CTM01110 - Corporation Tax: introduction: definition of company profits

ICTA88/S6 (4)

The profits of a company resident in the UK which are chargeable to CT for any accounting period are:

• its income for that accounting period, except
• • non-qualifying distributions, and normally any dividends or other qualifying distributions received from companies resident in the UK,

plus

• its chargeable gains for that period.

So, for CT, ‘income' and 'profits' are not interchangeable terms.