6. Corporation tax (small companies' rates and fractions for financial year 2008)

Part of Amendment of the Law – in the House of Commons at 9:41 pm on 18th March 2008.

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Motion made, and Question put,

That—

(1) For the financial year 2008 the small companies' rate is—

(a) 21% on profits of companies other than ring fence profits, and

(b) 19% on ring fence profits of companies, and

(2) For the financial year 2008 the fraction mentioned in section 13(2) of the Income and Corporation Taxes Act 1988 is—

(a) 7/400ths in relation to profits of companies other than ring fence profits, and

(b) 11/400ths in relation to ring fence profits of companies.

The House divided: Ayes 301, Noes 245.