AITI Chartered Tax Adviser

How are companies liable to corporation tax?

A company pays corporation tax on its profits arising in each financial year (i.e., calendar year).

A company includes any body corporate, i.e., a group of persons which has a legal identity separate from its members. This may be a company incorporated under the Companies Acts, a company established by statute (for example, the ESB), a company incorporated by charter (for example, Bank of Ireland), and a co-operative society registered under the Industrial and Provident Societies Acts.