Except as otherwise provided by the Corporation Tax Acts1, corporation tax2 is assessed and charged for any accounting period of a company on the full amount of the profits3 arising in the period4.
An accounting period5 of a company begins:
(1) when the company comes within the charge to corporation tax; or
(2) immediately after the end of the previous accounting period of the company if the company is still within the charge to corporation tax6.
For these purposes, a company resident in the United Kingdom7 is treated as coming within the charge to corporation tax at the time when it
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