Companies are liable to corporation tax on their Taxable Total Profits (TTPs). Companies usually do not pay capital gains tax or income tax; however, many of the principles which apply to the computation of trading income and chargeable gains are similar for companies and individuals.

The definition of 'profits' includes the following most common items, which are covered in more detail below:

  • trading income
  • chargeable gains
  • dividends which are not exempt
  • non-trading loan relationship credits
  • property business income
  • overseas income
  • miscellaneous income

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