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Commentary

23.3 Calculating the tax

BUSINESSES vol 4(2) start-up, sale and purchase
| Commentary

23.3 Calculating the tax

| Commentary

23.3 Calculating the tax

The rate of corporation tax which the company has to pay in respect of any accounting period will depend upon the amount of its total profits for that period1. The amount to be included in those total profits in respect of a company’s chargeable gains is the aggregate of all the chargeable gains for that period less any allowable losses arising in that same period2. Consequently, any net gain in the accounting period will be subject not to capital gains tax but corporation tax.

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