Section 626 — Corporation Tax Act 2010: Meaning of “final year”, “penultimate year” etc

Meaning of “final year”, “penultimate year” etc 626 1 This section applies for the purposes of this Chapter.

2 In relation to a company that is being wound up— “ the final year ” means the financial year in which the winding up of the company is completed, and “ the penultimate year ” means the last financial year before the company's final year.

3 In relation to a company in administration— “ the final year ” means the financial year in which the dissolution event in respect of the company occurs, and “ the penultimate year ” means the last financial year before the company's final year.

4 A reference in this Chapter to the “dissolution event” in respect of a company in administration is a reference—

a to the administrator sending a notice in respect of the company under paragraph 84(1) of Schedule B1 to the Insolvency Act 1986 (company moving from administration to dissolution), or b if the company enters administration otherwise than under that Act, to the doing of any other act for a similar purpose. 5 “ Profits ” means income and chargeable gains, except so far as the context otherwise requires.