corporation tax
A tax on the worldwide profits of a company resident in the UK. Corporation tax started on 6 April 1966 (before this date companies paid income tax and profits tax). In addition to companies, corporation tax is levied on unincorporated associations, building societies, cooperative societies, unit trusts, and investment trusts.
The tax is charged on the profits (including capital gains) shown in the company’s accounts (as calculated by applying generally accepted accounting practice) after (1) adding back certain nonallowable deductions (such as depreciation and entertaining costs); (2) deducting prior year (or group) losses; and (3) deducting any tax-specific allowances (such as enhanced research and development allowances). Larger companies now pay corporation tax in quarterly instalments. Other companies pay corporation tax nine months after the end of the company’s chargeable accounting period. See also diverted profits tax.
https://www.gov.uk/topic/business-tax/corporation-tax
•Corporation Tax area of the GOV.UK website
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