates, falling to 35% and 25% respectively.<SUP id="cite_ref-Rates_7-6" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP> Budgets between 1988 and 2001 brought further falls to a 30% main rate and 19% small companies' rates.<SUP id="cite_ref-Rates_7-7" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP> From April 1983 to March 1997 the small companies' rate was pegged to the basic rate of <A href="/wiki/Income_tax" title="Income tax">income tax</A>.<SUP id="cite_ref-CT_11-5" class="reference"><A href="#cite_note-CT-11">[11]</A></SUP> During the 1980s there was briefly a higher rate of tax imposed for capital profits.</P>
<P>Chancellor <A href="/wiki/Gordon_Brown" title="Gordon Brown">Gordon Brown</A>'s 1999 Budget<SUP id="cite_ref-Budget_1999_24-0" class="reference"><A href="#cite_note-Budget_1999-24">[24]</A></SUP> introduced a 10% starting rate for profits from £0 to £10,000, effective from April 2000.<SUP id="cite_ref-Rates_7-8" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP><SUP id="cite_ref-IR19_25-0" class="reference"><A href="#cite_note-IR19-25">[25]</A></SUP> Marginal relief applied meaning companies with profits of between £10,000 and £50,000 paid a rate between the starting rate and the small companies' rate (19% in 2000).</P>
<P>The 2002 Budget<SUP id="cite_ref-Budget_2002_26-0" class="reference"><A href="#cite_note-Budget_2002-26">[26]</A></SUP> cut the starting rate to zero, with marginal relief applying in the same way.<SUP id="cite_ref-Rates_7-9" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP><SUP id="cite_ref-Budget_2002_s1.20_27-0" class="reference"><A href="#cite_note-Budget_2002_s1.20-27">[27]</A></SUP> This caused a significant increase in the number of companies being incorporated, as businesses that had operated as <A href="/wiki/Self-employed" class="mw-redirect" title="Self-employed">self-employed</A>, paying income tax on profits from just over £5,000, were attracted to the corporation tax rate of 0% on income up to £10,000.<SUP id="cite_ref-loophole_28-0" class="reference"><A href="#cite_note-loophole-28">[28]</A></SUP> Previously self-employed individuals could now distribute profits as <A href="/wiki/Dividend" title="Dividend">dividend</A> payments rather than salaries.<SUP id="cite_ref-timebomb_29-0" class="reference"><A href="#cite_note-timebomb-29">[29]</A></SUP> For companies with profits under £50,000 the corporation tax rate varied between 0% and 19%. Because dividend payments come with a <A href="/wiki/Basic_rate_tax" class="mw-redirect" title="Basic rate tax">basic rate tax</A> credit, provided the recipient did not earn more than the basic rate allowance, no further tax would be paid.<SUP id="cite_ref-CTM15150_17-1" class="reference"><A href="#cite_note-CTM15150-17">[17]</A></SUP> The number of new companies being formed in 2002–2003 reached 325,900, an increase of 45% on 2001–2002.<SUP id="cite_ref-Company_stats_30-0" class="reference"><A href="#cite_note-Company_stats-30">[30]</A></SUP></P>
<P>The fact that individuals operating in this manner could potentially pay no tax at all was felt by the government to be unfair tax avoidance,<SUP id="cite_ref-timebomb_29-1" class="reference"><A href="#cite_note-timebomb-29">[29]</A></SUP> and the 2004 Budget<SUP id="cite_ref-Budget_2004_31-0" class="reference"><A href="#cite_note-Budget_2004-31">[31]</A></SUP> introduced a Non-Corporate Distribution Rate.<SUP id="cite_ref-CTM14105_32-0" class="reference"><A href="#cite_note-CTM14105-32">[32]</A></SUP> This ensured that where a company paid below the small companies' rate (19% in 2004), dividend payments made to non-corporates (for example, individuals, trusts and personal representatives of deceased persons) would be subject to additional corporation tax, bringing the corporation tax paid up to 19%. For example, a company making £10,000 profit, and making a £6,000 dividend distribution to an individual and £4,000 to another company would pay 19% corporation tax on the £6,000. Although this measure substantially reduced the number of small businesses incorporating, the Chancellor in the 2006 Budget<SUP id="cite_ref-Budget_2006_33-0" class="reference"><A href="#cite_note-Budget_2006-33">[33]</A></SUP> said tax avoidance by small businesses through incorporation was still a major issue, and scrapped the starting rate entirely.<SUP id="cite_ref-34" class="reference"><A href="#cite_note-34">[34]</A></SUP></P>
<H3><SPAN class="mw-headline" id="Historic_tax_revenues">Historic tax revenues</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=6" title="Edit section: Historic tax revenues">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<TABLE class="wikitable">
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<TH>UK Corporation Tax Revenue 1999 to 2016<SUP id="cite_ref-35" class="reference"><A href="#cite_note-35">[35]</A></SUP></TH>
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<DIV style="float:right;position:relative;min-height:270px;min-width:700px;max-width:700px;border-left:1px black solid;border-bottom:1px black solid;">
<DIV style="position:absolute;left:4px;top:85px;height:184px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £34,322 million"></DIV>
<DIV style="position:absolute;left:42px;top:95px;height:174px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £32,421 million"></DIV>
<DIV style="position:absolute;left:80px;top:97px;height:172px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £32,041 million"></DIV>
<DIV style="position:absolute;left:118px;top:111px;height:158px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £29,488 million"></DIV>
<DIV style="position:absolute;left:156px;top:116px;height:153px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £28,459 million"></DIV>
<DIV style="position:absolute;left:194px;top:86px;height:183px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £34,031 million"></DIV>
<DIV style="position:absolute;left:232px;top:41px;height:228px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £42,355 million"></DIV>
<DIV style="position:absolute;left:270px;top:28px;height:241px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £44,875 million"></DIV>
<DIV style="position:absolute;left:308px;top:16px;height:253px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £47,036 million"></DIV>
<DIV style="position:absolute;left:346px;top:33px;height:236px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £43,927 million"></DIV>
<DIV style="position:absolute;left:384px;top:72px;height:197px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £36,628 million"></DIV>
<DIV style="position:absolute;left:422px;top:38px;height:231px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £43,040 million"></DIV>
<DIV style="position:absolute;left:460px;top:37px;height:232px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £43,130 million"></DIV>
<DIV style="position:absolute;left:498px;top:51px;height:218px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £40,482 million"></DIV>
<DIV style="position:absolute;left:536px;top:52px;height:217px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £40,327 million"></DIV>
<DIV style="position:absolute;left:574px;top:38px;height:231px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £43,005 million"></DIV>
<DIV style="position:absolute;left:612px;top:30px;height:239px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £44,388 million"></DIV>
<DIV style="position:absolute;left:650px;top:3px;height:266px;min-width:28px;max-width:28px;background-color:green;-webkit-print-color-adjust:exact;border:1px solid green;border-bottom:none;overflow:hidden;" title="Corporation Tax: £49,534 million"></DIV>
</DIV>
<DIV style="position:absolute;height:270px;min-width:100px;max-width:100px;">
<DIV style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:206px;padding:0 2px">10,000</DIV>
<DIV style="position:absolute;height=1px;min-width:5px;top:216px;left:96px;border:1px solid black;"></DIV>
<DIV style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:152px;padding:0 2px">20,000</DIV>
<DIV style="position:absolute;height=1px;min-width:5px;top:162px;left:96px;border:1px solid black;"></DIV>
<DIV style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:98px;padding:0 2px">30,000</DIV>
<DIV style="position:absolute;height=1px;min-width:5px;top:108px;left:96px;border:1px solid black;"></DIV>
<DIV style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:44px;padding:0 2px">40,000</DIV>
<DIV style="position:absolute;height=1px;min-width:5px;top:54px;left:96px;border:1px solid black;"></DIV>
<DIV style="position:absolute;height=20px;text-align:right;vertical-align:middle;width:90px;top:-10px;padding:0 2px">50,000</DIV>
<DIV style="position:absolute;height=1px;min-width:5px;top:0px;left:96px;border:1px solid black;"></DIV>
</DIV>
<DIV style="position:absolute;top:270px;left:100px;width:700px;">
<DIV style="position:absolute;left:5px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">1999</DIV>
<DIV style="position:absolute;left:19px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:43px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2000</DIV>
<DIV style="position:absolute;left:57px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:81px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2001</DIV>
<DIV style="position:absolute;left:95px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:119px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2002</DIV>
<DIV style="position:absolute;left:133px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:157px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2003</DIV>
<DIV style="position:absolute;left:171px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:195px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2004</DIV>
<DIV style="position:absolute;left:209px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:233px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2005</DIV>
<DIV style="position:absolute;left:247px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:271px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2006</DIV>
<DIV style="position:absolute;left:285px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:309px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2007</DIV>
<DIV style="position:absolute;left:323px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:347px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2008</DIV>
<DIV style="position:absolute;left:361px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:385px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2009</DIV>
<DIV style="position:absolute;left:399px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:423px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2010</DIV>
<DIV style="position:absolute;left:437px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:461px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2011</DIV>
<DIV style="position:absolute;left:475px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:499px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2012</DIV>
<DIV style="position:absolute;left:513px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:537px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2013</DIV>
<DIV style="position:absolute;left:551px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:575px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2014</DIV>
<DIV style="position:absolute;left:589px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:613px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2015</DIV>
<DIV style="position:absolute;left:627px;height:10px;width:1px;border-left:1px solid black;"></DIV>
<DIV style="position:absolute;left:651px;top:10px;min-width:28px;max-width:28px;text-align:center;vertical-align:top;">2016</DIV>
<DIV style="position:absolute;left:665px;height:10px;width:1px;border-left:1px solid black;"></DIV>
</DIV>
</DIV>
</DIV>
</TD>
</TR>
</TBODY></TABLE>
<H3><SPAN class="mw-headline" id="Taxable_profits_and_accounting_profits">Taxable profits and accounting profits</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=7" title="Edit section: Taxable profits and accounting profits">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>The starting point for computing taxable profits is profits before tax (except for a <A href="/wiki/Life_assurance" class="mw-redirect" title="Life assurance">life assurance</A> company). The rules for calculating corporation tax generally ran in parallel with income tax until 1993, when the first statutory rule to move profit reporting into line with <A href="/wiki/Generally_accepted_accounting_practice" class="mw-redirect" title="Generally accepted accounting practice">generally accepted accounting practice</A> was introduced, although the courts were already moving towards requiring trading profits to be computed using general <A href="/wiki/Accountancy" class="mw-redirect" title="Accountancy">accountancy</A> rules.<SUP id="cite_ref-CTM01130_36-0" class="reference"><A href="#cite_note-CTM01130-36">[36]</A></SUP></P>
<P>Finance Act 1993<SUP id="cite_ref-FA_93_37-0" class="reference"><A href="#cite_note-FA_93-37">[37]</A></SUP> introduced rules to make tax on exchange gains and losses mimic their treatment in a company's <A href="/wiki/Financial_statements" class="mw-redirect" title="Financial statements">financial statements</A> in most instances. Finance Act 1994<SUP id="cite_ref-FA_94_38-0" class="reference"><A href="#cite_note-FA_94-38">[38]</A></SUP> saw similar rules for financial instruments, and in Finance Act 1996<SUP id="cite_ref-FA_96_39-0" class="reference"><A href="#cite_note-FA_96-39">[39]</A></SUP> the treatment of most loan relationships was also brought into line with the accounting treatment. Finance Act 1997<SUP id="cite_ref-FA_97_40-0" class="reference"><A href="#cite_note-FA_97-40">[40]</A></SUP> saw something similar with rental premiums. A year later, Finance Act 1998<SUP id="cite_ref-FA_98_41-0" class="reference"><A href="#cite_note-FA_98-41">[41]</A></SUP> went even further, making it clear that taxable trading profits (apart from those accruing to a <A href="/wiki/Lloyd%27s_of_London" title="Lloyd's of London">Lloyd's</A> corporate name<SUP id="cite_ref-CTM40750_42-0" class="reference"><A href="#cite_note-CTM40750-42">[42]</A></SUP> or to a <A href="/wiki/Life_assurance" class="mw-redirect" title="Life assurance">life assurance</A> company) and profits from a rental business are equal to profits calculated under <A href="/wiki/UK_generally_accepted_accounting_principles" class="mw-redirect" title="UK generally accepted accounting principles">generally accepted accounting practice</A> ("GAAP") unless there is a specific statutory or case law rule to the contrary. This was followed up by Finance Act 2004,<SUP id="cite_ref-FA_2004_43-0" class="reference"><A href="#cite_note-FA_2004-43">[43]</A></SUP> which provided that where a company with investment business could make deductions for management expenses, they were calculated by reference to figures in the <A href="/wiki/Financial_statements" class="mw-redirect" title="Financial statements">financial statements</A>.<SUP id="cite_ref-CTM08005_44-0" class="reference"><A href="#cite_note-CTM08005-44">[44]</A></SUP></P>
