text_body: --- DIVISION TITLE ---
  
  Budget Resolutions 2005 - Corporation Tax (Charge and Rate for 2006)
  
  --- MOTION EFFECT ---
  
  
  
  
  
  The majority Aye voters passed a motion[1] which set the main corporation tax rate for the 2006 financial year. This rate was set at 30% and was unchanged from the previous year[2].
  
  Corporation tax is, very simply, a tax on the profits of a company resident in the UK. There is a main rate of corporation tax which applies to companies with profits of over Â£1.5 million per year. Companies qualify for the lower rate when their profits are at or below Â£300,000 per year (this 'small companies' corporation tax' rate was set at 19% for 2005/06 - also unchanged from the previous year).[3]
  
  
  
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  * [1] [http://www.theyworkforyou.com/debates/?id=2005-03-22a.837.6 Motion on corporation tax], House of Commons, 22 March 2005
  * [2] [http://www.opsi.gov.uk/acts/acts2004/ukpga_20040012_en_5#pt3-ch1-pb2-l1g25 Finance Act 2004, Section 25]
  * [3] [http://www.opsi.gov.uk/acts/acts2005/ukpga_20050007_en_3#pt2-ch1-pb2-l1g11 Finance Act 2005, Section 11]
  
  
  
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  