Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 454 — Application of fair value accounting: reset bonds etc
Application of fair value accounting: reset bonds etc 454 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 455 — Disposals for consideration not fully recognised by accounting practice
Disposals for consideration not fully recognised by accounting practice 455 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 455A — Debits arising from derecognition of creditor relationships
Debits arising from derecognition of creditor relationships 455A 1 This section applies where— a a company is at any time a party to tax avoidance arrangements, b as a result of those arrangements, a…
Section 455B — Counteracting effect of avoidance arrangements
Counteracting effect of avoidance arrangements 455B 1 Any loan-related tax advantages that would (in the absence of this section) arise from relevant avoidance arrangements are to be counteracted by…
Section 455C — Interpretation of section 455B
Interpretation of section 455B 455C 1 This section applies for the interpretation of section 455B (and this section). 2 “Arrangements” include any agreement, understanding, scheme, transaction or…
Section 455D — Examples of results that may indicate exclusion not applicable
Examples of results that may indicate exclusion not applicable 455D 1 Each of the following is an example of something which might indicate that arrangements whose main purpose, or one of whose main…
Section 456 — Introduction to Chapter
Introduction to Chapter 456 1 This Chapter applies if — a for any accounting period a company has a non-trading deficit from its loan relationships under section 301(6) , and b either— i that…
Section 457 — Basic rule for deficits: carry forward to accounting periods after deficit period
Basic rule for deficits: carry forward to accounting periods after deficit period 457 1 The basic rule is that the deficit must be carried forward and set off against non-trading profits of the…
Section 458 — Claim to carry forward deficit to later accounting periods
Claim to carry forward deficit to later accounting periods 458 1 The company may make a claim for so much of the amount carried forward from the deficit period as is specified in the claim to be…
Section 459 — Claim to set off deficit against profits of deficit period or earlier periods
Claim to set off deficit against profits of deficit period or earlier periods 459 1 The company may make a claim for the whole or part of the deficit— a to be set off against any profits of the…
Section 460 — Time limits and procedure for claims under section 459(1)
Time limits and procedure for claims under section 459(1) 460 1 A claim under section 459(1) must be made within— a the period of 2 years after the deficit period ends, or b such further period as an…
Section 461 — Claim to set off deficit against other profits for the deficit period
Claim to set off deficit against other profits for the deficit period 461 1 This section applies if a claim is made under section 459(1)(a) for the whole or part of the deficit to be set off against…
Section 462 — Claim to carry back deficit to earlier accounting periods
Claim to carry back deficit to earlier accounting periods 462 1 This section applies if a claim is made under 459(1)(b) for the whole or part of the deficit to be carried back to be set off against…
Section 463 — Profits available for relief under section 462
Profits available for relief under section 462 463 1 The profits available for relief under section 462 are the amounts which (apart from the relief) would be charged under this Part as profits for…
Section 463A — Introduction to Chapter
Introduction to Chapter 463A 1 This Chapter applies if— a for any accounting period beginning on or after 1 April 2017 a company has a non-trading deficit from its loan relationships under section…
Section 463B — Claim to set off deficit against profits of deficit period or earlier periods
Claim to set off deficit against profits of deficit period or earlier periods 463B 1 The company may make a claim for the whole or part of the deficit— a to be set off against any profits of the…
Section 463C — Time limits for claims under section 463B(1)
Time limits for claims under section 463B(1) 463C 1 A claim under section 463B(1) must be made within— a the period of 2 years after the deficit period ends, or b such further period as an officer of…
Section 463D — Claim to set off deficit against profits for the deficit period
Claim to set off deficit against profits for the deficit period 463D 1 This section applies if a claim is made under section 463B(1)(a) for the whole or part of the deficit to be set off against…
Section 463E — Claim to carry back deficit to earlier periods
Claim to carry back deficit to earlier periods 463E 1 This section applies if a claim is made under section 463B(1)(b) for the whole or part of the deficit to be carried back to be set off against…
Section 463F — Profits available for relief under section 463E
Profits available for relief under section 463E 463F 1 The profits available for relief under section 463E are the amounts which (apart from the relief) would be charged under this Part as profits…
Section 463G — Carry forward of unrelieved deficit against total profits
Carry forward of unrelieved deficit against total profits 463G 1 This section applies if conditions A to D are met. 2 Condition A is that— a any amount of the deficit (“the unrelieved amount”) is…
Section 463H — Carry forward of unrelieved deficit against non-trading profits
Carry forward of unrelieved deficit against non-trading profits 463H 1 Subsections (4) to (8) apply if— a section 463G would apply but for the fact that the company's investment business became small…
Section 463I — Re-application of section 463G if any deficit remains after previous application
Re-application of section 463G if any deficit remains after previous application 463I 1 This section applies if— a any amount of the deficit is carried forward to an accounting period (“the later…
Section 464 — Priority of this Part for corporation tax purposes
Priority of this Part for corporation tax purposes 464 1 The amounts which are brought into account in accordance with this Part in respect of any matter are the only amounts which may be brought…
Section 465 — Exclusion of distributions except in tax avoidance cases
Exclusion of distributions except in tax avoidance cases 465 1 Credits or debits relating to any amount falling, when paid, to be treated as a distribution must not be brought into account for the…
