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CTA 2010 is amended as follows.

In section 1 (overview of Act), in subsection (2)—

For section 3 (corporation tax rates) substitute—

“3 Corporation tax rates

(1)     Corporation tax is charged at the rate set by Parliament for the financial year as the main rate.

(2)     Subsection (1) is subject to any provision of the Corporation Tax Acts which provides for corporation tax to be charged at a different rate.”

Omit Part 3 (companies with small profits).

(1)     Part 8 (oil activities) is amended as follows.

(2)     In section 270 (overview of Part 8), after subsection (3) insert—

“(3A)     Chapter 3A makes provision about the rates at which corporation tax is charged on ring fence profits.”

(3)     After Chapter 3 insert—

“Chapter 3A
Rates at which Corporation Tax is Charged on Ring Fence Profits

The rates

279A Corporation tax rates on ring fence profits

(1)     Corporation tax is charged on ring fence profits at the main