A4.310 Corporation tax

A4.310 Corporation tax

General

Corporation tax is self-assessed annually in respect of a financial year commencing on 1 April. The assessment is calculated in one amount on the company's total profits, including chargeable gains, although separate computations may be needed in respect of the various sources of profit. Assessments are made for a company's accounting period (see D1.108)1, which may fall into more than one financial year.

Unless the accounting period falls wholly in one financial year, the profits of that accounting period are apportioned on a time basis to the financial years concerned. The profits so apportioned are then charged

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