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Rates, Corporation Tax

There are currently two rates of Corporation Tax, depending on the company or organisation's taxable profits: the lower rate - also known as the small profits rate, and the upper rate - known as the full rate or main rate.

There is also a sliding scale between the lower and upper rates known as Marginal Relief.

Relief, Tax

An amount you deduct from your taxable profit for Corporation Tax purposes.

HMRC uses reliefs and deductions to refer to various expenses, losses or allowances that you subtract from your profits before you calculate how much Corporation Tax to pay - this is in contrast to credits or other types of relief that are deducted directly from the amount of Corporation Tax payable.

Research and Development (R&D) Relief

A Corporation Tax relief that may reduce your company or organisation's tax bill by more than your actual expenditure on allowable R&D costs.

Revenue Determination

See 'determination'.

Ring Fence Activities

Income and gains from extraction activities or oil rights in the UK and the UK Continental Shelf.

See 'ring fence companies'.

Ring Fence Companies

Companies engaged in ring fence activities. See 'ring fence activities'.

Ring Fence Fraction

The fraction companies with ring-fence profits use to calculate Marginal Relief.

See also 'Marginal Relief'.