Corporation Tax Act 2009 section 8

How tax is charged and assessed

Section 8 explains how corporation tax is charged, calculated and assessed by reference to financial years and accounting periods.

• Corporation tax for a financial year is charged on profits arising in that year.
• Corporation tax is calculated, charged and assessed by reference to a company's accounting periods, based on the full amount of profits arising in each period.
• Where an accounting period straddles more than one financial year, profits must be apportioned between those financial years.
• The general rule of assessing tax on full profits is subject to any contrary provision elsewhere in the Corporation Tax Acts.