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Chapter 7
Corporation Tax
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Rate of corporation tax.
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71.—(1) Section 21 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (1):
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“(1) Corporation tax shall be charged on the profits of companies at the rate of—
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(a) 32 per cent for the financial year 1998,
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(b) 28 per cent for the financial year 1999,
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(c) 24 per cent for the financial year 2000,
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(d) 20 per cent for the financial year 2001,
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(e) 16 per cent for the financial year 2002,
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(f) 12½ per cent for the financial year 2003 and each subsequent financial year.”.
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(2) Schedule 1 shall have effect for the purposes of supplementing this section.
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