<H4><SPAN class="mw-headline" id="International_Financial_Reporting_Standards">International Financial Reporting Standards</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=8" title="Edit section: International Financial Reporting Standards">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H4>
<P>From 2005, all <A href="/wiki/European_Union" title="European Union">European Union</A> <A href="/wiki/Listed_company" class="mw-redirect" title="Listed company">listed companies</A> have to prepare their financial statements using the "<A href="/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards">International Financial Reporting Standards</A>" ("IFRS"), as modified by the EU.<SUP id="cite_ref-IAS_45-0" class="reference"><A href="#cite_note-IAS-45">[45]</A></SUP> Other UK companies may choose to adopt IFRS. Corporation tax law is changing so that, in the future, IFRS accounting profits are largely respected. The exception is for certain financial instruments and certain other measures to prevent tax <A href="/wiki/Arbitrage" title="Arbitrage">arbitrage</A> between companies applying IFRS and companies applying UK GAAP.</P>
<H3><SPAN class="mw-headline" id="Avoidance">Avoidance</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=9" title="Edit section: Avoidance">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P><A href="/wiki/Tax_avoidance" title="Tax avoidance">Tax avoidance</A> is the legitimate reduction of tax through tax planning and/or usage of legal provisions. Unlike most other countries, most UK tax professionals are accountants rather than lawyers by training.</P>
<P>Until 2013, the UK had no <A href="/wiki/Tax_avoidance" title="Tax avoidance">general anti-avoidance rule</A> ("GAAR") for corporation tax. However, it inherited an anti-avoidance rule from income tax relating to transactions in securities,<SUP id="cite_ref-CTM36805_46-0" class="reference"><A href="#cite_note-CTM36805-46">[46]</A></SUP> and since then has had various "mini-GAARs" added to it. The best known "mini-GAAR" prevents a deduction for interest paid when the loan to which it relates is made for an "unallowable purpose".<SUP id="cite_ref-CTM56705_47-0" class="reference"><A href="#cite_note-CTM56705-47">[47]</A></SUP> In 2013, the government introduced a General Anti-Avoidance Rule to manage the risk of tax avoidance.<SUP id="cite_ref-48" class="reference"><A href="#cite_note-48">[48]</A></SUP></P>
<P>Finance Act 2004<SUP id="cite_ref-FA_2004_43-1" class="reference"><A href="#cite_note-FA_2004-43">[43]</A></SUP> introduced disclosure rules requiring promoters of certain tax avoidance schemes that are financing- or employment-related to disclose the scheme. Taxpayers who use these schemes must also disclose their use when they submit their tax returns.<SUP id="cite_ref-Tax_Avoid_49-0" class="reference"><A href="#cite_note-Tax_Avoid-49">[49]</A></SUP> This is the first provision of its kind in the UK, and Finance Act 2005<SUP id="cite_ref-FA_2005_50-0" class="reference"><A href="#cite_note-FA_2005-50">[50]</A></SUP> has shown a number of tax avoidance schemes being blocked earlier than would have been expected prior to the disclosure rules.</P>
<H3><SPAN class="mw-headline" id="Need_for_greater_revenues">Need for greater revenues</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=10" title="Edit section: Need for greater revenues">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>In the early twenty-first century the government sought to raise more revenues from corporation tax. In 2002 it introduced a separate 10% supplementary charge on profits from oil and gas extraction businesses,<SUP id="cite_ref-OT00190_51-0" class="reference"><A href="#cite_note-OT00190-51">[51]</A></SUP> and Finance Act 2005<SUP id="cite_ref-FA_2005_50-1" class="reference"><A href="#cite_note-FA_2005-50">[50]</A></SUP> contained measures to accelerate when oil and gas extraction business have to pay tax. Instead of paying their tax in four equal instalments in the seventh, tenth, thirteenth and sixteenth month after the accounting period starts, they will be required to consolidate their third and fourth payments and pay them in the thirteenth month, creating a <A href="/wiki/Cash_flow" title="Cash flow">cash flow</A> advantage for the government.Finance (No.2) Act 2005<SUP id="cite_ref-FA_(No2)_2005_52-0" class="reference"><A href="#cite_note-FA_(No2)_2005-52">[52]</A></SUP> continued measures specifically relating to <A href="/wiki/Life_assurance" class="mw-redirect" title="Life assurance">life assurance</A> companies. When originally announced (as Finance (No.3) Bill 2005) <A href="/wiki/Legal_%26_General" title="Legal & General">Legal & General</A> told the Stock Exchange that £300 m had been wiped off its value, and Aviva (Norwich Union) announced that the tax changes would cost its policy holders £150 m.</P>
<H2><SPAN class="mw-headline" id="Method_of_charge">Method of charge</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=11" title="Edit section: Method of charge">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>Powers to collect corporation tax must be passed annually by <A href="/wiki/Parliament_of_the_United_Kingdom" title="Parliament of the United Kingdom">parliament</A>, otherwise there is no authority to collect it. The charge for the <A href="/wiki/Fiscal_year" title="Fiscal year">financial year</A> (beginning 1 April each year) is imposed by successive finance acts. The tax is charged in respect of the company's <A href="/wiki/Accounting_period" title="Accounting period">accounting period</A>, which is normally the 12-month period for which the company prepares its <A href="/wiki/Financial_statements" class="mw-redirect" title="Financial statements">accounts</A>.<SUP id="cite_ref-CTM01105_53-0" class="reference"><A href="#cite_note-CTM01105-53">[53]</A></SUP> Corporation tax is administered by <A href="/wiki/Her_Majesty%27s_Revenue_and_Customs" class="mw-redirect" title="Her Majesty's Revenue and Customs">Her Majesty's Revenue and Customs</A> (HMRC).</P>
<H3><SPAN class="mw-headline" id="Assessment">Assessment</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=12" title="Edit section: Assessment">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>Corporation tax is levied on the net profits of a company.<SUP id="cite_ref-CTM01105_53-1" class="reference"><A href="#cite_note-CTM01105-53">[53]</A></SUP> Except for certain <A href="/wiki/Life_assurance" class="mw-redirect" title="Life assurance">life assurance</A> companies,<SUP id="cite_ref-CTM40325_54-0" class="reference"><A href="#cite_note-CTM40325-54">[54]</A></SUP> it is borne by the company as a <A href="/wiki/Direct_tax" title="Direct tax">direct tax</A>.</P>
<P>Up until 1999 no corporation tax was due unless HMRC raised an assessment on a company. Companies were, however, obliged to report certain details to HMRC so that the right amount could be assessed. This changed for accounting periods ending on or after 1 July 1999, when self-assessment was introduced.<SUP id="cite_ref-FA_98_41-1" class="reference"><A href="#cite_note-FA_98-41">[41]</A></SUP> Self-assessment means that companies are required to assess themselves <I>and take full responsibility for that assessment</I>. If the self-assessment is wrong through negligence or recklessness, the company can be liable to penalties.<SUP id="cite_ref-CTM93260_55-0" class="reference"><A href="#cite_note-CTM93260-55">[55]</A></SUP> The self-assessment tax return needs to be delivered to HMRC 12 months after the end of the period of account in which the accounting period falls<SUP id="cite_ref-CTM93030_56-0" class="reference"><A href="#cite_note-CTM93030-56">[56]</A></SUP> (although the tax must be paid before this date). If a company fails to submit a return by then, it is liable to penalties.<SUP id="cite_ref-CTM93260_55-1" class="reference"><A href="#cite_note-CTM93260-55">[55]</A></SUP> HMRC may then issue a determination of the tax payable,<SUP id="cite_ref-CTM95305_57-0" class="reference"><A href="#cite_note-CTM95305-57">[57]</A></SUP> which cannot be appealed – however, in practice they wait until a further six months have elapsed. Also, the most common claims and elections that may be made by a company have to be part of its tax return, with a time limit of two years after the end of the accounting period.<SUP id="cite_ref-CTM90602_58-0" class="reference"><A href="#cite_note-CTM90602-58">[58]</A></SUP> This means that a company submitting its return more than one year late suffers not only from the late filing penalties, but also from the inability to make these claims and elections.</P>
<P>From 2004 there has been a requirement for new companies to notify HM Revenue & Customs of their <A href="/wiki/Company_Formation" class="mw-redirect" title="Company Formation">formation</A>, although HMRC receives notifications of new company registrations from <A href="/wiki/Companies_House" title="Companies House">Companies House</A>.<SUP id="cite_ref-FA_2004_43-2" class="reference"><A href="#cite_note-FA_2004-43">[43]</A></SUP> Companies will then receive an annual notice CT603, approximately 1–2 months after the end of the company's financial period, notifying it to complete an annual return. This must also include the company's annual accounts, and possibly other documents, such as <A href="/wiki/Auditor" title="Auditor">auditors</A>' reports, that are required for certain companies.<SUP id="cite_ref-CTM93090_59-0" class="reference"><A href="#cite_note-CTM93090-59">[59]</A></SUP></P>
<H3><SPAN class="mw-headline" id="Schedular_system">Schedular system</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=13" title="Edit section: Schedular system">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<DIV role="note" class="hatnote navigation-not-searchable">Main article: <A href="/wiki/Schedular_system_of_taxation" title="Schedular system of taxation">Schedular system of taxation</A></DIV>
<P>In the United Kingdom the <I>source rule</I> applies. This means that something is taxed only if there is a specific provision bringing it within the charge to tax. Accordingly, profits are only charged to corporation tax if they fall within one of the following, and are not otherwise exempted by an explicit provision of the Taxes Acts:<SUP id="cite_ref-CTM01105_53-2" class="reference"><A href="#cite_note-CTM01105-53">[53]</A></SUP></P>
<TABLE border="1" cellpadding="2" cellspacing="0" class="wikitable">
<TBODY><TR bgcolor="#EFEFEF">
<TH></TH>
<TH>Scope</TH>
</TR>
<TR>
<TD><B>Schedule A</B></TD>
<TD>Income from UK land<SUP id="cite_ref-PIM1001_60-0" class="reference"><A href="#cite_note-PIM1001-60">[60]</A></SUP></TD>
</TR>
<TR>
<TD><B>Schedule D</B></TD>
<TD>Taxable income not falling within another Schedule<SUP id="cite_ref-BIM14010_61-0" class="reference"><A href="#cite_note-BIM14010-61">[61]</A></SUP></TD>
</TR>
<TR>
<TD><B>Schedule F</B></TD>
<TD>Income from UK dividends<SUP id="cite_ref-CTM17005_62-0" class="reference"><A href="#cite_note-CTM17005-62">[62]</A></SUP></TD>
</TR>
<TR>
<TD><B>Chargeable gains</B></TD>
<TD>Gains as defined by legislation that are not taxed as income<SUP id="cite_ref-CTM02250_63-0" class="reference"><A href="#cite_note-CTM02250-63">[63]</A></SUP></TD>
</TR>
<TR>
<TD><B>CFC charge</B></TD>
<TD>Profits made by controlled foreign companies where no exemption applies<SUP id="cite_ref-INTM201020_64-0" class="reference"><A href="#cite_note-INTM201020-64">[64]</A></SUP></TD>
</TR>
</TBODY></TABLE>
<P>Notes:</P>
<OL>
<LI>In practice companies do not get taxed under Schedule F. Most companies are exempted from Schedule F and there is a provision for those companies which are taxed on UK dividends (i.e. dealers in shares (<A href="/wiki/Stock" title="Stock">stock</A>)) that removes the charge from Schedule F to Schedule D.</LI>
<LI>A <A href="/wiki/Controlled_Foreign_Company" class="mw-redirect" title="Controlled Foreign Company">Controlled Foreign Company</A> ("CFC") is a company controlled by a UK resident that is not itself UK resident and is subject to a lower rate of tax in the territory in which it is resident.<SUP id="cite_ref-INTM201020_64-1" class="reference"><A href="#cite_note-INTM201020-64">[64]</A></SUP> Under certain circumstances, UK resident companies that control a CFC pay corporation tax on what the UK tax profits of that CFC would have been. However, because of a wide range of exemptions,<SUP id="cite_ref-INTM201070_65-0" class="reference"><A href="#cite_note-INTM201070-65">[65]</A></SUP> very few companies suffer a CFC charge.</LI>
<LI>Schedules B, C and E used to, but no longer, exist.</LI>
<LI>Authorised unit trusts and OEICs are not liable to tax on their chargeable gains.<SUP id="cite_ref-CTM48215_66-0" class="reference"><A href="#cite_note-CTM48215-66">[66]</A></SUP></LI>
</OL>
<P>Schedule D is itself divided into a number of cases:</P>
<TABLE border="1" cellpadding="2" cellspacing="0" class="wikitable">
<TBODY><TR bgcolor="#EFEFEF">
<TH></TH>
<TH>Scope</TH>
</TR>
<TR>
<TD><B>Case I</B></TD>
<TD>Profits from a UK trade<SUP id="cite_ref-BIM14080_67-0" class="reference"><A href="#cite_note-BIM14080-67">[67]</A></SUP></TD>
</TR>
<TR>
<TD><B>Case III</B></TD>
<TD>Interest-type income and gains/losses on loans, derivatives, financial instruments and intangibles<SUP id="cite_ref-CTM50310_68-0" class="reference"><A href="#cite_note-CTM50310-68">[68]</A></SUP></TD>
</TR>
<TR>
<TD><B>Case V</B></TD>
<TD>Overseas income<SUP id="cite_ref-CTM02130_69-0" class="reference"><A href="#cite_note-CTM02130-69">[69]</A></SUP></TD>
</TR>
<TR>
<TD><B>Case VI</B></TD>
<TD>Annual income not falling within Cases I, III and V, and other income/gains specifically taxed under Case VI<SUP id="cite_ref-BIM80101_70-0" class="reference"><A href="#cite_note-BIM80101-70">[70]</A></SUP></TD>
</TR>
</TBODY></TABLE>
<P>Notes:</P>
<OL>
<LI>Cases II and IV only apply to income tax and not corporation tax.</LI>
</OL>
<P>Strictly speaking, Corporation Tax Act 2010 replaces the historic terminology "Schedule A", "Schedule D Case I" etc. with more descriptive terms but this does not affect the substantive application of the schedular system so that, for example, different rules apply for utilising tax losses depending upon the nature of the income under which the losses arises.</P>
<H4><SPAN class="mw-headline" id="Relief_for_expenses">Relief for expenses</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=14" title="Edit section: Relief for expenses">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H4>
