Section 2 | Charge and main rates for financial year 2008

(1)Corporation tax is charged for the financial year 2008; and 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.

(2)In this section “ring fence profits” has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A)).