Finance Act, 1988
Chapter IV Corporation Tax | ||
Rates of corporation tax. |
33.—(1) As respects any accounting period ending on or after the 1st day of April, 1988, section 1 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 profits of companies a tax, to be called corporation tax, at the rate of— | ||
(a) 50 per cent. for— | ||
(i) each financial year until and including the year 1987, and | ||
(ii) that part of the financial year 1988 beginning on the 1st day of January, 1988, and ending on the 31st day of March, 1988; | ||
(b) 47 per cent. for— | ||
(i) that part of the financial year 1988 beginning on the 1st day of April, 1988, and ending on the 31st day of December, 1988, and | ||
(ii) that part of the financial year 1989 beginning on the 1st day of January, 1989, and ending on the 31st day of March, 1989; | ||
and | ||
(c) 43 per cent. for— | ||
(i) that part of the financial year 1989 beginning on the 1st day of April, 1989, and ending on the 31st day of December, 1989, and | ||
(ii) each subsequent financial year.”. | ||
(2) Sections 28 and 79 of the Corporation Tax Act, 1976 , shall not have effect for any accounting period ending on or after the 1st day of April, 1989. | ||
(3) The Third Schedule shall have effect for the purpose of supplementing this section. |