152 Increase in rate of supplementary charge
Finance Act 2006 (2006 c 25) | Legislation

Ring fence trades

152  Increase in rate of supplementary charge

(1)     In section 501A of ICTA (supplementary charge in respect of ring fence trades), in subsection (1) (charge of 10 per cent on adjusted ring fence profits), for “10 per cent” substitute “20 per cent”.

(2)     The amendment made by subsection (1) has effect in relation to any accounting period beginning on or after 1st January 2006 (but see also subsection (3)).

(3)     For the purpose of calculating the amount of the supplementary charge on a company for an accounting period (a “straddling period”) beginning before 1st January 2006 and ending on or after that date—

(a)     so much of the straddling period as falls before 1st January 2006, and so much of the straddling period as falls on or after that date, are treated as separate accounting periods, and

(b)     the company's adjusted ring fence profits for the straddling period are apportioned

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