<P>Most direct expenses are deductible when calculating taxable income and chargeable gains. Notable exceptions include any costs of entertaining clients. Companies with investment business may deduct certain indirect expenses known as "expenses of management" when calculating their taxable profits. A similar relief is available for expenses of a <A href="/wiki/Life_assurance" class="mw-redirect" title="Life assurance">life assurance</A> company taxed on the <A href="/wiki/I_minus_E_basis" class="mw-redirect" title="I minus E basis">I minus E basis</A> which relate to the company's <A href="/wiki/Basic_life_assurance_and_general_annuity_business" class="mw-redirect" title="Basic life assurance and general annuity business">basic life assurance and general annuity business</A>.<SUP id="cite_ref-CTM08005_44-1" class="reference"><A href="#cite_note-CTM08005-44">[44]</A></SUP> Donations made to charities are also normally deducted in calculating taxable income if made under <A href="/wiki/Gift_Aid" title="Gift Aid">Gift Aid</A>.<SUP id="cite_ref-CTM09060_71-0" class="reference"><A href="#cite_note-CTM09060-71">[71]</A></SUP></P>
<H3><SPAN class="mw-headline" id="Rates_and_payment">Rates and payment</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=15" title="Edit section: Rates and payment">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>The 2007 Budget<SUP id="cite_ref-Budget_2007_72-0" class="reference"><A href="#cite_note-Budget_2007-72">[72]</A></SUP> announced a main rate cut from 30% to 28%, effective from April 2008.<SUP id="cite_ref-Rates_7-10" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP> At the same time, the small companies' rate was increased from 19% to 20% from April 2007, 21% in April 2008,<SUP id="cite_ref-Rates_7-11" class="reference"><A href="#cite_note-Rates-7">[7]</A></SUP> to stop "individuals artificially incorporating as small companies to avoid paying their due share of tax, a practice if left unaddressed would cost the rest of the taxpaying population billions of pounds".<SUP id="cite_ref-Budget_speech_2007_73-0" class="reference"><A href="#cite_note-Budget_speech_2007-73">[73]</A></SUP></P>
<P>The rate of corporation tax is determined by the financial year,<SUP id="cite_ref-CTM010405_74-0" class="reference"><A href="#cite_note-CTM010405-74">[74]</A></SUP> which runs from 1 April to the following 31 March. Financial year FY17 started on 1 April 2017 and ends on 31 March 2018. Where a company's <A href="/wiki/Accounting_period" title="Accounting period">accounting period</A> straddles a financial year in which the corporation tax rate has changed, the company's profits for that period are split.<SUP id="cite_ref-CTM010405_74-1" class="reference"><A href="#cite_note-CTM010405-74">[74]</A></SUP> For example, a company paying small companies' rate with its accounting period running from 1 January to 31 December, and making £100,000 of profit in 2007, would be deemed to have made 90/365*£100,000 = £24,657.53 in FY06 (there are 90 days between 1 January and 31 March), and 275/365*£100,000=£75,34.47 in FY07, and would pay 19% on the FY06 portion, and 20% on the FY07 portion.</P>
<P>From 1 April 2010 HM Revenue & Customs updated their terminology and the former Small Companies' Rate is now called Small Profits Rate.<SUP id="cite_ref-rates2_75-0" class="reference"><A href="#cite_note-rates2-75">[75]</A></SUP></P>
<TABLE border="1" cellpadding="2" cellspacing="0" class="wikitable">
<TBODY><TR bgcolor="#EFEFEF">
<TH colspan="6" style=""border-right:0px;";">Corporate Tax rates for Financial Years 2008–2014<SUP id="cite_ref-rates2_75-1" class="reference"><A href="#cite_note-rates2-75">[75]</A></SUP><SUP id="cite_ref-Budget2011_76-0" class="reference"><A href="#cite_note-Budget2011-76">[76]</A></SUP></TH>
</TR>
<TR bgcolor="#EFEFEF">
<TH></TH>
<TH colspan="1">2008–2010</TH>
<TH>2011</TH>
<TH>2012</TH>
<TH>2013</TH>
<TH>2014</TH>
</TR>
<TR>
<TD>Small profits rate</TD>
<TD>21%</TD>
<TD>20%</TD>
<TD>20%</TD>
<TD>20%</TD>
<TD>20%</TD>
</TR>
<TR>
<TD>Small profits upper limit</TD>
<TD>£300,000</TD>
<TD>£300,000</TD>
<TD>£300,000</TD>
<TD>£300,000</TD>
<TD>£300,000</TD>
</TR>
<TR>
<TD>Marginal relief limits</TD>
<TD>£300,001 – £1,500,000</TD>
<TD>£300,001 – £1,500,000</TD>
<TD>£300,001 – £1,500,000</TD>
<TD>£300,001 – £1,500,000</TD>
<TD>£300,001 – £1,500,000</TD>
</TR>
<TR>
<TD>Main rate</TD>
<TD>28%</TD>
<TD>26%</TD>
<TD>24%</TD>
<TD>23%</TD>
<TD>21%</TD>
</TR>
</TBODY></TABLE>
<P>Notes:</P>
<OL>
<LI>The bands shown on the right hand side are divided by one plus the number of associates (usually the only associates a company has are fellow group companies, but the term is more widely defined)<SUP id="cite_ref-CTM03560_77-0" class="reference"><A href="#cite_note-CTM03560-77">[77]</A></SUP></LI>
<LI>The reduced rates do not apply to close investment holding companies (companies controlled by fewer than 5 people (plus associates) or by their directors/managers, whose main activity is the holding of investments).<SUP id="cite_ref-CTM03505_78-0" class="reference"><A href="#cite_note-CTM03505-78">[78]</A></SUP> Nor do they apply to companies in liquidation after the first 12 months.</LI>
<LI>Authorised <A href="/wiki/Unit_trust" title="Unit trust">unit trusts</A> and <A href="/wiki/Open-ended_investment_company" title="Open-ended investment company">open-ended investment companies</A> are taxed at the basic rate of <A href="/wiki/Taxation_in_the_United_Kingdom#Income_tax" title="Taxation in the United Kingdom">income tax</A> which is 20% as of 2010<SUP id="cite_ref-rates2_75-2" class="reference"><A href="#cite_note-rates2-75">[75]</A></SUP></LI>
<LI><A href="/wiki/Life_assurance" class="mw-redirect" title="Life assurance">Life assurance</A> companies are taxed using the above rates on shareholder profits and 20% on policy holder profits<SUP id="cite_ref-LAM_79-0" class="reference"><A href="#cite_note-LAM-79">[79]</A></SUP></LI>
<LI>Companies active in the oil and gas extraction industry in the UK or on the <A href="/wiki/UK_Continental_Shelf" class="mw-redirect" title="UK Continental Shelf">UK Continental Shelf</A> are subject to an additional 10% charge on their profits from those activities<SUP id="cite_ref-OT00190_51-1" class="reference"><A href="#cite_note-OT00190-51">[51]</A></SUP></LI>
</OL>
<P>Most companies are required to pay tax nine months and a day after the end of an accounting period.<SUP id="cite_ref-CTM92010_80-0" class="reference"><A href="#cite_note-CTM92010-80">[80]</A></SUP> Larger companies are required to pay quarterly instalments, in the seventh, tenth, thirteenth and sixteenth months after a full accounting period starts.<SUP id="cite_ref-CTM92505_23-1" class="reference"><A href="#cite_note-CTM92505-23">[23]</A></SUP> These times are modified where an accounting period lasts for less than twelve months.<SUP id="cite_ref-CTM92580_81-0" class="reference"><A href="#cite_note-CTM92580-81">[81]</A></SUP> From 2005 onwards, for tax payable on oil and gas extraction profits, the third and fourth quarterly instalments are merged, including the supplementary 10% charge.<SUP id="cite_ref-FA_2005_50-2" class="reference"><A href="#cite_note-FA_2005-50">[50]</A></SUP></P>
<P>In the financial year 2004–2005, approximately 39,000 companies paid corporation tax at the main rate. These 4.7% of active companies are responsible for 75% of all corporation tax receipts. Around 224,000 companies paid the small companies rate, with 34,000 benefiting from marginal relief. 264,000 were in the starting rate, with 269,000 benefiting from the lower band of marginal relief.<SUP id="cite_ref-Stats_-_detailed_82-0" class="reference"><A href="#cite_note-Stats_-_detailed-82">[82]</A></SUP> The total revenue was £41.9bn<SUP id="cite_ref-Stats_-_HMRC_receipts_83-0" class="reference"><A href="#cite_note-Stats_-_HMRC_receipts-83">[83]</A></SUP> from 831,885 companies.<SUP id="cite_ref-Stats_-_detailed_82-1" class="reference"><A href="#cite_note-Stats_-_detailed-82">[82]</A></SUP> Only 23480 companies had a liability in excess of £100,000.<SUP id="cite_ref-Stats_-_CT_payable_84-0" class="reference"><A href="#cite_note-Stats_-_CT_payable-84">[84]</A></SUP></P>
<H3><SPAN class="mw-headline" id="HM_Revenue_and_Customs_powers_of_enquiry">HM Revenue and Customs powers of enquiry</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=16" title="Edit section: HM Revenue and Customs powers of enquiry">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>HMRC has one year from the normal filing date, which is itself one year after the end of the <A href="/w/index.php?title=Period_of_account&action=edit&redlink=1" class="new" title="Period of account (page does not exist)">period of account</A>, to open an enquiry into the return. This period is extended if the return is filed late. The enquiry continues until all issues that HMRC wish to enquire about a return are dealt with. However, a company can appeal to the Commissioners of Income Tax to close an enquiry if they feel there is undue delay.<SUP id="cite_ref-CTM90150_85-0" class="reference"><A href="#cite_note-CTM90150-85">[85]</A></SUP></P>
<P>If either side disputes the amount of tax that is payable, they may appeal to either the General or Special Commissioners of Income Tax.<SUP id="cite_ref-CTM95130_86-0" class="reference"><A href="#cite_note-CTM95130-86">[86]</A></SUP> Appeals on points of law may be made to the <A href="/wiki/High_Court_of_Justice_of_England_and_Wales" class="mw-redirect" title="High Court of Justice of England and Wales">High Court</A> (<A href="/wiki/Court_of_Session" title="Court of Session">Court of Session</A> in <A href="/wiki/Scotland" title="Scotland">Scotland</A>), then the <A href="/wiki/Court_of_Appeals" class="mw-redirect" title="Court of Appeals">Court of Appeal</A>, and finally, with leave, to the <A href="/wiki/Judicial_functions_of_the_House_of_Lords" title="Judicial functions of the House of Lords">House of Lords</A>. However, decisions of fact are binding and can only be appealed if no reasonable Commissioner could have made that decision.<SUP id="cite_ref-Tax_Appeals_87-0" class="reference"><A href="#cite_note-Tax_Appeals-87">[87]</A></SUP></P>
<P>Once an enquiry is closed, or the time for opening an enquiry has passed, HMRC can only re-open a prior year if they become aware of an issue which they could not reasonably have known about at the time, or in instances of fraud or negligence. In fraud or negligence cases, they can re-open cases from up to 20 years ago.<SUP id="cite_ref-CTM95100_88-0" class="reference"><A href="#cite_note-CTM95100-88">[88]</A></SUP></P>
<P>After an HMRC enquiry closes, or after final determination of an issue by the courts, the taxpayer has 30 days to amend their return, and make additional claims and elections, if appropriate, before the assessment becomes final and conclusive. If there is no enquiry, the assessment becomes final and conclusive once the period in which the Revenue may open an enquiry passes.</P>
<H2><SPAN class="mw-headline" id="Relief_from_double_taxation">Relief from double taxation</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=17" title="Edit section: Relief from double taxation">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>There is a risk of <A href="/wiki/Double_taxation" title="Double taxation">double taxation</A> whenever a company receives income that has already been taxed. This could be <A href="/wiki/Dividend" title="Dividend">dividend</A> income, which will have been paid out of the post-tax <A href="/wiki/Profit_(economics)" title="Profit (economics)">profits</A> of another company and which may have suffered <A href="/wiki/Withholding_tax" title="Withholding tax">withholding tax</A>. Or it could be because the company itself has suffered foreign tax, perhaps because it conducts part of its trade through an overseas <A href="/wiki/Permanent_establishment" title="Permanent establishment">permanent establishment</A>, or because it receives other types of foreign income.</P>
<P>Double taxation is avoided for UK dividends by exempting them from tax for most companies: only dealers in shares suffer tax on them.<SUP id="cite_ref-CTM02060_89-0" class="reference"><A href="#cite_note-CTM02060-89">[89]</A></SUP> Where double taxation arises because of overseas tax suffered, relief is available either in the form of expense or credit relief.<SUP id="cite_ref-IM151040_90-0" class="reference"><A href="#cite_note-IM151040-90">[90]</A></SUP> Expense relief allows the overseas tax to be treated as a deductible expense in the tax computation. Credit relief is given as a deduction from the UK tax liability, but is restricted to the amount of UK tax suffered on the foreign income. There is a system of onshore pooling, so that overseas tax suffered in high tax territories may be set off against taxable income arising from low tax territories. From 1 July 2009, new rules were introduced to exempt most non-UK dividends from corporation tax so these double taxation rules in respect of non-UK dividends will be of less common application in practice after that date.</P>
<H2><SPAN class="mw-headline" id="Loss_relief">Loss relief</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=18" title="Edit section: Loss relief">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>Detailed and separate rules apply to how all the different types of losses may be set off within the computations of a company.<SUP id="cite_ref-CTM04050_91-0" class="reference"><A href="#cite_note-CTM04050-91">[91]</A></SUP> A detailed explanation of these can be found in: <I><A href="/w/index.php?title=United_Kingdom_corporation_tax_loss_relief&action=edit&redlink=1" class="new" title="United Kingdom corporation tax loss relief (page does not exist)">United Kingdom corporation tax loss relief</A></I>.</P>
<H3><SPAN class="mw-headline" id="Group_relief">Group relief</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=19" title="Edit section: Group relief">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>The UK does not permit <A href="/wiki/Tax_consolidation" title="Tax consolidation">tax consolidation</A>, where companies in a group are treated as though they are a single entity for tax purposes. One of the main benefits of tax consolidation is that tax losses in one entity in a group are automatically relievable against the tax profits of another. Instead, the UK permits a form of loss relief called "group relief".<SUP id="cite_ref-CTM80105_92-0" class="reference"><A href="#cite_note-CTM80105-92">[92]</A></SUP></P>
<P>Where a company has losses arising in an accounting period (other than capital losses, or losses arising under Case V or VI of Schedule D) in excess of its other taxable profits for the period, it may surrender these losses to a group member with sufficient taxable profits in the same accounting period.<SUP id="cite_ref-CTM80110_93-0" class="reference"><A href="#cite_note-CTM80110-93">[93]</A></SUP> The company receiving the losses may offset them against their own taxable profits. Exceptions include that a company in the oil and gas extraction industry may not accept group relief against the profits arising on its <A href="/wiki/Oil_drilling" class="mw-redirect" title="Oil drilling">oil and gas extraction business</A>,<SUP id="cite_ref-OT00190_51-2" class="reference"><A href="#cite_note-OT00190-51">[51]</A></SUP> and a life assurance company may only accept group relief against its profits chargeable to tax at the standard shareholder rate applicable to that company.<SUP id="cite_ref-LAM_79-1" class="reference"><A href="#cite_note-LAM-79">[79]</A></SUP> Separate rules apply for dual resident companies.</P>
