CTM01110 - Corporation Tax: introduction: definition of company profits
CTA09.S2(2), formerly 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,
- its chargeable gains for that period.
So, for CT, ‘income' and 'profits' are not interchangeable terms.