Section 1159 — Corporation Tax Act 2010: Approval

Approval 1159 1 The Treasury may by regulations make provision about the approval of a company for an accounting period for the purposes of section 1158(1)(b), including provision about—

a applications for approval, b the determination of applications for approval, c requirements to be met by the company while approved, d the withdrawal of approval by notice, or e the consequences of the withdrawal of approval.

2 The regulations may, in particular—

a include provision under which an application for approval—

i is to be made by reference to the accounting period in which the application is made or such earlier or later accounting period as may be specified in the application, and ii is to constitute an application for approval for that and all subsequent accounting periods, b specify the form and content of, and information to accompany, an application, c permit or require the Commissioners to grant or refuse an application where conditions specified in the regulations are met (or appear to the Commissioners to be met) in relation to the company, d permit or require the Commissioners to withdraw approval where—

i conditions specified in the regulations are met (or appear to the Commissioners to be met) in relation to the company, or ii the company has failed to comply with requirements imposed by the regulations, e include provision prohibiting a company from which approval has been withdrawn from reapplying, or f include provision under which approval may or must be withdrawn in relation to an accounting period that ends before the notice withdrawing approval is given.

3 Regulations under this section—

a may make different provision for different cases or purposes, and b may make incidental, consequential, supplementary or transitional provision.

4 A statutory instrument containing the first regulations under this section may not be made unless a draft of the instrument has been laid before and approved by a resolution of the House of Commons.

5 Any other statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons.

6 In this section “ the Commissioners ” means the Commissioners for Her Majesty's Revenue and Customs.