Section 465A — Power to make regulations where accounting standards change
Power to make regulations where accounting standards change 465A 1 The Treasury may by regulations make provision for cases where, in consequence of a change in accounting standards, there is a…
Section 465B — “Tax-adjusted carrying value”
“Tax-adjusted carrying value” 465B 1 This section applies for the purposes of this Part. 2 “ Tax-adjusted carrying value ”, in relation to the asset or liability representing a loan relationship,…
Section 466 — Companies connected for an accounting period
Companies connected for an accounting period 466 1 This section and sections 467 to 471 have effect for the purposes of any provisions of this Part which apply this section (but this does not affect…
Section 467 — Connections where partnerships are involved
Connections where partnerships are involved 467 1 This section applies for the purposes of the provisions which apply section 466 (“ the relevant provisions ”) if— a a trade or business is carried on…
Section 468 — Connection between companies to be ignored in some circumstances
Connection between companies to be ignored in some circumstances 468 1 In the case of a company (“ the creditor ”) which has a creditor relationship, any connection for an accounting period between…
Section 469 — Creditors who are financial traders
Creditors who are financial traders 469 1 This section sets out the conditions referred to in section 468(1)(a). 2 Condition A is that the creditor disposes of or acquires assets representing…
Section 470 — Section 469: supplementary provisions
Section 469: supplementary provisions 470 1 For the purposes of conditions D and E in section 469 assets are taken to be of the same kind if they— a are treated as being of the same kind by the…
Section 471 — Creditors who are insurance companies carrying on BLAGAB
Creditors who are insurance companies carrying on BLAGAB 471 1 This section sets out the conditions referred to section 468(1)(b)). 2 Condition A is that the creditor is an insurance company carrying…
Section 472 — Meaning of “control”
Meaning of “control” 472 1 This section has effect for the purposes of any provisions of this Part which apply this section (but this does not affect the application of section 1316(2) (meaning of…
Section 473 — Meaning of “major interest”
Meaning of “major interest” 473 1 In this Part references to a company (“A”) having a major interest in another company (“B”) are to be read as follows. 2 A has a major interest in B at any time if…
Section 474 — Treatment of connected companies and partnerships for section 473
Treatment of connected companies and partnerships for section 473 474 1 For the purposes of section 473(2), all the interests, rights and powers of any company connected with another company are…
Section 475 — Meaning of expressions relating to exchange gains and losses
Meaning of expressions relating to exchange gains and losses 475 1 References in this Part to exchange gains or exchange losses, in relation to a company, are references respectively to— a profits or…
Section 475A — “Hedging relationship”
“Hedging relationship” 475A 1 This section applies for the purposes of this Part. 2 A company has a “hedging relationship” between a relevant contract (“the hedging instrument”) and an asset or…
Section 475B — Meaning of “matched”
Meaning of “matched” 475B 1 This section applies for the purposes of this Part. 2 A loan relationship of a company is matched if and to the extent that— a it is in a matching relationship with…
Section 475C — Meaning of “hybrid capital instrument”
Meaning of “hybrid capital instrument” 475C 1 For the purposes of this Part, a loan relationship is a “hybrid capital instrument” for an accounting period of the debtor if— a the loan relationship…
Section 476 — Other definitions
Other definitions 476 1 In this Part— “ accounting policy ”, in relation to a company, means the principles, bases, conventions, rules and practices that the company applies in preparing and…
Section 477 — Overview of Part
Overview of Part 477 1 This Part deals with matters treated for some or all purposes as loan relationships or rights, payments or profits under loan relationships. 2 See, in particular— a Chapter 2…
Section 478 — Relevant non-lending relationships: introduction
Relevant non-lending relationships: introduction 478 1 This Chapter provides for Part 5 to apply to relevant non-lending relationships in relation to some matters as it applies to loan relationships…
Section 479 — Relevant non-lending relationships not involving discounts
Relevant non-lending relationships not involving discounts 479 1 A company has a relevant non-lending relationship if— a the company stands, or has stood, in the position of a creditor or debtor in…
Section 480 — Relevant non-lending relationships involving discounts
Relevant non-lending relationships involving discounts 480 1 A company has a relevant non-lending relationship if— a the company stands in the position of creditor in relation to a money debt, b the…
Section 481 — Application of Part 5 to relevant non-lending relationships
Application of Part 5 to relevant non-lending relationships 481 1 If a company has a relevant non-lending relationship— a Part 5 (loan relationships) applies in relation to the relevant matters (see…
Section 482 — Miscellaneous rules about amounts to be brought into account because of this Chapter
Miscellaneous rules about amounts to be brought into account because of this Chapter 482 1 Any credits or debits which— a relate to interest payable under the Tax Acts, and b fall to be brought into…
Section 483 — Exchange gains and losses: amounts treated as money debts
Exchange gains and losses: amounts treated as money debts 483 1 This section applies for the purposes of this Chapter so far as relating to exchange gains and losses. 2 Any currency held by a company…
Section 484 — Provision not at arm's length: meaning of “interest” and “money debt”
Provision not at arm's length: meaning of “interest” and “money debt” 484 1 References in this Chapter to interest payable on a money debt include a reference to any amount which because of Part 4 of…
Section 485 — Exclusion of debts where profits or losses within Part 7 or 8
Exclusion of debts where profits or losses within Part 7 or 8 485 This Chapter does not apply to a debt in respect of which profits or losses (if any) fall to be brought into account under— a Part 7…