Corporation Tax Act 2010 section 632

Meaning of rate being "fixed" or "proposed"

Section 632 defines the terms "fixed" and "proposed" in relation to corporation tax rates for companies in liquidation or administration, as used in sections 628 and 630.

• A corporation tax rate is "fixed" for a company being wound up if it was set by an Act passed before the winding up is completed, or for a company in administration if set by an Act passed before the dissolution event
• A corporation tax rate is "proposed" if it has been put forward by a Budget resolution of the House of Commons, whether or not it is subsequently enacted into law
• If a Budget resolution proposes to change a rate that has already been fixed, the references to the fixed rate in sections 628 and 630 are taken to mean the rate as proposed to be altered by that resolution
• A "Budget resolution" means a resolution of the House of Commons for fixing a rate of corporation tax