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RICHARD CURTIS summarises the fifth to eighth sessions of Public Bill Committee consideration of Finance Bill 2012
KEY POINTS
- New marginal rate fractions for corporation tax.
- Post-cessation and property loss relief anti-avoidance measures.
- Exemption for car security features.
- Car benefit percentages increased.
The Public Bill Committee reconvened on 22 May 2012 to continue its consideration of the Finance Bill 2012 (previously Finance Bill (No 4) 2011.
The first item on the agenda was Clause 7 ‘corporation tax: small profits rate and fractions for financial year 2012’.
Before you think that you have missed something the small profits rate remains the same as last year at 20%; however because the main rate of corporation tax has reduced from 26% in 2011 to 24% for 2012 the marginal rate calculations will be affected.
The small profits rate applies to profits of less than £300 000 (or less where there are...
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