<P>Full group relief is permitted between companies subject to UK corporation tax that are in the same 75% group, where companies have a common ultimate parent, and at least 75% of the shares in each company (other than the ultimate parent) are owned by other companies in the group. The companies making up a 75% group do not all need to be UK-resident or subject to UK corporation tax relief. An <A href="/wiki/Open-ended_investment_company" title="Open-ended investment company">open-ended investment company</A> cannot form part of a group.<SUP id="cite_ref-CTM80155_94-0" class="reference"><A href="#cite_note-CTM80155-94">[94]</A></SUP></P>
<P>Consortium relief is permitted where a company subject to UK corporation tax is owned by a <A href="/wiki/Consortium" title="Consortium">consortium</A> of companies that each own at least 5% of the shares and together own at least 75% of the shares. A consortium company can only surrender or accept losses in proportion to how much of that company is owned by each consortium group.<SUP id="cite_ref-CTM80530_95-0" class="reference"><A href="#cite_note-CTM80530-95">[95]</A></SUP></P>
<H2><SPAN class="mw-headline" id="Example_computation">Example computation</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=20" title="Edit section: Example computation">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>This is an example computation involving a company that has one associate from which it receives £50,000 group relief.</P>
<TABLE border="1" cellpadding="2" cellspacing="0" class="wikitable">
<TBODY><TR bgcolor="#EFEFEF">
<TH colspan="3" align="center">Example Company Ltd</TH>
</TR>
<TR bgcolor="#EFEFEF">
<TH width="300"> </TH>
<TH width="60">£</TH>
<TH width="60">£</TH>
</TR>
<TR>
<TD>Schedule A (UK land)</TD>
<TD> </TD>
<TD align="right">100,000</TD>
</TR>
<TR>
<TD>Schedule D</TD>
<TD> </TD>
<TD> </TD>
</TR>
<TR>
<TD>   — Case I (UK trade)</TD>
<TD align="right">200,000</TD>
<TD> </TD>
</TR>
<TR>
<TD>   — Case I losses brought forward <SUP>1</SUP></TD>
<TD align="right">(100,000)</TD>
<TD align="right">100,000</TD>
</TR>
<TR>
<TD>   — Case III (loan relationships, derivatives, financial instruments)</TD>
<TD> </TD>
<TD align="right">100,000</TD>
</TR>
<TR>
<TD>   — Case V (overseas)</TD>
<TD> </TD>
<TD align="right">300,000</TD>
</TR>
<TR>
<TD>   — Case VI (other annual profits)</TD>
<TD> </TD>
<TD align="right">10,000</TD>
</TR>
<TR>
<TD>Chargeable gains (capital gains)</TD>
<TD align="right">150,000</TD>
<TD> </TD>
</TR>
<TR>
<TD>Allowable (capital) losses brought forward</TD>
<TD align="right">(50,000)</TD>
<TD align="right">100,000</TD>
</TR>
<TR>
<TD>    Less: Non-trading debits brought forward ²</TD>
<TD> </TD>
<TD align="right">(50,000)</TD>
</TR>
<TR>
<TD>    Less: Management expense deduction ³</TD>
<TD> </TD>
<TD align="right">(20,000)</TD>
</TR>
<TR>
<TD>    Less: Charges (donations to UK charities)</TD>
<TD> </TD>
<TD align="right">(10,000)</TD>
</TR>
<TR>
<TD>    Less: Group relief accepted</TD>
<TD> </TD>
<TD align="right">(50,000)</TD>
</TR>
<TR>
<TD><B><A href="/wiki/Profits_chargeable_to_corporation_tax" class="mw-redirect" title="Profits chargeable to corporation tax">Profits chargeable to corporation tax</A></B></TD>
<TD> </TD>
<TD align="right"><B>580,000</B></TD>
</TR>
<TR>
<TD><B>Tax @ 30%</B></TD>
<TD> </TD>
<TD align="right"><B>174,000</B></TD>
</TR>
<TR>
<TD>    Less: Marginal relief <SUP>4</SUP></TD>
<TD> </TD>
<TD align="right">(46,750)</TD>
</TR>
<TR>
<TD>    Less: Double tax relief <SUP>5</SUP></TD>
<TD> </TD>
<TD align="right">(30,000)</TD>
</TR>
<TR>
<TD><B>Tax liability for the period</B></TD>
<TD> </TD>
<TD align="right"><B>97,250</B></TD>
</TR>
</TBODY></TABLE>
<P>Notes:</P>
<UL>
<LI><SUP>1</SUP> UK trading losses brought forward from previous accounting periods must be relieved as fully as possible against any trading profits in the current accounting period. They cannot be relieved against non-trading profits.</LI>
<LI>² Brought forward <A href="/w/index.php?title=Non-trading_debit&action=edit&redlink=1" class="new" title="Non-trading debit (page does not exist)">non-trading debits</A> can be utilised against non-trading profits; they cannot reduce the trading profits</LI>
<LI>³ The management expense deduction is in relation to expenses incurred on managing the company's investments.</LI>
<LI><SUP>4</SUP> The marginal relief computation is as follows:</LI>
</UL>
<DL>
<DD>Marginal relief fraction x (Upper limit/ (Number of associates plus one) – Profit)</DD>
<DD>1/40 x (1,500,000/2 – 580,000)</DD>
</DL>
<UL>
<LI><SUP>5</SUP> The £30,000 overseas tax has been included in the taxable Schedule D Case V figure. Double tax relief is available on the lower of overseas tax suffered and UK corporation tax suffered on the overseas income.</LI>
</UL>
<H2><SPAN class="mw-headline" id="Interaction_with_European_law">Interaction with European law</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=21" title="Edit section: Interaction with European law">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<P>Although there are no <A href="/wiki/European_Union" title="European Union">European Union</A> <A href="/wiki/European_Union_directive" class="mw-redirect" title="European Union directive">directives</A> dealing with direct taxes, UK laws must comply with European legislation. In particular, legislation should not be discriminatory under the EC treaty.</P>
<P>A number of cases where UK tax laws are believed to be discriminatory have been brought to the <A href="/wiki/European_Court_of_Justice" title="European Court of Justice">European Court of Justice</A>, usually with respect to freedom of establishment and freedom of movement of capital. Key cases which have been decided include:</P>
<UL>
<LI><I>Hoechst</I><SUP id="cite_ref-Hoechst_9-1" class="reference"><A href="#cite_note-Hoechst-9">[9]</A></SUP> — where the Court found that the way the partial imputation system operated prior to its abolition in 1999 was discriminatory;</LI>
<LI><I>Lankhorst-Hohorst</I><SUP id="cite_ref-L-H_96-0" class="reference"><A href="#cite_note-L-H-96">[96]</A></SUP> — a German case which implied that the UK's transfer pricing and thin capitalisation legislation may have been contrary to EU legislation (the 2004 Finance Act made changes to counter this threat);</LI>
<LI><I>Marks and Spencer</I><SUP id="cite_ref-M&S_97-0" class="reference"><A href="#cite_note-M&S-97">[97]</A></SUP> — where it was claimed that UK parents should be able to relieve the losses of overseas subsidiaries against the tax profits of their UK subgroup (On 7 April 2005, the Advocate-General gave an opinion supporting the claim of a UK parent to offset losses of its EU subsidiaries, where no effective loss relief was available in the EU Member States the subsidiaries were resident in). However, in the final judgment, a compromise agreement was reached in which the national interest to prevent excessive loss of tax was held to outweigh in most circumstances the restriction on the freedom of movement of capital. Accordingly, although no specific new legislation has been introduced, relief for overseas losses will only be available where they may not be utilised in the overseas jurisdiction;</LI>
<LI><I>Cadbury Schweppes</I><SUP id="cite_ref-Cadbury_98-0" class="reference"><A href="#cite_note-Cadbury-98">[98]</A></SUP> — where it was ruled that CFC rules are only acceptable if they relate to wholly artificial arrangements intended to escape the UK tax normally payable.</LI>
</UL>
<P>Also, the case of <I>ICI v Colmer</I><SUP id="cite_ref-ICI_99-0" class="reference"><A href="#cite_note-ICI-99">[99]</A></SUP> led to the UK amending its definition of a group, for group relief purposes. Previously, the definition required that all companies and intermediate parent companies in a group to be UK resident.</P>
<P>There are also a number of other cases making their way, slowly, up to the European Court. In particular:</P>
<UL>
<LI>A <A href="/wiki/Group_Litigation_Order" title="Group Litigation Order">Group Litigation Order</A> arguing that dividends received from overseas companies should be exempt from tax in the same way as dividends received from UK companies are exempted from tax;<SUP id="cite_ref-GLO_100-0" class="reference"><A href="#cite_note-GLO-100">[100]</A></SUP></LI>
<LI>Claims that the UK CFC legislation is contrary to EU law (notably Vodafone).</LI>
</UL>
<H2><SPAN class="mw-headline" id="Recent_developments">Recent developments</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=22" title="Edit section: Recent developments">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<H3><SPAN class="mw-headline" id="Corporation_tax_reform">Corporation tax reform</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=23" title="Edit section: Corporation tax reform">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>There have been a number of proposals for corporation tax reform, although only a few have been enacted. In March 2001, the government published a technical note <I>A Review of Small Business Taxation</I>, which considered simplification of corporation tax for small companies through the closer alignment of their profits for tax purposes with those reported in their accounts.<SUP id="cite_ref-Review_SBT_101-0" class="reference"><A href="#cite_note-Review_SBT-101">[101]</A></SUP> In July of that year, the government also published a consultation document, <I>Large Business Taxation: the Government's strategy and corporate tax reforms</I>. It set out the strategy for modernising corporate taxes and proposals for relief for <A href="/wiki/Capital_gain" title="Capital gain">capital gains</A> on substantial shareholdings held by companies.</P>
<P>In August 2002, <I>Reform of corporation tax – A consultation document</I> was published, outlining initial proposals for the abolition of the Schedular system.<SUP id="cite_ref-Refrom_CT_102-0" class="reference"><A href="#cite_note-Refrom_CT-102">[102]</A></SUP> This was followed up in August 2003 by <I>Corporation tax reform – A consultation document</I>, which further discussed the possible abolition of the Schedular system, and also whether the capital allowances (tax depreciation) system should be abolished.<SUP id="cite_ref-CT_reform_103-0" class="reference"><A href="#cite_note-CT_reform-103">[103]</A></SUP> It also made proposals that were ultimately enacted in Finance Act 2004.<SUP id="cite_ref-FA_2004_43-3" class="reference"><A href="#cite_note-FA_2004-43">[43]</A></SUP> (The first two of these listed below were in response to threats to the UK tax base arising from recent <A href="/wiki/European_Court_of_Justice" title="European Court of Justice">European Court of Justice</A> judgments.) The changes were to:</P>
<UL>
<LI>Introduction of transfer pricing rules for UK-to-UK transactions. Transfer pricing rules require certain transactions to be deemed to have taken place at arm's length prices for tax purposes where they did not in fact take place as such.</LI>
<LI>Merging thin capitalisation rules with the <A href="/wiki/Transfer_pricing" title="Transfer pricing">transfer pricing</A> rules. <A href="/wiki/Thin_capitalisation" title="Thin capitalisation">Thin capitalisation</A> rules limit the amount a company can claim as a tax deduction on interest when it receives loans at non-commercial rates (from connected parties, for example).</LI>
<LI>Extension of the deduction for management expenses to all companies with an investment business. Previously a company had to be wholly or mainly engaged in an investment business to qualify.</LI>
</UL>
<P>In December 2004, <I>Corporation tax reform – a technical note</I> was published. It outlined the government's decision to abolish the schedular system, replacing the numerous schedules and cases with two pools: a trading and letting pool; and an "everything else" pool. The Government had decided that capital allowances would remain, though there would be some reforms, mostly affecting the leasing industry.<SUP id="cite_ref-CT_reform_tech_104-0" class="reference"><A href="#cite_note-CT_reform_tech-104">[104]</A></SUP></P>
<H3><SPAN class="mw-headline" id="Other_enactments">Other enactments</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=24" title="Edit section: Other enactments">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H3>
<P>Other main reforms enacted, include:</P>
<UL>
<LI>Relief from tax on chargeable gains on disposals of substantial shareholdings in trading companies and groups (enacted by Finance Act 2002).<SUP id="cite_ref-FA_2002_105-0" class="reference"><A href="#cite_note-FA_2002-105">[105]</A></SUP></LI>
<LI>Introduction of UK to UK transfer pricing rules, coupled with the merging of the thin capitalisation rules with the transfer pricing rules (enacted by Finance Act 2004).<SUP id="cite_ref-FA_2004_43-4" class="reference"><A href="#cite_note-FA_2004-43">[43]</A></SUP></LI>
<LI>Extension of management expenses rules so that companies do not need to be investment companies to receive them, coupled with a specific rule preventing capital items being deductible as management expenses (enacted by Finance Act 2004).<SUP id="cite_ref-FA_2004_43-5" class="reference"><A href="#cite_note-FA_2004-43">[43]</A></SUP></LI>
</UL>
<H2><SPAN class="mw-headline" id="See_also">See also</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=25" title="Edit section: See also">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<UL>
<LI><A href="/wiki/Taxation_in_the_United_Kingdom" title="Taxation in the United Kingdom">Taxation in the United Kingdom</A></LI>
<LI><A href="/wiki/Corporate_tax" title="Corporate tax">Corporate tax</A></LI>
<LI><A href="/wiki/UK_company_law" class="mw-redirect" title="UK company law">UK company law</A></LI>
<LI><A href="/wiki/Corporation_tax_in_the_Republic_of_Ireland" title="Corporation tax in the Republic of Ireland">Corporation tax in the Republic of Ireland</A></LI>
</UL>
<H2><SPAN class="mw-headline" id="References">References</SPAN><SPAN class="mw-editsection"><SPAN class="mw-editsection-bracket">[</SPAN><A href="/w/index.php?title=United_Kingdom_corporation_tax&action=edit&section=26" title="Edit section: References">edit</A><SPAN class="mw-editsection-bracket">]</SPAN></SPAN></H2>
<DIV class="reflist columns references-column-width" style="-moz-column-width: 30em; -webkit-column-width: 30em; column-width: 30em; list-style-type: decimal;">
<OL class="references">
