Originally posted by thunderlizard
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Reply to: Ring Fenced Profits
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Previously on "Ring Fenced Profits"
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It's an oil & gas thing isn't it?
Ring-fenced profits are profits derived from oil or gas production in the UK or on the UKCS, and there's a special corporation tax regime applied to them. There's a little bit about it in this week's Spectator magazine, by an amazing coincidence.
I doubt many people on CUK have to worry about them!
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Originally posted by rougebot View PostTake it easy on me guys because this is my first post.
Could someone please help me with giving me and explanation as to the phrase 'Ring Fenced Profits' means, I am referring to corporation tax.
Cheers in advance
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Originally posted by rougebot View PostTake it easy on me guys because this is my first post.
Could someone please help me with giving me and explanation as to the phrase 'Ring Fenced Profits' means, I am referring to corporation tax.
Cheers in advance
So for example you have £100k profit after VAT, expenses and running costs. You then need to pay corp tax on the £100k so 20% of £100k is £20k ct to pay, its this £20k I assume you need to ring fence the remaining £80k can be taken out of profit, which you then use to pay for MP 2nd homes
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Ring Fenced Profits
Take it easy on me guys because this is my first post.
Could someone please help me with giving me and explanation as to the phrase 'Ring Fenced Profits' means, I am referring to corporation tax.
Cheers in advanceTags: None
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