Section 938F — Corporation Tax Act 2010: Meaning of references to economic profits and losses

Meaning of references to economic profits and losses 938F 1 An economic profit or loss is to be computed for the purposes of this Part taking into account, in particular—

a profits and losses made as a result of the operation of the Corporation Tax Acts, and b any adjustments required to reflect the time value of money.

2 A reference in this Part to an economic profit or loss made by the scheme group over the scheme period is to an economic profit or loss made in that period by the members of the group considered together.

3 In determining for the purposes of this Part the amount of an economic profit or loss made by the scheme group over the scheme period, profits and losses made by a member of the group are to be taken into account only to the extent that they are attributable to times at which the member is a party to the scheme.