<LI id="cite_note-1"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-1"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="https://web.archive.org/web/20171006140249/https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/639048/Corporation_Tax_Statistics_August_2017.pdf">"Archived copy"</A> <SPAN style="font-size:85%;">(PDF)</SPAN>. Archived from <A rel="nofollow" class="external text" href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/639048/Corporation_Tax_Statistics_August_2017.pdf">the original</A> <SPAN style="font-size:85%;">(PDF)</SPAN> on 6 October 2017<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">6 October</SPAN> 2017</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Archived+copy&rft_id=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fuploads%2Fsystem%2Fuploads%2Fattachment_data%2Ffile%2F639048%2FCorporation_Tax_Statistics_August_2017.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN> |title=HMRC Corporation TaxStatistics 2017 |page=19 |quote=Includes Bank Levy and Bank Surcharge}}</SPAN></LI>
<LI id="cite_note-2"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-2"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea">"Gross Domestic Product at market prices: Current price: Seasonally adjusted £m"</A>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Gross+Domestic+Product+at+market+prices%3A+Current+price%3A+Seasonally+adjusted+%C2%A3m&rft_id=https%3A%2F%2Fwww.ons.gov.uk%2Feconomy%2Fgrossdomesticproductgdp%2Ftimeseries%2Fybha%2Fukea&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-FA_65-3"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-FA_65_3-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-FA_65_3-1"><SUP><I><B>b</B></I></SUP></A> <A href="#cite_ref-FA_65_3-2"><SUP><I><B>c</B></I></SUP></A></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="http://www.statutelaw.gov.uk/content.aspx?LegType=All+Legislation&title=Finance+Act+1965&searchEnacted=0&extentMatchOnly=0&confersPower=0&blanketAmendment=0&sortAlpha=0&TYPE=QS&PageNumber=1&NavFrom=0&parentActiveTextDocId=1171400&ActiveTextDocId=1171400&filesize=108865">"Finance Act 1965 (c. 25), from UK Statute Law Database"</A>. UK Statutory Publications Office, <A href="/wiki/Ministry_of_Justice" class="mw-redirect" title="Ministry of Justice">Ministry of Justice</A><SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">9 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Finance+Act+1965+%28c.+25%29%2C+from+UK+Statute+Law+Database&rft.pub=UK+Statutory+Publications+Office%2C+Ministry+of+Justice&rft_id=http%3A%2F%2Fwww.statutelaw.gov.uk%2Fcontent.aspx%3FLegType%3DAll%2BLegislation%26title%3DFinance%2BAct%2B1965%26searchEnacted%3D0%26extentMatchOnly%3D0%26confersPower%3D0%26blanketAmendment%3D0%26sortAlpha%3D0%26TYPE%3DQS%26PageNumber%3D1%26NavFrom%3D0%26parentActiveTextDocId%3D1171400%26ActiveTextDocId%3D1171400%26filesize%3D108865&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-rewrite-4"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-rewrite_4-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/rewrite/index.htm">Tax Law Rewrite</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20060418073148/http://www.hmrc.gov.uk/rewrite/index.htm">Archived</A> 18 April 2006 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., <A href="/wiki/Her_Majesty%27s_Revenue_and_Customs" class="mw-redirect" title="Her Majesty's Revenue and Customs">Her Majesty's Revenue and Customs</A> (HMRC). Retrieved 17 April 2007</SPAN></LI>
<LI id="cite_note-ICTA_88-5"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-ICTA_88_5-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external autonumber" href="http://www.legislation.gov.uk/ukpga/1988/1">[1]</A><A href="/wiki/Income_and_Corporation_Taxes_Act_1988" title="Income and Corporation Taxes Act 1988">Income and Corporation Taxes Act 1988</A> (c. 1), <A href="/wiki/Office_of_Public_Sector_Information" title="Office of Public Sector Information">Office of Public Sector Information</A>, responsible for the operation of Her Majesty's Stationery Office (HMSO), <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-540188-9" title="Special:BookSources/0-10-540188-9">0-10-540188-9</A></SPAN></LI>
<LI id="cite_note-6"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-6"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text">Most income tax rules have been rewritten in the <A href="/wiki/Income_Tax_(Earnings_and_Pensions)_Act_2003" title="Income Tax (Earnings and Pensions) Act 2003">Income Tax (Earnings and Pensions) Act 2003</A>, <A href="/wiki/Income_Tax_(Trading_and_Other_Income)_Act_2005" title="Income Tax (Trading and Other Income) Act 2005">Income Tax (Trading and Other Income) Act 2005</A>, and <A href="/wiki/Income_Tax_Act_2007" title="Income Tax Act 2007">Income Tax Act 2007</A>.</SPAN></LI>
<LI id="cite_note-Rates-7"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-Rates_7-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-Rates_7-1"><SUP><I><B>b</B></I></SUP></A> <A href="#cite_ref-Rates_7-2"><SUP><I><B>c</B></I></SUP></A> <A href="#cite_ref-Rates_7-3"><SUP><I><B>d</B></I></SUP></A> <A href="#cite_ref-Rates_7-4"><SUP><I><B>e</B></I></SUP></A> <A href="#cite_ref-Rates_7-5"><SUP><I><B>f</B></I></SUP></A> <A href="#cite_ref-Rates_7-6"><SUP><I><B>g</B></I></SUP></A> <A href="#cite_ref-Rates_7-7"><SUP><I><B>h</B></I></SUP></A> <A href="#cite_ref-Rates_7-8"><SUP><I><B>i</B></I></SUP></A> <A href="#cite_ref-Rates_7-9"><SUP><I><B>j</B></I></SUP></A> <A href="#cite_ref-Rates_7-10"><SUP><I><B>k</B></I></SUP></A> <A href="#cite_ref-Rates_7-11"><SUP><I><B>l</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/stats/corporate_tax/rates-of-tax.pdf">Rates of Corporation Tax (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070609150401/http://www.hmrc.gov.uk/stats/corporate_tax/rates-of-tax.pdf">Archived</A> 9 June 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 13 April 2007</SPAN></LI>
<LI id="cite_note-8"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-8"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="https://www.gov.uk/corporation-tax-rates/rates">"Corporation Tax rates and reliefs - GOV.UK"</A>. <I>www.gov.uk</I><SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2015-10-13</SPAN></SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.gov.uk&rft.atitle=Corporation+Tax+rates+and+reliefs+-+GOV.UK&rft_id=https%3A%2F%2Fwww.gov.uk%2Fcorporation-tax-rates%2Frates&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-Hoechst-9"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-Hoechst_9-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-Hoechst_9-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://curia.europa.eu/jurisp/cgi-bin/form.pl?lang=en&newform=newform&alljur=alljur&jurcdj=jurcdj&jurtpi=jurtpi&jurtfp=jurtfp&alldocrec=alldocrec&docj=docj&docor=docor&docop=docop&docav=docav&docsom=docsom&docinf=docinf&alldocnorec=alldocnorec&docnoj=docnoj&docnoor=docnoor&typeord=ALLTYP&allcommjo=allcommjo&affint=affint&affclose=affclose&numaff=&ddatefs=&mdatefs=&ydatefs=&ddatefe=&mdatefe=&ydatefe=&nomusuel=Metallgesellschaft&domaine=&mots=&resmax=100&Submit=Submit"><I>Metallgesellschaft Ltd and Others, Hoechst AG, Hoechst UK Ltd and Commissioners of Inland Revenue, H.M. Attorney General</I></A> ECJ Cases C-397/98 and 410/98 (Joined cases), European Court of Justice, 2001. Retrieved 9 May 2007</SPAN></LI>
<LI id="cite_note-10"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-10"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="https://web.archive.org/web/20160304221555/https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/456459/Corporation_Tax_Statistics_August_2015.pdf#8">"Corporation Tax Statistics: Analyses of Corporation Tax receipts and liabilities"</A> <SPAN style="font-size:85%;">(PDF)</SPAN>. HM Revenue & Customs. 28 August 2015. p. 8. Archived from <A rel="nofollow" class="external text" href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/456459/Corporation_Tax_Statistics_August_2015.pdf#8">the original</A> <SPAN style="font-size:85%;">(PDF)</SPAN> on 4 March 2016.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Corporation+Tax+Statistics%3A+Analyses+of+Corporation+Tax+receipts+and+liabilities&rft.pages=8&rft.pub=HM+Revenue+%26+Customs&rft.date=2015-08-28&rft_id=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fuploads%2Fsystem%2Fuploads%2Fattachment_data%2Ffile%2F456459%2FCorporation_Tax_Statistics_August_2015.pdf%238&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-CT-11"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-CT_11-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-CT_11-1"><SUP><I><B>b</B></I></SUP></A> <A href="#cite_ref-CT_11-2"><SUP><I><B>c</B></I></SUP></A> <A href="#cite_ref-CT_11-3"><SUP><I><B>d</B></I></SUP></A> <A href="#cite_ref-CT_11-4"><SUP><I><B>e</B></I></SUP></A> <A href="#cite_ref-CT_11-5"><SUP><I><B>f</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://webarchive.nationalarchives.gov.uk/20140109143644/http://www.hmrc.gov.uk/stats/corporate_tax/introduction.pdf">Corporate Tax (PDF)</A></SPAN></LI>
<LI id="cite_note-Just_Taxes-12"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Just_Taxes_12-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation book">Daunton, Martin (2002). <A rel="nofollow" class="external text" href="http://assets.cambridge.org/97805218/14003/sample/9780521814003ws.pdf"><I>Just Taxes: The Politics of Taxation in Britain, 1914–1979</I></A> <SPAN style="font-size:85%;">(pdf)</SPAN>. Cambridge University Press. <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-521-81400-6" title="Special:BookSources/0-521-81400-6">0-521-81400-6</A><SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">9 April</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Just+Taxes%3A+The+Politics+of+Taxation+in+Britain%2C+1914%E2%80%931979&rft.pub=Cambridge+University+Press&rft.date=2002&rft.isbn=0-521-81400-6&rft.aulast=Daunton&rft.aufirst=Martin&rft_id=http%3A%2F%2Fassets.cambridge.org%2F97805218%2F14003%2Fsample%2F9780521814003ws.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-E&I-13"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-E&I_13-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-E&I_13-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><CITE class="citation web">Daunton, Martin (May 2002). <A rel="nofollow" class="external text" href="http://www.historyandpolicy.org/archive/policy-paper-06.html">"Equality and incentive: fiscal politics from Gladstone to Brown"</A>. History & Policy<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">9 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Equality+and+incentive%3A+fiscal+politics+from+Gladstone+to+Brown&rft.pub=History+%26+Policy&rft.date=2002-05&rft.au=Daunton%2C+Martin&rft_id=http%3A%2F%2Fwww.historyandpolicy.org%2Farchive%2Fpolicy-paper-06.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-newark_adv.-14"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-newark_adv._14-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text">"<A rel="nofollow" class="external text" href="http://www.newarkadvertiser.net/newtiser/history/51apr.htm">50 years ago</A> <A rel="nofollow" class="external text" href="https://archive.is/20150309182007/http://www.newarkadvertiser.net/newtiser/history/51apr.htm">Archived</A> 9 March 2015 at <A href="/wiki/Archive.is" title="Archive.is">Archive.is</A>", <I>Newark Advertiser</I>. Retrieved 8 March 2015</SPAN></LI>
<LI id="cite_note-CTM20105-15"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM20105_15-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/ctm20105.htm">Company Taxation Manual CTM20105 — ACT: set-off against CT on profits: introduction</A>, HMRC. Retrieved 13 April 2007</SPAN></LI>
<LI id="cite_note-CTM16120-16"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-CTM16120_16-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-CTM16120_16-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/ctm16120.htm">Company Taxation Manual CTM16120 — Distributions: impact on CT: franked investment income: general</A>, HMRC. Retrieved 12 April 2007</SPAN></LI>
<LI id="cite_note-CTM15150-17"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-CTM15150_17-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-CTM15150_17-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM15150.htm">Company Taxation Manual CTM15150 — Distributions: general: tax consequences</A>, HMRC. Retrieved 12 April 2007</SPAN></LI>
<LI id="cite_note-Personal_allowances-18"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Personal_allowances_18-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/stats/tax_structure/incometax_pa-and-reliefs_1974to1990.pdf">Income Tax Personal Allowances and Reliefs 1973–74 to 1989–90 (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070206074009/http://www.hmrc.gov.uk/stats/tax_structure/incometax_pa-and-reliefs_1974to1990.pdf">Archived</A> 6 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 9 April 2007</SPAN></LI>
<LI id="cite_note-CTM20070-19"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-CTM20070_19-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-CTM20070_19-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM20070.htm">Company Taxation Manual CTM20070 — ACT: general: qualifying and non-qualifying distributions</A>, HMRC. Retrieved 12 April 2007</SPAN></LI>
<LI id="cite_note-Budget_1997-20"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Budget_1997_20-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://archive.treasury.gov.uk/budget/1997/report/budget97.htm">Budget 1997</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070320164122/http://archive.treasury.gov.uk/budget/1997/report/budget97.htm">Archived</A> 20 March 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HM Treasury. Retrieved 25 April 2007</SPAN></LI>
<LI id="cite_note-Pension_Swindle-21"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Pension_Swindle_21-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation news">Field, Frank (1 April 2007). <A rel="nofollow" class="external text" href="http://www.thesundaytimes.co.uk/sto/news/Features/Focus/article62480.ece">"The great pension swindle"</A>. Sunday Times<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">9 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+great+pension+swindle&rft.date=2007-04-01&rft.aulast=Field&rft.aufirst=Frank&rft_id=http%3A%2F%2Fwww.thesundaytimes.co.uk%2Fsto%2Fnews%2FFeatures%2FFocus%2Farticle62480.ece&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN><SPAN style="font-size:0.95em; font-size: 90%; color: #555">(subscription required)</SPAN></SPAN></LI>
<LI id="cite_note-CTM18250-22"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM18250_22-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM18250.htm">Company Taxation Manual CTM18250 — Shadow ACT: outline of the scheme</A>, HMRC. Retrieved 17 April 2007</SPAN></LI>
