Finance Act, 1997
Chapter IV Corporation Tax | ||
Rate of corporation tax. |
59.—(1) As respects any accounting period ending on or after the 1st day of April, 1997, section 1 (as amended by section 54 of the Finance Act, 1995 ) of the Corporation Tax Act, 1976 , is hereby amended by the substitution of the following subsection for subsection (1): | |
“(1) For the financial year 1974 and each subsequent financial year there shall be charged on the profits of companies a tax, to be called corporation tax, at the rate of— | ||
(a) 38 per cent. for— | ||
(i) each financial year until and including the year 1996, and | ||
(ii) that part of the financial year 1997 beginning on the first day of January, 1997, and ending on the 31st day of March, 1997; | ||
and | ||
(b) 36 per cent. for— | ||
(i) that part of the financial year beginning on the 1st day of April, 1997, and ending on the 31st day of December, 1997, and | ||
(ii) each subsequent financial year.”. | ||
(2) The Sixth Schedule shall have effect for the purpose of supplementing this section. |