3. corporation tax (charge and main rates for financial year 2011)
Amendment of the Law
(1) Corporation tax is charged for the financial year 2011.(2) For that year the rate of corporation tax is-
(a) 28% on profits of companies other than ring fence profits, and
(b) 30% on ring fence profits of companies.
(3) In paragraph (2) "ring fence profits" has the same meaning as in Part 8 of the Corporation Tax Act 2010 (see section 276 of that Act).
The House divided: Ayes 350, Noes 175.