<LI id="cite_note-CTM92505-23"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-CTM92505_23-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-CTM92505_23-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM92505.htm">Company Taxation Manual CTM92505 — CTSA: quarterly instalments: legislation</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-Budget_1999-24"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Budget_1999_24-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/budget/budget_99/bud_bud99_index.cfm">Budget 1999</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070606203629/http://www.hm-treasury.gov.uk/budget/budget_99/bud_bud99_index.cfm">Archived</A> 6 June 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HM Treasury. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-IR19-25"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-IR19_25-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://archive.treasury.gov.uk/budget/1999/nr/ir19.txt">IR19: Help for Small Companies</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070928040658/http://archive.treasury.gov.uk/budget/1999/nr/ir19.txt">Archived</A> 28 September 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HM Treasury. Retrieved 9 April 2007</SPAN></LI>
<LI id="cite_note-Budget_2002-26"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Budget_2002_26-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/budget/bud_bud02/bud_bud02_index.cfm">Budget 2002</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070422163817/http://www.hm-treasury.gov.uk/budget/bud_bud02/bud_bud02_index.cfm">Archived</A> 22 April 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HM Treasury. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-Budget_2002_s1.20-27"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Budget_2002_s1.20_27-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/media/96F/30/Budget_2002.pdf">Budget 2002 (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070611042446/http://www.hm-treasury.gov.uk/media/96F/30/Budget_2002.pdf">Archived</A> 11 June 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>. s1.20, The Stationery Office. Retrieved 9 April 2007</SPAN></LI>
<LI id="cite_note-loophole-28"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-loophole_28-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web">Toyne, Sarah (16 March 2004). <A rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/3535749.stm">"Stuck in the Chancellor's loophole"</A>. BBC<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">9 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Stuck+in+the+Chancellor%27s+loophole&rft.pub=BBC&rft.date=2004-03-16&rft.aulast=Toyne&rft.aufirst=Sarah&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fbusiness%2F3535749.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-timebomb-29"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-timebomb_29-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-timebomb_29-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><CITE class="citation web">Lewis, Paul (13 December 2003). <A rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/programmes/moneybox/3316381.stm">"Tax 'time bomb' for self-employed"</A>. BBC<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">9 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Tax+%27time+bomb%27+for+self-employed&rft.pub=BBC&rft.date=2003-12-13&rft.aulast=Lewis&rft.aufirst=Paul&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fprogrammes%2Fmoneybox%2F3316381.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-Company_stats-30"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Company_stats_30-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://webarchive.nationalarchives.gov.uk/20070603164510/http://www.dti.gov.uk/files/file10724.pdf">Companies in 2002–2003 (PDF)</A> (Table B1), Department of Trade and Industry, July 2003, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/978-0-11-515505-5" title="Special:BookSources/978-0-11-515505-5">978-0-11-515505-5</A>. Retrieved on 9 May 2007</SPAN></LI>
<LI id="cite_note-Budget_2004-31"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Budget_2004_31-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/budget/budget_04/bud_bud04_index.cfm">Budget 2004</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070312002300/http://www.hm-treasury.gov.uk/budget/budget_04/bud_bud04_index.cfm">Archived</A> 12 March 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HM Treasury. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-CTM14105-32"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM14105_32-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM14105.htm">Company taxation Manual CTM14105 — NCDR: general: introduction</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070207010438/http://www.hmrc.gov.uk/manuals/ctmanual/CTM14105.htm">Archived</A> 7 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 18 April 2007</SPAN></LI>
<LI id="cite_note-Budget_2006-33"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Budget_2006_33-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/budget/budget_06/bud_bud06_index.cfm">Budget 2006</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070424235010/http://www.hm-treasury.gov.uk/budget/budget_06/bud_bud06_index.cfm">Archived</A> 24 April 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HM Treasury. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-34"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-34"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/budget2006/bn01.htm">BN01: Corporation Tax Rates</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070415222021/http://www.hmrc.gov.uk/budget2006/bn01.htm">Archived</A> 15 April 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 9 April 2007</SPAN></LI>
<LI id="cite_note-35"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-35"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/609972/Mar17_Receipts_NS_Bulletin_Final.pdf#page=11">"There is a longer Excel version of this table also available on our website with historical monthly data back to April 2008. Historical annual data goes back to 1999-00. HM Revenue and Customs receipts Amounts: £ million Amounts: £ million"</A> <SPAN style="font-size:85%;">(PDF)</SPAN>. <I><A href="/wiki/HM_Revenue_and_Customs" title="HM Revenue and Customs">HM Revenue and Customs</A></I><SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">2 October</SPAN> 2017</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=HM+Revenue+and+Customs&rft.atitle=There+is+a+longer+Excel+version+of+this+table+also+available+on+our+website+with+historical+monthly+data+back+to+April+2008.+Historical+annual+data+goes+back+to+1999-00.+HM+Revenue+and+Customs+receipts+Amounts%3A+%C2%A3+million+Amounts%3A+%C2%A3+million&rft_id=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fuploads%2Fsystem%2Fuploads%2Fattachment_data%2Ffile%2F609972%2FMar17_Receipts_NS_Bulletin_Final.pdf%23page%3D11&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-CTM01130-36"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM01130_36-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM01130.htm">Company Taxation Manual CTM01130 — Corporation Tax: introduction: computation of profits</A>, HMRC. Retrieved 13 April 2007</SPAN></LI>
<LI id="cite_note-FA_93-37"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-FA_93_37-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/acts/ukpga/1993/34">Finance Act 1993 (c. 34)</A><SUP class="noprint Inline-Template"><SPAN style="white-space: nowrap;">[<I><A href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><SPAN title=" Dead link since September 2017">permanent dead link</SPAN></A></I>]</SPAN></SUP>, HMSO, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-543493-0" title="Special:BookSources/0-10-543493-0">0-10-543493-0</A> Retrieved on 9 May 2007</SPAN></LI>
<LI id="cite_note-FA_94-38"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-FA_94_38-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1994/9">Finance Act 1994</A>, HMSO, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-540994-4" title="Special:BookSources/0-10-540994-4">0-10-540994-4</A> Retrieved on 9 May 2007</SPAN></LI>
<LI id="cite_note-FA_96-39"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-FA_96_39-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1996/8">Finance Act 1996</A>, HMSO, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-540896-4" title="Special:BookSources/0-10-540896-4">0-10-540896-4</A> Retrieved on 9 May 2007</SPAN></LI>
<LI id="cite_note-FA_97-40"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-FA_97_40-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1997/16">Finance Act 1997</A>, HMSO, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-541697-5" title="Special:BookSources/0-10-541697-5">0-10-541697-5</A> Retrieved on 9 May 2007</SPAN></LI>
<LI id="cite_note-FA_98-41"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-FA_98_41-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-FA_98_41-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1998/36">Finance Act 1998</A>, HMSO, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-543698-4" title="Special:BookSources/0-10-543698-4">0-10-543698-4</A> Retrieved on 9 May 2007</SPAN></LI>
<LI id="cite_note-CTM40750-42"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM40750_42-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM40750.htm">Company Taxation Manual CTM40750 — Particular bodies: Lloyd's underwriting agents</A>, HMRC. Retrieved 13 April 2007</SPAN></LI>
<LI id="cite_note-FA_2004-43"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-FA_2004_43-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-FA_2004_43-1"><SUP><I><B>b</B></I></SUP></A> <A href="#cite_ref-FA_2004_43-2"><SUP><I><B>c</B></I></SUP></A> <A href="#cite_ref-FA_2004_43-3"><SUP><I><B>d</B></I></SUP></A> <A href="#cite_ref-FA_2004_43-4"><SUP><I><B>e</B></I></SUP></A> <A href="#cite_ref-FA_2004_43-5"><SUP><I><B>f</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/2004/12">Finance Act 2004</A>, HMSO, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-541204-X" title="Special:BookSources/0-10-541204-X">0-10-541204-X</A> Retrieved on 9 May 2007</SPAN></LI>
<LI id="cite_note-CTM08005-44"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-CTM08005_44-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-CTM08005_44-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM08005.htm">Company Taxation Manual CTM08005 — Corporation Tax: management expenses: introduction</A>, HMRC. Retrieved 13 April 2007</SPAN></LI>
<LI id="cite_note-IAS-45"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-IAS_45-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://europa.eu/legislation_summaries/internal_market/single_market_services/financial_services_general_framework/l26040_en.htm">International accounting standards (IAS)</A>, www.europa.eu. Retrieved 13 April 2007</SPAN></LI>
<LI id="cite_note-CTM36805-46"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM36805_46-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM36805.htm">Company Taxation Manual CTM36805 — Particular topics: transactions in securities: tax advantage from: introduction</A>, HMRC. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-CTM56705-47"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM56705_47-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM56705.htm">Company Taxation Manual CTM56705 — Loan relationships: miscellaneous: for unallowable purposes: general</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070111113054/http://www.hmrc.gov.uk/manuals/ctmanual/CTM56705.htm">Archived</A> 11 January 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-48"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-48"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="https://www.gov.uk/government/publications/tax-avoidance-general-anti-abuse-rules">"Tax avoidance: General Anti-Abuse Rule"</A>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Tax+avoidance%3A+General+Anti-Abuse+Rule&rft_id=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fpublications%2Ftax-avoidance-general-anti-abuse-rules&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-Tax_Avoid-49"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Tax_Avoid_49-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/aiu/index.htm">Disclosure of Tax Avoidance Schemes</A>, HMRC. Retrieved 13 April 2007</SPAN></LI>
<LI id="cite_note-FA_2005-50"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-FA_2005_50-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-FA_2005_50-1"><SUP><I><B>b</B></I></SUP></A> <A href="#cite_ref-FA_2005_50-2"><SUP><I><B>c</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/2005/7.htm">Finance Act 2005</A><SUP class="noprint Inline-Template"><SPAN style="white-space: nowrap;">[<I><A href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><SPAN title=" Dead link since July 2016">permanent dead link</SPAN></A></I>]</SPAN></SUP>, HMSO, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-540805-0" title="Special:BookSources/0-10-540805-0">0-10-540805-0</A> Retrieved on 9 May 2007</SPAN></LI>
<LI id="cite_note-OT00190-51"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-OT00190_51-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-OT00190_51-1"><SUP><I><B>b</B></I></SUP></A> <A href="#cite_ref-OT00190_51-2"><SUP><I><B>c</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/otmanual/ot00190.htm">Oil Taxation Manual OT00190 — The Taxation of the UK Oil Industry: An Overview</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-FA_(No2)_2005-52"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-FA_(No2)_2005_52-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/2005/22">Finance (No.2) Act 2005</A>, HMSO, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-542205-3" title="Special:BookSources/0-10-542205-3">0-10-542205-3</A> Retrieved on 9 May 2007</SPAN></LI>
<LI id="cite_note-CTM01105-53"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-CTM01105_53-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-CTM01105_53-1"><SUP><I><B>b</B></I></SUP></A> <A href="#cite_ref-CTM01105_53-2"><SUP><I><B>c</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM01105.htm">Company Taxation Manual CTM01105 — Corporation Tax: introduction: basis of charge to CT</A>, HMRC. Retrieved 14 April 2007</SPAN></LI>
<LI id="cite_note-CTM40325-54"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM40325_54-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM40325.htm">Company Taxation Manual CTM40325 — Particular bodies: friendly societies: exemption for life or endowment business</A>, HMRC. Retrieved 14 April 2007</SPAN></LI>
<LI id="cite_note-CTM93260-55"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-CTM93260_55-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-CTM93260_55-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM93260.htm">Company Taxation Manual CTM93260 — CTSA: the filing obligation: unsatisfactory return</A>, HMRC. Retrieved 14 April 2007</SPAN></LI>
