text_body: --- DIVISION TITLE ---
  
  Corporation Tax (Charge and Main Rates for Financial Year 2010)
  
  --- MOTION EFFECT ---
  
  
  
  The majority Aye voters passed a motion[1] which set the main corporation tax rate for the 2009/10 financial year. This rate was set at 28% and was unchanged from the previous year.
  
  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 21% for 2009/10 - also unchanged from the previous year).[2]
  
  Both the Conservatives and Liberal Democrats voted against this small companies' corporation tax rate. The Tories probably voted this way because they believe corporation tax should be lower[3].
  
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  * [1] [http://www.theyworkforyou.com/debates/?id=2009-04-28c.803.4 Motion on corporation tax], House of Commons, 28 April 2009
  * [2] [http://www.hmrc.gov.uk/rates/corp.htm HMRC Corporation tax rates]
  * [3] [http://www.telegraph.co.uk/news/newstopics/politics/conservative/georgeosborne/4949416/Conservatives-would-cut-corporation-tax-George-Osborne-says.html Conservatives would cut corporation tax, George Osborne says], Daily Telegraph, 6 March 2009 
  
  --- COMMENTS AND NOTES ---
  
  (put thoughts and notes for other researchers here)
  