Section 747 — Corporation Tax Act 2010: Timing of assessments in section 738 cases

Timing of assessments in section 738 cases 747 1 This section applies if section 733 (company liable to counteraction of corporation tax advantage) applies to a company because it is in a position to obtain or has obtained a corporation tax advantage by falling within the circumstances mentioned in section 738 (receipt of relevant company assets (circumstance E)) when share capital is repaid.

2 An assessment to corporation tax made in accordance with a counteraction notice must be an assessment for the accounting period in which the repayment occurs.

3 The references in this section to the repayment of share capital include references to any distribution made in respect of any shares in a winding up or dissolution of the company.

4 In subsection (3) “ shares ” includes stock and any other interest of a member in a company.