Corporation Tax Act

The Corporation Tax Act is legislation that governs the taxation of profits made by companies in the UK. Companies are required to pay tax on their profits, which includes income from trading, investments, and sales. The Act outlines how taxable profits are calculated, the tax rates applicable, and the rules for tax deductions and allowances. Essentially, it ensures that businesses contribute to public finances by paying a percentage of their earnings to the government. The Act is essential for maintaining the fairness and integrity of the tax system for corporations.