7 Increase in rate of supplementary charge
Finance Act 2011 (2011 c 11) | Legislation

7  Increase in rate of supplementary charge

(1)     In section 330 of CTA 2010 (supplementary charge in respect of ring fence trades), in subsection (1), for “20%†substitute “32%â€.

(2)     The amendment made by subsection (1) has effect in relation to accounting periods beginning on or after 24 March 2011 (but see also subsection (3)).

(3)     Subsections (4) to (10) apply where a company has an accounting period beginning before 24 March 2011 and ending on or after that date (“the straddling periodâ€).

(4)     For the purpose of calculating the amount of the supplementary charge on the company for the straddling period—

(a)     so much of that period as falls before 24 March 2011, and so much of that period as falls on or after that date, are treated as separate accounting periods, and

(b)     the company's adjusted ring fence profits for the straddling period are apportioned to the two separate accounting

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