<LI id="cite_note-CTM93030-56"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM93030_56-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM93030.htm">Corporation Tax Manual CTM93030 — CTSA: the filing obligation: filing date: definition</A>, HMRC. Retrieved 14 April 2007</SPAN></LI>
<LI id="cite_note-CTM95305-57"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM95305_57-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM95305.htm">Company Taxation Manual CTM95305 — CTSA: Revenue determination: power to make</A>, HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-CTM90602-58"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM90602_58-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM90602.htm">Company Taxation Manual CTM90602 — CTSA: claims and elections: introduction</A>, HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-CTM93090-59"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM93090_59-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM93090.htm">Company Taxation Manual CTM93090 — CTSA: the filing obligation: delivery of return: content</A>, HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-PIM1001-60"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-PIM1001_60-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/pimmanual/PIM1001.htm">Property Income Manual PIM1001 — Introduction: overview</A>, HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-BIM14010-61"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-BIM14010_61-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/bimmanual/BIM14010.htm">Business Income Manual BIM14010 — Schedule D: Scope</A>, HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-CTM17005-62"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM17005_62-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM17005.htm">Company Taxation Manual CTM17005 — Distributions: stock dividends: introduction</A>, HMRC. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-CTM02250-63"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM02250_63-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM02250.htm">Company Taxation Manual CTM02250 — Corporation Tax: chargeable gains</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-INTM201020-64"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-INTM201020_64-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-INTM201020_64-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/intmanual/intm201020.htm">International Manual INTM201020 — Controlled Foreign Companies: legislation — introduction and outline</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070206235219/http://www.hmrc.gov.uk/manuals/intmanual/intm201020.htm">Archived</A> 6 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-INTM201070-65"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-INTM201070_65-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/intmanual/INTM201070.htm">International Manual INTM201070 — Controlled Foreign Companies: legislation — introduction and outline</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070206235223/http://www.hmrc.gov.uk/manuals/intmanual/INTM201070.htm">Archived</A> 6 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-CTM48215-66"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM48215_66-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM48215.htm">Company Taxation Manual CTM48215 — Authorised investment funds: taxation of funds: capital gains</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-BIM14080-67"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-BIM14080_67-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/bimmanual/bim14080.htm">Business Income Manual BIM14080 — Schedule D: Trade, professions and vocations</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070206062233/http://www.hmrc.gov.uk/manuals/bimmanual/bim14080.htm">Archived</A> 6 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-CTM50310-68"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM50310_68-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM50310.htm">Company Taxation Manual CTM50310 — Loan relationships: overview: new Case III</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070207004126/http://www.hmrc.gov.uk/manuals/ctmanual/CTM50310.htm">Archived</A> 7 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-CTM02130-69"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM02130_69-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM02130.htm">Company Taxation Manual CTM02130 — Corporation Tax: computation of income: special rules: trades abroad charged under Case V</A>, HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-BIM80101-70"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-BIM80101_70-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/bimmanual/BIM80101.htm">Business Income Manual BIM80101 — Case VI: General: introduction</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070207001345/http://www.hmrc.gov.uk/manuals/bimmanual/BIM80101.htm">Archived</A> 7 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-CTM09060-71"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM09060_71-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM09060.htm">Corporate Taxation Manual CTM09060 — Corporation Tax: charges on income: Gift Aid</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-Budget_2007-72"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Budget_2007_72-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/budget/budget_07/bud_bud07_index.cfm">Budget 2007</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070406051810/http://www.hm-treasury.gov.uk/budget/budget_07/bud_bud07_index.cfm">Archived</A> 6 April 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HM Treasury. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-Budget_speech_2007-73"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Budget_speech_2007_73-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hm-treasury.gov.uk/budget/budget_07/bud_bud07_speech.cfm">Chancellor of the Exchequer's Budget Statement</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070328235201/http://www.hm-treasury.gov.uk/budget/budget_07/bud_bud07_speech.cfm">Archived</A> 28 March 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., 21 March 2007, H M Treasury. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-CTM010405-74"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-CTM010405_74-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-CTM010405_74-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM01405.htm">Company Taxation Manual CTM01405 — Corporation Tax: accounting periods: apportionment</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-rates2-75"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-rates2_75-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-rates2_75-1"><SUP><I><B>b</B></I></SUP></A> <A href="#cite_ref-rates2_75-2"><SUP><I><B>c</B></I></SUP></A></SPAN> <SPAN class="reference-text"><CITE class="citation web"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/rates/corp.htm">"Corporation Tax rates"</A>. HM Revenue&Customs<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">25 August</SPAN> 2010</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Corporation+Tax+rates&rft.pub=HM+Revenue%26Customs&rft_id=http%3A%2F%2Fwww.hmrc.gov.uk%2Frates%2Fcorp.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></SPAN></LI>
<LI id="cite_note-Budget2011-76"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Budget2011_76-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.telegraph.co.uk/finance/budget/8402485/Budget-2011-Surprise-cut-in-corporation-tax-will-stimulate-growth.html">Budget 2011</A>, Telegraph. Retrieved 24 March 2011</SPAN></LI>
<LI id="cite_note-CTM03560-77"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM03560_77-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM03560.htm">Company Taxation Manual CTM03560 — Corporation Tax: small companies: company with associated companies</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-CTM03505-78"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM03505_78-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM03505.htm">Company Taxation Manual CTM03505 — Corporation Tax: small companies: the lower rate</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-LAM-79"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-LAM_79-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-LAM_79-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/life-assurance/manual.htm">Life Assurance Manual</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070606235842/http://www.hmrc.gov.uk/life-assurance/manual.htm">Archived</A> 6 June 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-CTM92010-80"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM92010_80-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/ctm92010.htm">Company Taxation Manual CTM92010 — CTSA: the payment obligation: due dates</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-CTM92580-81"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM92580_81-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM92580.htm">Company Taxation Manual CTM92580 — CTSA: quarterly instalments: due dates: accounting period less than 12 months</A>, HMRC. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-Stats_-_detailed-82"><SPAN class="mw-cite-backlink">^ <A href="#cite_ref-Stats_-_detailed_82-0"><SPAN class="cite-accessibility-label">Jump up to: </SPAN><SUP><I><B>a</B></I></SUP></A> <A href="#cite_ref-Stats_-_detailed_82-1"><SUP><I><B>b</B></I></SUP></A></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/stats/corporate_tax/11-3-corporation-tax.pdf">Corporation tax: Number, income, allowances, tax liability and deductions — Financial years 1997–98 to 2004–05 (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070609150742/http://www.hmrc.gov.uk/stats/corporate_tax/11-3-corporation-tax.pdf">Archived</A> 9 June 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-Stats_-_HMRC_receipts-83"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Stats_-_HMRC_receipts_83-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/stats/tax_receipts/table1-2.pdf">HM Revenue and Customs annual receipts (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070609224119/http://www.hmrc.gov.uk/stats/tax_receipts/table1-2.pdf">Archived</A> 9 June 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-Stats_-_CT_payable-84"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Stats_-_CT_payable_84-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/stats/corporate_tax/11-6-corporation-tax.pdf">Corporation tax payable after set-offs by year of liability (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070205153923/http://www.hmrc.gov.uk/stats/corporate_tax/11-6-corporation-tax.pdf">Archived</A> 5 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 19 April 2007</SPAN></LI>
<LI id="cite_note-CTM90150-85"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM90150_85-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM90150.htm">Company Taxation Manual CTM90150 — CTSA: introduction: key features</A>, HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-CTM95130-86"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM95130_86-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM95130.htm">Company Taxation Manual CTM95130 — CTSA: assessments: appeals</A> which is now known as the First Tier Tax Tribunal, HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-Tax_Appeals-87"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Tax_Appeals_87-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/leaflets/tax-appeals.pdf">Tax Appeals: A guide to appealing against decisions of the Inland Revenue on tax and other matters (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070310003135/http://www.hmrc.gov.uk/leaflets/tax-appeals.pdf">Archived</A> 10 March 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., Department for Constitutional Affairs. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-CTM95100-88"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM95100_88-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM95100.htm">Company Taxation Manual CTM95100 — CTSA: assessments: time limit</A>, HMRC. Retrieved 15 April 2007</SPAN></LI>
<LI id="cite_note-CTM02060-89"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM02060_89-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/ctm02060.htm">Company Taxation Manual CTM02060 — Corporation Tax: computation of income: dividends and other distributions received</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-IM151040-90"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-IM151040_90-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/intmanual/intm151040.htm">International Manual INTM151040 — Double taxation: concept and principles</A>, HMRC. Retrieved 16 April 2006</SPAN></LI>
<LI id="cite_note-CTM04050-91"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM04050_91-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM04050.htm">Company Taxation Manual CTM04050 — Corporation Tax: trading losses: general: reliefs available</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070207005612/http://www.hmrc.gov.uk/manuals/ctmanual/CTM04050.htm">Archived</A> 7 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-CTM80105-92"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM80105_92-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM80105.htm">Company Taxation Manual CTM80105 — Groups: group relief: outline</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-CTM80110-93"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM80110_93-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM80110.htm">Company Taxation Manual CTM80110 — Groups: group relief: reliefs which may be claimed</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-CTM80155-94"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM80155_94-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM80155.htm">Company Taxation Manual CTM80155 — Groups: group relief: qualifying tests</A>. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-CTM80530-95"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CTM80530_95-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/CTM80530.htm">Company Taxation Manual CTM80530 — Consortia: group relief: meaning of consortium members and consortium company</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-L-H-96"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-L-H_96-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://curia.europa.eu/jurisp/cgi-bin/form.pl?lang=en&newform=newform&Submit=Submit&alljur=alljur&jurcdj=jurcdj&jurtpi=jurtpi&jurtfp=jurtfp&alldocrec=alldocrec&docj=docj&docor=docor&docop=docop&docav=docav&docsom=docsom&docinf=docinf&alldocnorec=alldocnorec&docnoj=docnoj&docnoor=docnoor&typeord=ALLTYP&allcommjo=allcommjo&affint=affint&affclose=affclose&numaff=&ddatefs=&mdatefs=&ydatefs=&ddatefe=&mdatefe=&ydatefe=&nomusuel=lankhorst&domaine=&mots=&resmax=100"><I>Lankhorst-Hohorst and Finanzamt Steinfurt</I></A> EJC case C-324/00, European Court of Justice, 2002. Retrieved 9 May 2007</SPAN></LI>
