OT21202 - Corporation Tax Ring Fence and Supplementary Charge

Supplementary Charge: Commencement: ICTA88/s501A(1)

The supplementary charge applies to accounting periods beginning on or after 17 April 2002 to a company's adjusted ring fence profits (see OT21204) as if it were an amount of CT chargeable on the company.

FA02/s93 contains transitional provisions for the treatment of accounting periods that straddle 17 April 2002. Broadly speaking, the supplementary charge is levied on those profits that, on an apportionment, relate to the period from 17 April 2002 to the date on which the company’s accounting period ends. The transitional provisions are explained in more detail in OT21220 onwards.