Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 522 — Introduction to Chapter
Introduction to Chapter 522 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 523 — Application of Part 5 to certain shares as rights under creditor relationship
Application of Part 5 to certain shares as rights under creditor relationship 523 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 524 — Shares subject to outstanding third party obligations
Shares subject to outstanding third party obligations 524 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 525 — Meaning of “interest-like investment”
Meaning of “interest-like investment” 525 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 526 — Non-qualifying shares
Non-qualifying shares 526 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 527 — The increasing value condition
The increasing value condition 527 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 528 — Regulations about income-producing assets
Regulations about income-producing assets 528 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 529 — The redemption return condition
The redemption return condition 529 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 530 — The redemption return condition: excepted shares
The redemption return condition: excepted shares 530 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 531 — The redemption return condition: unallowable purposes
The redemption return condition: unallowable purposes 531 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 532 — The associated transactions condition
The associated transactions condition 532 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 533 — Power to change conditions for non-qualifying shares
Power to change conditions for non-qualifying shares 533 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 534 — Amounts to be brought into account where section 523 applies
Amounts to be brought into account where section 523 applies 534 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 535 — Shares ceasing to be shares to which section 523 applies
Shares ceasing to be shares to which section 523 applies 535 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 536 — Introduction to Chapter
Introduction to Chapter 536 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 537 — Payments in return for capital contribution to partnership
Payments in return for capital contribution to partnership 537 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 538 — Change of partnership shares
Change of partnership shares 538 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 539 — Introduction to Chapter
Introduction to Chapter 539 1 This Chapter deals with the application of Part 5 to manufactured interest relationships and payments representative of interest. 2 For the purposes of the Corporation…
Section 540 — Manufactured interest treated as interest under loan relationship
Manufactured interest treated as interest under loan relationship 540 1 If a company has a manufactured interest relationship under which manufactured interest is payable by it, Part 5 applies to the…
Section 541 — Debits for deemed interest under stock lending arrangements disallowed
Debits for deemed interest under stock lending arrangements disallowed 541 1 This section applies if a company is the borrower under a stock lending arrangement for the purposes of section 812 of CTA…
Section 542 — Introduction to Chapter
Introduction to Chapter 542 1 The purpose of this Chapter is to secure that in the case of an arrangement— a which involves the sale of securities and the subsequent purchase of those or similar…
Section 543 — Meaning of creditor repo
Meaning of creditor repo 543 1 For the purposes of this Chapter a company (“ the lender ”) has a creditor repo if each of conditions A to E is met. 2 Condition A is that under an arrangement another…
Section 544 — Meaning of creditor quasi-repo
Meaning of creditor quasi-repo 544 1 For the purposes of this Chapter a company (“ the lender ”) has a creditor quasi-repo in any case if— a the lender does not have a creditor repo in that case, and…
Section 545 — Ignoring effect on lender etc of sale of securities
Ignoring effect on lender etc of sale of securities 545 1 This section applies if a company (“ the lender ”) has a creditor repo or a creditor quasi-repo. 2 For the purposes of the charge to…
Section 546 — Charge on lender for finance return in respect of the advance
Charge on lender for finance return in respect of the advance 546 1 This section applies if a company (“ the lender ”) has a creditor repo or creditor quasi-repo. 2 The advance under the creditor…
Section 547 — Repo under arrangement designed to produce quasi-interest: tax avoidance
Repo under arrangement designed to produce quasi-interest: tax avoidance 547 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 548 — Meaning of debtor repo
Meaning of debtor repo 548 1 For the purposes of this Chapter a company (“ the borrower ”) has a debtor repo if each of conditions A to E is met. 2 Condition A is that under an arrangement the…
Section 549 — Meaning of debtor quasi-repo
Meaning of debtor quasi-repo 549 1 For the purposes of this Chapter a company (“ the borrower ”) has a debtor quasi-repo in any case if— a the borrower does not have a debtor repo, and b each of…
Section 550 — Ignoring effect on borrower of sale of securities
