Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 607B — Exclusion of debit where relief allowed to another
Exclusion of debit where relief allowed to another 607B A company is not to bring into account as a debit for the purposes of this Part as a result of section 607A any amount which— a is brought into…
Section 607C — Avoidance of double charge
Avoidance of double charge 607C 1 This section applies if at any time a company (“ the relevant company ”) is required by section 607A to bring into account as a credit for the purposes of this Part…
Section 608 — Company ceasing to be party to derivative contract
Company ceasing to be party to derivative contract 608 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 609 — Company ceasing to be UK resident
Company ceasing to be UK resident 609 1 If a company ceases to be UK resident, this Part applies as if— a immediately before so ceasing the company had assigned the rights and liabilities under its…
Section 610 — Non-UK resident company ceasing to hold derivative contract for section 609(2) purposes
Non-UK resident company ceasing to hold derivative contract for section 609(2) purposes 610 1 This section applies if the rights and liabilities under a derivative contract of a company which is not…
Section 611 — Release under statutory insolvency arrangement of liability under derivative contract
Release under statutory insolvency arrangement of liability under derivative contract 611 No credit is required to be brought into account by a company in respect of the release of the company's…
Section 612 — Overview of Chapter
Overview of Chapter 612 1 This Chapter makes further provision about the credits and debits to be brought into account for the purposes of this Part. 2 In particular, it— a provides for adjustments…
Section 613 — Introduction to sections 614 and 615
Introduction to sections 614 and 615 613 1 Sections 614 and 615 (adjustments on change of accounting basis) apply if— a a company changes, from one period of account or accounting period to the next,…
Section 614 — Change of basis of accounting involving change of value
Change of basis of accounting involving change of value 614 1 If there is a difference between— a the tax-adjusted carrying value of a derivative contract at the end of the earlier period, and b the…
Section 615 — Change of accounting policy after ceasing to be party to derivative contract
Change of accounting policy after ceasing to be party to derivative contract 615 1 This section applies if— a the company has ceased to be a party to a derivative contract in an accounting period…
Section 616 — Disapplication of fair value accounting
Disapplication of fair value accounting 616 1 This section applies if— a a company is treated as a party to a relevant contract under section 584(2)(a) or 586(2) (“the embedded derivative”), b the…
Section 617 — Election for section 616 not to apply
Election for section 616 not to apply 617 1 A company may elect that section 616 is not to apply in relation to its contracts. 2 But such an election does not apply to a contract if— a the contract…
Section 618 — Elections under section 617: groups of companies
Elections under section 617: groups of companies 618 1 If— a a company makes an election under section 617 in relation to its contracts, and b another company, which is a member of the same group as…
Section 619 — Partnerships involving companies
Partnerships involving companies 619 1 This section applies if— a a trade or business is carried on by a firm, b any of the partners in the firm is a company (a “company partner”), and c the firm is…
Section 620 — Determination of credits and debits by company partners
Determination of credits and debits by company partners 620 1 The credits and debits to be brought into account under section 619(3) are to be determined separately for each company partner as…
Section 621 — Company partners using fair value accounting
Company partners using fair value accounting 621 1 This section applies if a company partner uses fair value accounting in relation to its interest in the firm. 2 The credits and debits to be brought…
Section 622 — Contracts ceasing to be derivative contracts
Contracts ceasing to be derivative contracts 622 1 This section applies if a company is a party to a relevant contract which ceases to be a derivative contract. 2 The company is treated for the…
Section 623 — Index-linked gilt-edged securities with embedded contracts for differences
Index-linked gilt-edged securities with embedded contracts for differences 623 1 This section applies to a derivative contract of a company for an accounting period if each of conditions A to D is…
Section 624 — Introduction to Chapter
Introduction to Chapter 624 1 This Chapter makes provision— a about continuity of treatment in some cases in which a company replaces a member of the same group of companies as a party to a…
Section 625 — Group member replacing another as party to derivative contract
Group member replacing another as party to derivative contract 625 1 This section applies if— a there is a transaction within section 626(2) or a series of transactions within section 626(3), b as a…
Section 626 — Transactions to which section 625 applies
Transactions to which section 625 applies 626 1 This section applies for the purposes of section 625(1)(a). 2 A transaction is within this subsection if it is a related transaction between two…
Section 627 — Meaning of company replacing another as party to derivative contract
Meaning of company replacing another as party to derivative contract 627 1 References in this Chapter to one company (“A”) replacing another company (“B”) as a party to a derivative contract include…
Section 628 — Transferor using fair value accounting
Transferor using fair value accounting 628 1 This section applies instead of section 625 if, in a case where that section would otherwise apply, the transferor uses fair value accounting as respects…
Section 629 — Tax avoidance
Tax avoidance 629 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 630 — Introduction to sections 631 and 632
Introduction to sections 631 and 632 630 1 Sections 631 and 632 apply if— a section 625 (group member replacing another as party to derivative contract) applies because of a transaction or series of…
Section 631 — Transferee leaving group otherwise than because of exempt distribution
Transferee leaving group otherwise than because of exempt distribution 631 1 This section applies if— a the transferee ceases to be a member of the relevant group, and b it does not so cease just…
Section 632 — Transferee leaving group because of exempt distribution
Transferee leaving group because of exempt distribution 632 1 This section applies if— a the transferee ceases to be a member of the relevant group just because of a distribution which is exempt as a…
Section 633 — Mutual trading companies
Mutual trading companies 633 For the purposes of this Part, activities carried on by a company in the course of any mutual trading are treated as not constituting the whole or any part of a trade.
