The taxation of companies1 is separated from that of individuals. Corporation tax2 is charged on profits3 of companies, and the Corporation Tax Acts4 apply, for any financial year5 for which Parliament so determines; and, where an Act charges corporation tax for any financial year, the Corporation Tax Acts apply, without any express provision, for that year accordingly6.
The provisions of the Income Tax Acts7 relating to the charge of income tax do not apply to income of a company, not arising in a fiduciary or representative capacity, if:
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