Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 701 — Power to amend some provisions
Power to amend some provisions 701 1 The Treasury may by order amend— a Chapter 2 (except sections 578(1), (2) and (4), 585, 587 and 588), b Chapter 4 (except section 613(4)), c section 635, d…
Section 701A — Power to make regulations where accounting standards change
Power to make regulations where accounting standards change 701A 1 The Treasury may by regulations make provision for cases where, in consequence of a change in accounting standards, there is a…
Section 702 — “Tax-adjusted carrying value”
“Tax-adjusted carrying value” 702 1 This section applies for the purposes of this Part. 2 “ Tax-adjusted carrying value ”, in relation to a contract, means the carrying value of the contract…
Section 703 — “Chargeable asset”
“Chargeable asset” 703 1 For the purposes of this Part, an asset is a chargeable asset if any gain accruing on its disposal would be a chargeable gain for corporation tax purposes. 2 For the purposes…
Section 704 — “Creditor relationship” and “debtor relationship”
“Creditor relationship” and “debtor relationship” 704 1 In this Part “ creditor relationship ” has the same meaning as in Part 5 (loan relationships) (see section 302(5) (meaning of “creditor…
Section 705 — Expressions relating to exchange gains and losses
Expressions relating to exchange gains and losses 705 1 References in this Part to exchange gains or exchange losses, in relation to a company, are references respectively to— a profits or gains…
Section 706 — “Excluded body”
“Excluded body” 706 In this Part “ excluded body ” means— an authorised unit trust, an investment trust, an open-ended investment company, or a venture capital trust.
Section 707 — “Hedging relationship”
“Hedging relationship” 707 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 708 — “Plain vanilla contract”
“Plain vanilla contract” 708 In this Part “ plain vanilla contract ” means a relevant contract other than one to which a company is treated as being a party under— a section 584 (hybrid derivatives…
Section 709 — “Securities house”
“Securities house” 709 In this Part “ securities house ” means a person— a who is authorised for the purposes of FISMA 2000, and b whose business consists wholly or mainly of dealing as a principal…
Section 710 — Other definitions
Other definitions 710 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 presenting…
Section 711 — Overview of Part
Overview of Part 711 1 This Part sets out how a company's gains and losses in respect of intangible fixed assets are calculated and brought into account for corporation tax purposes. 2 For the…
Section 712 — “Intangible asset”
“Intangible asset” 712 1 In this Part “ intangible asset ” has the meaning it has for accounting purposes (and includes an internally-generated intangible asset) . 2 In particular, “ intangible asset…
Section 713 — “Intangible fixed asset”
“Intangible fixed asset” 713 1 In this Part an “ intangible fixed asset ”, in relation to a company, means an intangible asset acquired or created by the company for use on a continuing basis in the…
Section 714 — “Royalty”
“Royalty” 714 In this Part “ royalty ” means a royalty in respect of the enjoyment or exercise of rights that constitute an intangible fixed asset.
Section 715 — Application of this Part to goodwill
Application of this Part to goodwill 715 1 This Part applies to goodwill as it applies to an intangible fixed asset. 2 Subsection (1) is subject to any indication to the contrary (see, in particular,…
Section 716 — “Recognised” amounts and “GAAP-compliant accounts”
“Recognised” amounts and “GAAP-compliant accounts” 716 1 References in this Part to an amount “recognised” in determining a company's profit or loss for a period are to— a an amount recognised in— i…
Section 717 — Companies without GAAP-compliant accounts
Companies without GAAP-compliant accounts 717 1 If a company— a draws up accounts that are not GAAP-compliant accounts, or b does not draw up accounts at all, this Part applies as if GAAP-compliant…
Section 718 — GAAP-compliant accounts: reference to consolidated group accounts
GAAP-compliant accounts: reference to consolidated group accounts 718 1 In determining whether a company's accounts are GAAP-compliant, reference may be made to any view about— a the useful life of…
Section 719 — Accounting value
Accounting value 719 In this Part “ accounting value ”, in relation to an asset, means the net book value (or carrying amount) of the asset recognised for accounting purposes.
