Business Practice And Law: Corporation Tax Flashcards
1
Q
When a company makes a chargeable gain what kind of tax does it pay?
A
- corporation tax
2
Q
What is the standard corporation tax rate for of chargeable gains?
A
- 25% of all chargeable gains above £250,000
3
Q
For chargeable gains under £250,000 what is the corporation tax rate?
A
- for chargeable gains for under £50,000 19% corporation tax rate applies
- for gains between £50,000 and £250,000 tax rate will be calculated based on tapered rate
4
Q
For trading profits what kind of tax does a company pay?
A
- cooperation tax
5
Q
A
