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Rates, Corporation TaxThere
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, TaxAn 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) ReliefA
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 DeterminationSee 'determination'.
Ring Fence ActivitiesIncome and gains from extraction activities or oil rights in the UK and the UK Continental Shelf.
See 'ring fence companies'.
Ring Fence CompaniesCompanies engaged in ring fence activities. See 'ring fence activities'.
Ring Fence FractionThe fraction companies with ring-fence profits use to calculate Marginal Relief.
See also 'Marginal Relief'.
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