text_body: --- DIVISION TITLE ---
  
  Budget Resolutions 2004 - Corporation Tax (Charge and Rate for 2005)
  
  --- MOTION EFFECT ---
  
  
  The majority Aye voters passed a motion[1] which set the main corporation tax rate for the 2005 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 2004/05 - also unchanged from the previous year).[3]
  
  
  
  ----
  
  * [1] [http://www.theyworkforyou.com/debate/?id=2004-03-23.814.1 Motion on corporation tax], House of Commons, 23 March 2004
  * [2] [http://www.opsi.gov.uk/Acts/acts2003/ukpga_20030014_en_12#pt6-pb2-l1g133 Finance Act 2003, Section 133]
  * [3] [http://www.opsi.gov.uk/acts/acts2004/ukpga_20040012_en_5#pt3-ch1-pb2-l1g26 Finance Act 2004, Section 26]
  
  
  
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  