by Christian Halwachs and Veronika Kumer
1. Business Taxation
1.1 Corporations
The corporation tax system in force in the UK is a partial imputation system, the basic principles of which are as follows:
A company pays corporation tax at a single rate (in 2011 26%, in 2012 24%, in 2013 23%, in 2014 22%) on all its profits, whether income or capital gains, and whether distributed or undistributed.