<LI id="cite_note-M&S-97"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-M&S_97-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://curia.europa.eu/jurisp/cgi-bin/form.pl?lang=en&newform=newform&alljur=alljur&jurcdj=jurcdj&jurtpi=jurtpi&jurtfp=jurtfp&alldocrec=alldocrec&docj=docj&docor=docor&docop=docop&docav=docav&docsom=docsom&docinf=docinf&alldocnorec=alldocnorec&docnoj=docnoj&docnoor=docnoor&typeord=ALLTYP&allcommjo=allcommjo&affint=affint&affclose=affclose&numaff=C-446%2F03&ddatefs=&mdatefs=&ydatefs=&ddatefe=&mdatefe=&ydatefe=&nomusuel=&domaine=&mots=&resmax=100&Submit=Submit"><I>Marks and Spencer plc v David Halsey (Her Majesty’s Inspector of Taxes</I>)</A> [2005] EUECJ C-446/03, European Court of Justice. Retrieved 9 May 2007</SPAN></LI>
<LI id="cite_note-Cadbury-98"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Cadbury_98-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://curia.europa.eu/jurisp/cgi-bin/form.pl?lang=en&newform=newform&Submit=Submit&alljur=alljur&jurcdj=jurcdj&jurtpi=jurtpi&jurtfp=jurtfp&alldocrec=alldocrec&docj=docj&docor=docor&docop=docop&docav=docav&docsom=docsom&docinf=docinf&alldocnorec=alldocnorec&docnoj=docnoj&docnoor=docnoor&typeord=ALLTYP&allcommjo=allcommjo&affint=affint&affclose=affclose&numaff=C-196%2F04&ddatefs=&mdatefs=&ydatefs=&ddatefe=&mdatefe=&ydatefe=&nomusuel=&domaine=&mots=&resmax=100"><I>Cadbury Schweppes plc, Cadbury Schweppes Overseas Ltd v Commissioners of Inland Revenue</I></A> EJC Case C-196/04, European Court of Justice. Retrieved 9 May 2007</SPAN></LI>
<LI id="cite_note-ICI-99"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-ICI_99-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><I>ICI v Colmer</I> [1999] BTC 440</SPAN></LI>
<LI id="cite_note-GLO-100"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-GLO_100-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://hamiltonbradbury.co.uk/umbrella-company/tax/group-litigation-order/">Hoechst Group Litigation Order (PDF)</A>, HMRC. Retrieved 16 April 2007</SPAN></LI>
<LI id="cite_note-Review_SBT-101"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Review_SBT_101-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/consult_new/sbtn.pdf">A Review of Small Business Taxation (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070609214908/http://www.hmrc.gov.uk/consult_new/sbtn.pdf">Archived</A> 9 June 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC. Retrieved 17 April 2007</SPAN></LI>
<LI id="cite_note-Refrom_CT-102"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-Refrom_CT_102-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/consult_new/taxreform_final.pdf">Reform of corporation tax — A consultation document (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070206123957/http://www.hmrc.gov.uk/consult_new/taxreform_final.pdf">Archived</A> 6 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC, 2002. Retrieved 17 April 2007</SPAN></LI>
<LI id="cite_note-CT_reform-103"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CT_reform_103-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/consult_new/corp-tax-reform.pdf">Corporation tax reform — A consultation document (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070412163948/http://www.hmrc.gov.uk/consult_new/corp-tax-reform.pdf">Archived</A> 12 April 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC, 2003. Retrieved 17 April 2007</SPAN></LI>
<LI id="cite_note-CT_reform_tech-104"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-CT_reform_tech_104-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/pbr2004/sup_ct-reform-tech-note.pdf">Corporation tax reform — a technical note (PDF)</A> <A rel="nofollow" class="external text" href="https://web.archive.org/web/20070221175440/http://www.hmrc.gov.uk/pbr2004/sup_ct-reform-tech-note.pdf">Archived</A> 21 February 2007 at the <A href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</A>., HMRC, 2004. Retrieved 17 April 2007</SPAN></LI>
<LI id="cite_note-FA_2002-105"><SPAN class="mw-cite-backlink"><B><A href="#cite_ref-FA_2002_105-0"><SPAN class="cite-accessibility-label">Jump up </SPAN>^</A></B></SPAN> <SPAN class="reference-text"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/2002/23">Finance Act 2002</A>, HMSO, <A href="/wiki/International_Standard_Book_Number" title="International Standard Book Number">ISBN</A> <A href="/wiki/Special:BookSources/0-10-542302-5" title="Special:BookSources/0-10-542302-5">0-10-542302-5</A></SPAN></LI>
</OL>
</DIV>
<DIV class="refbegin" style="">
<UL>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/ctmanual/index.htm">"Company Taxation Manual"</A>. <A href="/wiki/HMRC" class="mw-redirect" title="HMRC">HMRC</A><SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Company+Taxation+Manual&rft.pub=HMRC&rft_id=http%3A%2F%2Fwww.hmrc.gov.uk%2Fmanuals%2Fctmanual%2Findex.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="http://www.legislation.hmso.gov.uk/acts/acts1988/Ukpga_19880001_en_1.htm">"Income and Corporation Taxes Act 1988"</A>. <A href="/wiki/HMSO" class="mw-redirect" title="HMSO">HMSO</A>. 1988<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Income+and+Corporation+Taxes+Act+1988&rft.pub=HMSO&rft.date=1988&rft_id=http%3A%2F%2Fwww.legislation.hmso.gov.uk%2Facts%2Facts1988%2FUkpga_19880001_en_1.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="http://www.legislation.hmso.gov.uk/acts/acts1992/Ukpga_19920012_en_1.htm">"Taxation of Chargeable Gains Act 1992"</A>. <A href="/wiki/HMSO" class="mw-redirect" title="HMSO">HMSO</A>. 1992<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Taxation+of+Chargeable+Gains+Act+1992&rft.pub=HMSO&rft.date=1992&rft_id=http%3A%2F%2Fwww.legislation.hmso.gov.uk%2Facts%2Facts1992%2FUkpga_19920012_en_1.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="http://www.legislation.hmso.gov.uk/acts/acts2001/20010002.htm">"Capital Allowances Act 2001"</A>. <A href="/wiki/HMSO" class="mw-redirect" title="HMSO">HMSO</A>. 2001<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Capital+Allowances+Act+2001&rft.pub=HMSO&rft.date=2001&rft_id=http%3A%2F%2Fwww.legislation.hmso.gov.uk%2Facts%2Facts2001%2F20010002.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI>Finance Acts (1965–), <A href="/wiki/HMSO" class="mw-redirect" title="HMSO">HMSO</A>. From 1998 onwards, consolidation took place, into the Income and Corporation Taxes Act 1988, the Taxation of Chargeable Gains Act and the Capital Allowances Act 2001.</LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="https://web.archive.org/web/20070206123957/http://www.hmrc.gov.uk/consult_new/taxreform_final.pdf">"Reform of corporation tax – A consultation document"</A> <SPAN style="font-size:85%;">(PDF)</SPAN>. Inland Revenue (now <A href="/wiki/HMRC" class="mw-redirect" title="HMRC">HMRC</A>), and <A href="/wiki/HM_Treasury" title="HM Treasury">HM Treasury</A>. August 2002. Archived from <A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/consult_new/taxreform_final.pdf">the original</A> <SPAN style="font-size:85%;">(PDF)</SPAN> on 6 February 2007<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Reform+of+corporation+tax+%E2%80%93+A+consultation+document&rft.pub=Inland+Revenue+%28now+HMRC%29%2C+and+HM+Treasury&rft.date=2002-08&rft_id=http%3A%2F%2Fwww.hmrc.gov.uk%2Fconsult_new%2Ftaxreform_final.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="https://web.archive.org/web/20070412163948/http://www.hmrc.gov.uk/consult_new/corp-tax-reform.pdf">"Corporation tax reform – A consultation document"</A> <SPAN style="font-size:85%;">(PDF)</SPAN>. Inland Revenue (now <A href="/wiki/HMRC" class="mw-redirect" title="HMRC">HMRC</A>), and <A href="/wiki/HM_Treasury" title="HM Treasury">HM Treasury</A>. August 2003. Archived from <A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/consult_new/corp-tax-reform.pdf">the original</A> <SPAN style="font-size:85%;">(PDF)</SPAN> on 12 April 2007<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Corporation+tax+reform+%E2%80%93+A+consultation+document&rft.pub=Inland+Revenue+%28now+HMRC%29%2C+and+HM+Treasury&rft.date=2003-08&rft_id=http%3A%2F%2Fwww.hmrc.gov.uk%2Fconsult_new%2Fcorp-tax-reform.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="https://web.archive.org/web/20070221175440/http://www.hmrc.gov.uk/pbr2004/sup_ct-reform-tech-note.pdf">"Corporation tax reform – Technical note"</A> <SPAN style="font-size:85%;">(PDF)</SPAN>. Inland Revenue (now <A href="/wiki/HMRC" class="mw-redirect" title="HMRC">HMRC</A>). December 2004. Archived from <A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/pbr2004/sup_ct-reform-tech-note.pdf">the original</A> <SPAN style="font-size:85%;">(PDF)</SPAN> on 21 February 2007<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Corporation+tax+reform+%E2%80%93+Technical+note&rft.pub=Inland+Revenue+%28now+HMRC%29&rft.date=2004-12&rft_id=http%3A%2F%2Fwww.hmrc.gov.uk%2Fpbr2004%2Fsup_ct-reform-tech-note.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="http://www.bized.co.uk/dataserv/chron/kf5579.htm">"Key economic events 1955–1979"</A>. biz/ed<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Key+economic+events+1955%E2%80%931979&rft.pub=biz%2Fed&rft_id=http%3A%2F%2Fwww.bized.co.uk%2Fdataserv%2Fchron%2Fkf5579.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="https://web.archive.org/web/20070609150401/http://www.hmrc.gov.uk/stats/corporate_tax/rates-of-tax.pdf">"Rates of Coorporation Tax"</A> <SPAN style="font-size:85%;">(PDF)</SPAN>. <A href="/wiki/HMRC" class="mw-redirect" title="HMRC">HMRC</A>. March 2007. Archived from <A rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/stats/corporate_tax/rates-of-tax.pdf">the original</A> <SPAN style="font-size:85%;">(PDF)</SPAN> on 9 June 2007<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Rates+of+Coorporation+Tax&rft.pub=HMRC&rft.date=2007-03&rft_id=http%3A%2F%2Fwww.hmrc.gov.uk%2Fstats%2Fcorporate_tax%2Frates-of-tax.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="http://curia.europa.eu/jurisp/cgi-bin/form.pl?lang=en&newform=newform&alljur=alljur&jurcdj=jurcdj&jurtpi=jurtpi&jurtfp=jurtfp&alldocrec=alldocrec&docj=docj&docor=docor&docop=docop&docav=docav&docsom=docsom&docinf=docinf&alldocnorec=alldocnorec&docnoj=docnoj&docnoor=docnoor&typeord=ALLTYP&allcommjo=allcommjo&affint=affint&affclose=affclose&numaff=&ddatefs=&mdatefs=&ydatefs=&ddatefe=&mdatefe=&ydatefe=&nomusuel=Metallgesellschaft&domaine=&mots=&resmax=100&Submit=Submit">"<I>Metallgesellschaft Ltd and Others, Hoechst AG, Hoechst UK Ltd and Commissioners of Inland Revenue, H.M. Attorney General</I> ECJ Cases C-397/98 and 410/98 (Joined cases)"</A>. <A href="/wiki/European_Court_of_Justice" title="European Court of Justice">European Court of Justice</A>. 8 March 2001<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">17 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Metallgesellschaft+Ltd+and+Others%2C+Hoechst+AG%2C+Hoechst+UK+Ltd+and+Commissioners+of+Inland+Revenue%2C+H.M.+Attorney+General+ECJ+Cases+C-397%2F98+and+410%2F98+%28Joined+cases%29&rft.pub=European+Court+of+Justice&rft.date=2001-03-08&rft_id=http%3A%2F%2Fcuria.europa.eu%2Fjurisp%2Fcgi-bin%2Fform.pl%3Flang%3Den%26newform%3Dnewform%26alljur%3Dalljur%26jurcdj%3Djurcdj%26jurtpi%3Djurtpi%26jurtfp%3Djurtfp%26alldocrec%3Dalldocrec%26docj%3Ddocj%26docor%3Ddocor%26docop%3Ddocop%26docav%3Ddocav%26docsom%3Ddocsom%26docinf%3Ddocinf%26alldocnorec%3Dalldocnorec%26docnoj%3Ddocnoj%26docnoor%3Ddocnoor%26typeord%3DALLTYP%26allcommjo%3Dallcommjo%26affint%3Daffint%26affclose%3Daffclose%26numaff%3D%26ddatefs%3D%26mdatefs%3D%26ydatefs%3D%26ddatefe%3D%26mdatefe%3D%26ydatefe%3D%26nomusuel%3DMetallgesellschaft%26domaine%3D%26mots%3D%26resmax%3D100%26Submit%3DSubmit&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="http://curia.europa.eu/jurisp/cgi-bin/gettext.pl?lang=en&num=79978787C19000324&doc=T&ouvert=T&seance=ARRET&where=()">"<I>Lankhorst-Hohorst and Finanzamt Steinfurt</I> EJC case C-324/00"</A>. <A href="/wiki/European_Court_of_Justice" title="European Court of Justice">European Court of Justice</A>. 12 December 2002<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">18 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Lankhorst-Hohorst+and+Finanzamt+Steinfurt+EJC+case+C-324%2F00&rft.pub=European+Court+of+Justice&rft.date=2002-12-12&rft_id=http%3A%2F%2Fcuria.europa.eu%2Fjurisp%2Fcgi-bin%2Fgettext.pl%3Flang%3Den%26num%3D79978787C19000324%26doc%3DT%26ouvert%3DT%26seance%3DARRET%26where%3D%28%29&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="http://curia.europa.eu/jurisp/cgi-bin/form.pl?lang=en&newform=newform&alljur=alljur&jurcdj=jurcdj&jurtpi=jurtpi&jurtfp=jurtfp&alldocrec=alldocrec&docj=docj&docor=docor&docop=docop&docav=docav&docsom=docsom&docinf=docinf&alldocnorec=alldocnorec&docnoj=docnoj&docnoor=docnoor&typeord=ALLTYP&allcommjo=allcommjo&affint=affint&affclose=affclose&numaff=C-446%2F03&ddatefs=&mdatefs=&ydatefs=&ddatefe=&mdatefe=&ydatefe=&nomusuel=&domaine=&mots=&resmax=100&Submit=Submit">"<I>Marks and Spencer plc v David Halsey (Her Majesty's Inspector of Taxes)</I> [2005] EUECJ C-446/03"</A>. <A href="/wiki/European_Court_of_Justice" title="European Court of Justice">European Court of Justice</A>. 13 December 2005<SPAN class="reference-accessdate">. Retrieved <SPAN class="nowrap">18 May</SPAN> 2007</SPAN>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Marks+and+Spencer+plc+v+David+Halsey+%28Her+Majesty%E2%80%99s+Inspector+of+Taxes%29+%5B2005%5D+EUECJ+C-446%2F03&rft.pub=European+Court+of+Justice&rft.date=2005-12-13&rft_id=http%3A%2F%2Fcuria.europa.eu%2Fjurisp%2Fcgi-bin%2Fform.pl%3Flang%3Den%26newform%3Dnewform%26alljur%3Dalljur%26jurcdj%3Djurcdj%26jurtpi%3Djurtpi%26jurtfp%3Djurtfp%26alldocrec%3Dalldocrec%26docj%3Ddocj%26docor%3Ddocor%26docop%3Ddocop%26docav%3Ddocav%26docsom%3Ddocsom%26docinf%3Ddocinf%26alldocnorec%3Dalldocnorec%26docnoj%3Ddocnoj%26docnoor%3Ddocnoor%26typeord%3DALLTYP%26allcommjo%3Dallcommjo%26affint%3Daffint%26affclose%3Daffclose%26numaff%3DC-446%252F03%26ddatefs%3D%26mdatefs%3D%26ydatefs%3D%26ddatefe%3D%26mdatefe%3D%26ydatefe%3D%26nomusuel%3D%26domaine%3D%26mots%3D%26resmax%3D100%26Submit%3DSubmit&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
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<LI><CITE class="citation web"><A rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga">"Acts of the UK Parliament and Explanatory Notes"</A>. <A href="/wiki/Office_of_Public_Sector_Information" title="Office of Public Sector Information">Office of Public Sector Information</A>.</CITE><SPAN title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Acts+of+the+UK+Parliament+and+Explanatory+Notes&rft.pub=Office+of+Public+Sector+Information&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga&rfr_id=info%3Asid%2Fen.wikipedia.org%3AUnited+Kingdom+corporation+tax" class="Z3988"><SPAN style="display:none;"> </SPAN></SPAN></LI>
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question_text: what is the corporate tax rate in great britain