Ignoring effect on borrower of sale of securities 550 1 This section applies if a company (“ the borrower ”)— a has a debtor repo or a debtor quasi-repo, or b has a liability which is discharged…
Section 551 — Relief for borrower for finance charges in respect of the advance
Relief for borrower for finance charges in respect of the advance 551 1 This section applies if a company (“ the borrower ”) has a debtor repo or a debtor quasi-repo. 2 The advance under the debtor…
Section 552 — General provisions about arrangements
General provisions about arrangements 552 1 For the purposes of this Chapter it does not matter whether or not provision of any arrangement conferring a right or imposing an obligation on any person…
Section 553 — Persons buying or selling for others
Persons buying or selling for others 553 1 For the purposes of this Chapter, in any case where— a a person (“A”) buys securities (or has a right or obligation to buy securities), but b the securities…
Section 554 — Power to modify this Chapter
Power to modify this Chapter 554 1 The Treasury may by regulations provide for all or any of the provisions of this Chapter to apply with modifications in relation to— a cases where section 555…
Section 555 — Cases where section 554 applies: non-standard repos
Cases where section 554 applies: non-standard repos 555 1 The cases to which this section applies are where— a a company has a repo, b there has been a sale of the securities under the arrangement or…
Section 556 — Meaning of securities and similar securities
Meaning of securities and similar securities 556 1 In this Chapter “securities” (except in the definition of “overseas securities” in section 559) means— a shares, stock or other securities issued…
Section 557 — Meaning of person receiving an asset
Meaning of person receiving an asset 557 For the purposes of this Chapter references to a person receiving any asset include the person— a obtaining the value of any asset directly or indirectly, or…
Section 558 — Interpretation of accounting expressions
Interpretation of accounting expressions 558 1 In determining for the purposes of this Chapter whether an amount is recorded as a financial asset or liability in respect of the advance, it is assumed…
Section 559 — Minor definitions
Minor definitions 559 In this Chapter— “advance”— in the case of a creditor repo, has the same meaning as in section 543, in the case of a creditor quasi-repo, has the same meaning as in section 544,…
Section 560 — Introduction to Chapter
Introduction to Chapter 560 1 This Chapter makes provision about investment life insurance contracts to which relevant companies are party. 2 See, in particular— a sections 562 to 565 (which make…
Section 561 — Meaning of “investment life insurance contract”
Meaning of “investment life insurance contract” 561 1 In this Chapter “ investment life insurance contract ” means— a a policy of life insurance which has, or is capable of acquiring, a surrender…
Section 562 — Contract to be loan relationship
Contract to be loan relationship 562 1 If a relevant company is a party to an investment life insurance contract, for the purposes of Part 5 (loan relationships) the contract is, in relation to the…
Section 563 — Increased non-trading credits for BLAGAB and EEA taxed contracts
Increased non-trading credits for BLAGAB and EEA taxed contracts 563 1 This section applies if— a as a result of section 562 the relevant company is required to bring into account for an accounting…
Section 564 — Section 563: interpretation
Section 563: interpretation 564 1 In section 563 “ BLAGAB contract ” means a contract forming part of basic life assurance and general annuity business of an insurance company but not part of…
Section 565 — Relevant amount where the relevant company uses fair value accounting
Relevant amount where the relevant company uses fair value accounting 565 1 This section applies if the relevant company brings credits and debits in respect of the investment life insurance contract…
Section 566 — Introduction
Introduction 566 1 This section and sections 567 to 569 apply if the relevant company was a party to an investment life insurance contract immediately before the beginning of the first accounting…
Section 567 — Gains on deemed surrenders to be brought into account on related transactions
Gains on deemed surrenders to be brought into account on related transactions 567 1 Any gain which arose under Chapter 2 of Part 13 of ICTA (life policies etc) as a result of the deemed surrender…
Section 568 — Restriction on credits on old contracts: fair value accounting cases
Restriction on credits on old contracts: fair value accounting cases 568 1 This section applies if— a at all times since the old contract was made the rights conferred by it have been in the…
Section 569 — Restriction on debits on old contracts: non-fair value accounting cases
Restriction on debits on old contracts: non-fair value accounting cases 569 1 This section applies where— a the relevant company brings into account credits and debits in respect of the old contract…
Section 570 — Overview of Part
Overview of Part 570 1 This Part is about how profits and losses arising to a company from its derivative contracts are brought into account for corporation tax purposes. 2 For the meaning of…
Section 571 — General rule: profits chargeable as income
General rule: profits chargeable as income 571 1 The general rule for corporation tax purposes is that all profits arising to a company from its derivative contracts are chargeable to corporation tax…