Section 634 — Insurance companies
Insurance companies 634 1 For the purposes of this Part, activities carried on by a company in the course of— a any mutual insurance or other mutual business which is not life assurance business, ...…
Section 635 — Creditor relationships: embedded derivatives which are options
Creditor relationships: embedded derivatives which are options 635 1 This section applies if in any accounting period— a a company is a party to a creditor relationship for the purposes of its basic…
Section 636 — Modifications of Chapter 5
Modifications of Chapter 5 636 1 Chapter 5 (continuity of treatment on transfers within groups) has effect in relation to insurance companies with the following modifications. 2 Section 625(1)(a)…
Section 637 — Investment trusts: profits or losses of a capital nature
Investment trusts: profits or losses of a capital nature 637 1 Profits or losses of a capital nature arising to an investment trust from a derivative contract may not be brought into account as…
Section 638 — Venture capital trusts: profits or losses of a capital nature
Venture capital trusts: profits or losses of a capital nature 638 1 Profits or losses of a capital nature arising to a venture capital trust from a derivative contract may not be brought into account…
Section 639 — Overview of Chapter
Overview of Chapter 639 1 This Chapter makes provision about cases in which— a credits and debits are not to be brought into account in accordance with section 574 (non-trading credits and debits to…
Section 640 — Credits and debits not to be brought into account under Part 5
Credits and debits not to be brought into account under Part 5 640 1 If any of the provisions in subsection (2) applies to a derivative contract of a company for an accounting period, section 574…
Section 641 — Derivative contracts to be taxed on a chargeable gains basis
Derivative contracts to be taxed on a chargeable gains basis 641 1 This section applies to a derivative contract of a company for an accounting period if any of the provisions in subsection (2)…
Section 642 — Exception from section 641
Exception from section 641 642 1 Section 641 does not apply to a derivative contract to which section 645 applies if, on the assumptions in subsection (2), paragraph 2 of Schedule 7AC to TCGA 1992…
Section 643 — Contracts relating to land or certain tangible movable property
Contracts relating to land or certain tangible movable property 643 1 This section applies to a derivative contract of a company for an accounting period if conditions A, B , C and D are met. 2…
Section 644 — Income to be left out of account in determining whether section 643 applies
Income to be left out of account in determining whether section 643 applies 644 1 This section applies if the underlying subject matter of a derivative contract includes income from property within…
Section 645 — Creditor relationships: embedded derivatives which are options
Creditor relationships: embedded derivatives which are options 645 1 This section applies to a derivative contract of a company for an accounting period if each of conditions A to E is met. 2…
Section 646 — Exclusions from section 645
Exclusions from section 645 646 1 Section 645 does not apply to a derivative contract of a company for an accounting period if condition A or B is met in the period. 2 Condition A is that the rights…
Section 647 — Meaning of certain expressions in section 645
Meaning of certain expressions in section 645 647 1 This section applies for the purposes of section 645. 2 “ Mandatorily convertible preference shares ” means shares which— a represent the creditor…
Section 648 — Creditor relationships: embedded derivatives which are exactly tracking contracts for differences
Creditor relationships: embedded derivatives which are exactly tracking contracts for differences 648 1 This section applies to a derivative contract of a company for an accounting period if each of…
Section 649 — Meaning of certain expressions in section 648
Meaning of certain expressions in section 648 649 1 This section applies for the purposes of section 648. 2 “ Exactly tracking contract ” means a contract where the amount which is to be paid to…
Section 650 — Property based total return swaps
Property based total return swaps 650 1 This section applies to a derivative contract of a company for an accounting period if each of conditions A to H is met. 2 Condition A is that the derivative…
Section 651 — Credits and debits not to be brought into account under Part 3 or Part 5
Credits and debits not to be brought into account under Part 3 or Part 5 651 1 If the provisions in subsection (2)(a) or (b) apply to a derivative contract for an accounting period, sections 573…
Section 652 — Introduction to sections 653 to 655
Introduction to sections 653 to 655 652 1 Sections 653 to 655 apply to a derivative contract of a company for an accounting period if each of conditions A to E is met. 2 Condition A is that the…
Section 653 — Shares issued or transferred as a result of exercise of deemed option
Shares issued or transferred as a result of exercise of deemed option 653 1 Subsections (2) and (3) apply if— a the option mentioned in section 652(3) is exercised at any time in the accounting…
Section 654 — Payment instead of disposal on exercise of deemed option
Payment instead of disposal on exercise of deemed option 654 1 Subsection (2) applies if— a the option mentioned in section 652(3) is exercised at any time in the accounting period, b no shares are…
Section 655 — Ceasing to be party to debtor relationship when deemed option not exercised
Ceasing to be party to debtor relationship when deemed option not exercised 655 1 Subsection (2) applies if the company ceases to be a party to the debtor relationship mentioned in section 652(2) at…