Section 720 — Introduction
Introduction 720 1 This Chapter provides for credits to be brought into account by a company for tax purposes in respect of— a receipts in respect of intangible fixed assets that are recognised in…
Section 721 — Receipts recognised as they accrue
Receipts recognised as they accrue 721 1 If in a period of account a gain representing a receipt in respect of an intangible fixed asset is recognised in determining the company's profit or loss, a…
Section 722 — Receipts in respect of royalties so far as not dealt with under section 721
Receipts in respect of royalties so far as not dealt with under section 721 722 1 So far as a receipt in respect of any royalty does not give rise to a credit under section 721 in the period of…
Section 723 — Revaluation
Revaluation 723 1 If in a period of account there is an increase in the accounting value of an intangible fixed asset on a revaluation, a credit must be brought into account for tax purposes. 2 The…
Section 724 — Negative goodwill
Negative goodwill 724 1 If in a period of account a gain is recognised in determining the company's profit or loss in respect of negative goodwill arising on an acquisition of a business, a…
Section 725 — Reversal of previous accounting loss
Reversal of previous accounting loss 725 1 This section applies if— a in a period of account a gain is recognised in determining the company's profit or loss (“the recognised gain”), b the gain…
Section 726 — Introduction
Introduction 726 1 This Chapter provides for debits to be brought into account by a company for tax purposes in respect of— a expenditure on an intangible fixed asset that is written off for…
Section 727 — References to expenditure on an asset
References to expenditure on an asset 727 1 References in this Part to expenditure on an asset are to any expenditure (including abortive expenditure)— a for the purpose of acquiring or creating, or…
Section 728 — Expenditure written off as it is incurred
Expenditure written off as it is incurred 728 1 If in a period of account expenditure on an intangible fixed asset is recognised in determining a company's profit or loss, a corresponding debit must…
Section 729 — Writing down on accounting basis
Writing down on accounting basis 729 1 If in a period of account a loss is recognised in determining a company's profit or loss in respect of capitalised expenditure on an intangible fixed asset— a…
Section 730 — Writing down at fixed rate: election for fixed-rate basis
Writing down at fixed rate: election for fixed-rate basis 730 1 A company may elect to write down the cost of an intangible fixed asset for tax purposes at a fixed rate. 2 The election may be made…
Section 731 — Writing down at fixed rate: calculation
Writing down at fixed rate: calculation 731 1 If an election is made under section 730 for writing down at a fixed rate, a debit equal to the lesser of— a 4% of the cost of the asset, and b the…
Section 732 — Reversal of previous accounting gain
Reversal of previous accounting gain 732 1 This section applies if— a in a period of account a loss is recognised in determining a company's profit or loss (“the recognised loss”), b the loss wholly…
Section 733 — Overview of Chapter
Overview of Chapter 733 1 This Chapter provides for credits or debits to be brought into account for tax purposes on the realisation by a company of an intangible fixed asset. 2 For the meaning of…
Section 734 — Meaning of “realisation”
Meaning of “realisation” 734 1 References in this Part to the realisation of an intangible fixed asset are to a transaction resulting, in accordance with generally accepted accounting practice— a in…
Section 735 — Asset written down for tax purposes
Asset written down for tax purposes 735 1 This section applies if there is a realisation of an intangible fixed asset in respect of which debits have been brought into account for tax purposes. 2 If…
Section 736 — Asset shown in balance sheet and not written down for tax purposes
Asset shown in balance sheet and not written down for tax purposes 736 1 This section applies if— a there is a realisation of an intangible fixed asset to which section 735 does not apply, and b a…
Section 737 — Apportionment in case of part realisation
Apportionment in case of part realisation 737 1 In the case of a part realisation— a the references in section 735 to the tax written-down value of the asset, and b the references in section 736 to…
Section 738 — Asset not shown in balance sheet
Asset not shown in balance sheet 738 1 This section applies if— a there is a realisation of an intangible fixed asset, and b neither section 735 (asset written down for tax purposes) nor section 736…
Section 738A — Realisation of assets previously subject to Northern Ireland rate
Realisation of assets previously subject to Northern Ireland rate 738A 1 This section applies if— a a company is required by section 735, 736 or 738 to bring into account for tax purposes a credit or…
Section 739 — Meaning of “proceeds of realisation”
Meaning of “proceeds of realisation” 739 1 In this Part “proceeds of realisation” of an asset means the amount recognised for accounting purposes as the proceeds of realisation, less the amount so…
Section 740 — Abortive expenditure on realisation
Abortive expenditure on realisation 740 1 This section applies if— a in a period of account a loss is recognised in determining the company's profit or loss in respect of expenditure by the company…
Section 741 — Meaning of “chargeable intangible asset” and “chargeable realisation gain”
Meaning of “chargeable intangible asset” and “chargeable realisation gain” 741 1 For the purposes of this Part, an asset is a “ chargeable intangible asset ” in relation to a company at any time if…
Section 742 — Asset written down on accounting basis
Asset written down on accounting basis 742 1 For the purposes of this Part, the tax written-down value of an intangible fixed asset to which section 729 (writing down on accounting basis) applies is…
Section 743 — Asset written down at fixed rate
Asset written down at fixed rate 743 1 For the purposes of this Part, the tax written-down value of an intangible fixed asset in respect of which an election has been made under section 730 (writing…
Section 744 — Effect of part realisation of asset
Effect of part realisation of asset 744 1 The tax written-down value of an intangible asset that has been the subject of a part realisation is determined as follows. 2 Immediately after the part…
Section 745 — Introduction
Introduction 745 1 Credits and debits to be brought into account for tax purposes under this Part are given effect in accordance with this Chapter. 2 Credits and debits in respect of assets held for…
Section 746 — “Non-trading credits” and “non-trading debits”
“Non-trading credits” and “non-trading debits” 746 1 In this Part credits and debits in respect of intangible fixed assets that are not within sections 747 to 749 are referred to respectively as…
Section 747 — Assets held for purposes of trade
Assets held for purposes of trade 747 1 This section applies if credits or debits are to be brought into account in an accounting period in respect of an asset held by a company for the purposes of a…
Section 748 — Assets held for purposes of property business
Assets held for purposes of property business 748 1 This section applies if credits or debits are to be brought into account in an accounting period in respect of an asset held by a company for the…