Corporation Tax Act 2009 section 2

Charge to corporation tax

Section 2 establishes the fundamental charge to corporation tax on company profits and defines what "profits" means for this purpose.

• Corporation tax is charged on the profits of companies for each financial year where legislation so provides.
• "Profits" means both income and chargeable gains, unless the context requires a different interpretation.
• The "charge to corporation tax on income" is a specific label referring to the portion of the overall charge that relates to income (as distinct from chargeable gains).
• The charge to corporation tax on income only takes effect where another provision of the Corporation Tax Acts specifically applies it to a particular type of income.