The Finance Bill 2012 received Royal Assent on 17 July 2012, and became Finance Act 2012, taking effect from that date. The main aspects are the following: (a) Companies                                                                                        Corporation tax rate For financial year 2012, the main rate of corporation tax will be 24%. For financial year 2013, it will be 23%. In his Statement to Parliament (see United Kingdom-2, News 21 March 2012), the Chancellor also announced that, for financial year 2014, the main rate of corporation tax will be 22%. For financial year 2012, the "small profits" rate of corporation tax will be 20%. Controlled foreign companies (CFC)...