347. General scheme of corporation tax.

A company1 resident2 in the United Kingdom3 is chargeable to corporation tax on income on:


    (1)     all its profits4 wherever arising5;


    (2)     profits accruing for its benefit under any trust, or arising under any partnership, in any case in which it would be so chargeable if the profits accrued to it directly6; and


    (3)     profits arising in the winding up of the company7.

For this purpose, 'profits' means income and chargeable gains, except in so far as the context otherwise requires8. A company which is resident in the United Kingdom in an accounting period is chargeable to corporation tax on