Corporation tax is charged at the rate set by Parliament for the financial year and such rate is defined as 'the main rate'; for the financial year 2020 the main rate is 19 per cent1.
The first step in calculating the amount of corporation tax payable for an accounting period of a company is to apply the applicable rate of corporation tax to the profits of the company2. The profits of a company of an accounting period on which corporation tax is chargeable are defined as the 'total taxable profits'3. The total taxable profits of a company for an accounting
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