Section 357YN — Corporation Tax Act 2010: Migration of company with claim to restitution interest

Migration of company with claim to restitution interest 357YN 1 This section applies where—

a restitution interest arises to a non-UK resident company, b the rights in respect of which the company is entitled to the restitution interest had (to any extent) accrued when the company ceased to be UK resident, and c the company's main purpose, or one of its main purposes, in changing its residence was to secure a tax advantage for any person in relation to the application of the charge to tax on restitution interest under this Part.

2 The company is treated as a UK resident company for the purposes of the application of this Part in relation to so much of that restitution interest as is attributable to relevant accrued rights. 3 “ Relevant accrued rights ” means rights which had accrued to the company when it ceased to be UK resident.

4 The company is to be treated for the purposes of sections 185 and 187 of TCGA 1992 as not having disposed of its assets on ceasing to be resident in the United Kingdom, so far as its assets at that time consisted of rights to receive restitution interest.

5 Any adjustments that are necessary as a result of subsection (4) are to be made; and any time limits for the making of adjustments are to be ignored for this purpose.