Finance Act, 1999

Chapter 7

Corporation Tax

Rate of corporation tax.

71.—(1) Section 21 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (1):

“(1) Corporation tax shall be charged on the profits of companies at the rate of—

(a) 32 per cent for the financial year 1998,

(b) 28 per cent for the financial year 1999,

(c) 24 per cent for the financial year 2000,

(d) 20 per cent for the financial year 2001,

(e) 16 per cent for the financial year 2002,

(f) 12½ per cent for the financial year 2003 and each subsequent financial year.”.

(2) Schedule 1 shall have effect for the purposes of supplementing this section.