Corporation Tax Act 2010

Linked as:

Extract

Corporation Tax Act 2010

An Act to restate, with minor changes, certain enactments relating to corporation tax and certain enactments relating to company distributions; and for connected purposes.

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Part 1 Introduction

1 Overview of Act

(1) Part 2 is about calculation of the corporation tax chargeable on a company's profits, in particular—

(a) the rates at which corporation tax on profits is charged (see Chapter 2) ,

(b) ascertaining the amount of profits to which the rates of tax are applied (see Chapter 3) , and

(2) Parts 3 to 7 make provision for the following reliefs—

(a) relief for companies with small profits (see Part 3) ,

(b) relief for trade losses (see Chapters 2 and 3 of Part 4) ,

(d) relief for losses on a disposal of shares (see Chapter 5 of Part 4) ,

(e) relief for losses from miscellaneous transactions (see Chapter 6 of Part 4) ,

(f) group relief (see Part 5) ,

(g) relief for qualifying charitable donations (see Part 6) , and

(h) community investment tax relief (see Part 7).

(3) Parts 8 to 13 make provision about special types of business and company etc, in particular—

(a) oil activities (see Part 8) ,

(b) leasing plant or machinery (see Part 9) ,

(d) charitable companies etc (see Part 11) ,

(e) Real Estate Investment Trusts (see Part 12) ,

(f) corporate beneficiaries under trusts (see Chapter 1 of Part 13) ,

(g) open-ended investment companies, authorised unit trusts and court investment funds (see Chapter 2 of Part 13) ,

(h) unauthorised unit trusts (see Chapter 3 of Part 13) ,

(i) securitisation companies (see Chapter 4 of Part 13) ,

(j) companies in liquidation or administration (see Chapter 5 of Part 13) ,

(k) banks etc in compulsory liquidation (see Chapter 6 of Part 13) ,

(l) co-operative housing associations and self-build societies (see Chapters 7 and 8 of Part 13) , and

(m) community amateur sports clubs (see Chapter 9 of Part 13).

(4) Parts 14 to 21 contain provisions relating to tax avoidance, in particular with respect to—

(a) change in company ownership (see Part 14) ,

(b) transactions in securities (see Part 15) ,

(d) manufactured payments and repos (see Part 17) ,

(e) transactions in land (see Part 18) ,

(f) the sale and lease-back of assets (see Part 19) ,

(g) leasing plant or machinery (see Part 20) , and

(h) other arrangements involving asset leasing (see Part 21).

(5) Part 22 contains miscellaneous provisions, including provision with respect to—

(a) transfers of trade without a change of ownership (see Chapter 1) ,

(b) transfers of trade to obtain balancing allowances (see Chapter 2) ,

(d) the surrender of tax refunds within groups of companies (see Chapter 4) ,

(e) the set off of income tax deductions against corporation tax (see Chapter 5) ,

(f) the assessment, collection and recovery of corporation tax from UK representatives of non-UK resident companies (see Chapter 6) ,

(g) the recovery of unpaid corporation tax due from non-UK resident companies (see Chapter 7) , and

(h) exemptions (see Chapter 8).

(6) Part 23 contains provisions about the meaning of “distribution” and certain associated matters.

(7) Part 24 contains definitions that apply for the purposes of the Corporation Tax Acts and other general provisions that have effect for the purposes of those Acts.

(8) Part 25 contains provisions of general application, including definitions for the purposes of the Act.

(9) For abbreviations and defined expressions used in this Act, see section 1174 and Schedule 4.

Part 2 Calculation of liability in respect of profits

Chapter 1 Introduction

2 Overview of Part

(1) This Part contains provisions that relate to the calculation of the corporation tax chargeable on a company's profits of an accounting period.

(2) Chapter 2 is about the rates at which corporation tax on profits is charged.

(3) Chapter 3 is about ascertaining the amount of a company's profits of an accounting period to which the rates of corporation tax applicable to the company are applied.

(4) Chapter 4 makes provision about the currency in which a company must calculate and express its profits for corporation tax purposes.

(5) For provision about the calculation of the corporation tax payable for an accounting period see paragraph 8 of Schedule 18 to FA 1998.&...

See the full content of this document