Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 1255 — Meaning of some accounting terms
Meaning of some accounting terms 1255 1 Any reference in sections 1225 to 1227 to expenses of management being debited in accounts is to those expenses being brought into account as a debit in— a the…
Section 1256 — Overview of Part
Overview of Part 1256 1 This Part contains some special rules about partnerships. 2 For restrictions that in some circumstances affect relief for losses, and certain other reliefs, for a company that…
Section 1257 — General provisions
General provisions 1257 1 In this Act persons carrying on a trade in partnership are referred to collectively as a “firm”. 2 This section and sections 1259 to 1266 are expressed to apply to trades,…
Section 1258 — Assessment of firms
Assessment of firms 1258 Unless otherwise indicated (whether expressly or by implication), a firm is not to be regarded for corporation tax purposes as an entity separate and distinct from the…
Section 1258A — Bare trusts
Bare trusts 1258A 1 This section applies if— a a partner in a firm is partner as trustee for a beneficiary who is absolutely entitled to the partner's share of the profits of the firm, and b the…
Section 1259 — Calculation of firm's profits and losses
Calculation of firm's profits and losses 1259 1 This section applies if a firm carries on a trade and any partner in the firm (“the partner”) is a company within the charge to corporation tax. 2 For…
Section 1260 — Section 1259: supplementary
Section 1259: supplementary 1260 1 In determining under section 1259 the profits of a trade for any accounting period no account is taken of any losses for another accounting period. 2 Profits and…
Section 1261 — Accounting periods of firms
Accounting periods of firms 1261 1 In this Part references to an accounting period of a firm which carries on a trade are to a period that would be an accounting period of the firm if the firm were a…
Section 1262 — Allocation of firm's profits or losses between partners
Allocation of firm's profits or losses between partners 1262 1 For any accounting period of a firm a partner's share of a profit or loss of a trade carried on by the firm is determined for…
Section 1263 — Profit-making period in which some partners have losses
Profit-making period in which some partners have losses 1263 1 For any accounting period of a firm, if— a the calculation under section 1259 in relation to a partner (“company A”) produces a profit,…
Section 1264 — Loss-making period in which some partners have profits
Loss-making period in which some partners have profits 1264 1 For any accounting period of a firm, if— a the calculation under section 1259 in relation to a partner (“company A”) produces a loss, and…
Section 1264A — Excess profit allocation to non-individual partners etc
Excess profit allocation to non-individual partners etc 1264A 1 Subsection (2) applies in a case in which— a section 850C(4) or 850D(4) of ITTOIA 2005 applies for a period of account (“the relevant…
Section 1265 — Apportionment of profit share between partner's accounting periods
Apportionment of profit share between partner's accounting periods 1265 1 This section applies if— a a share of a profit or loss calculated for an accounting period of a firm is allocated to a…
Section 1266 — Resident partners and double taxation agreements
Resident partners and double taxation agreements 1266 1 This section applies if— a a UK resident company (“the partner”) is a member of a firm which— i resides outside the United Kingdom, or ii…
Section 1267 — Various rules for trades and property businesses
Various rules for trades and property businesses 1267 1 In the case of a trade or property business carried on by a firm, the amount of any adjustment under— a Chapter 14 of Part 3 (adjustment on…
Section 1268 — Election for spreading under Chapter 14 of Part 3
Election for spreading under Chapter 14 of Part 3 1268 1 A change in the persons carrying on a trade does not constitute the permanent cessation of the trade for the purposes of section 186 (mark to…
Section 1269 — Interpretation of sections 1267 and 1268
Interpretation of sections 1267 and 1268 1269 In sections 1267 and 1268— a “ profit-sharing arrangements ” means the rights of the partners to share in the profits of the trade or property business…
Section 1270 — Special provisions about farming and property income
Special provisions about farming and property income 1270 1 The rule in section 36(2) (farming trades) operates in relation to firms so that— a all farming in the United Kingdom which a firm carries…
Section 1271 — Sale of patent rights: effect of partnership changes
Sale of patent rights: effect of partnership changes 1271 1 This section applies if each of the following conditions is met— a a person (“the trader”) sells the whole or part of any patent rights in…
Section 1272 — Sale of patent rights: effect of later cessation of trade
Sale of patent rights: effect of later cessation of trade 1272 1 This section applies if— a a person sells the whole or part of any patent rights in carrying on a trade, b by virtue of section 1271…
Section 1273 — Limited liability partnerships
Limited liability partnerships 1273 1 For corporation tax purposes, if a limited liability partnership carries on a trade or business with a view to profit— a all the activities of the limited…
Section 1273A — Limited liability partnerships: salaried members
Limited liability partnerships: salaried members 1273A 1 Subsection (2) applies at any time when section 863A(2) of ITTOIA 2005 (limited liability partnerships: salaried members) applies in the case…
Section 1274 — Unremittable income: introduction
Unremittable income: introduction 1274 1 This Part applies if— a a company is liable for corporation tax on income arising in a territory outside the United Kingdom, and b the income is unremittable.…
Section 1275 — Claim for relief for unremittable income
Claim for relief for unremittable income 1275 1 If a company liable for corporation tax on unremittable income makes a claim for relief under this section in respect of that income, it is not taken…
Section 1276 — Withdrawal of relief
Withdrawal of relief 1276 1 This section applies if— a a claim under section 1275 has been made in relation to any income, and b either— i the income ceases to be unremittable, or ii an ECGD payment…
Section 1277 — Income charged on withdrawal of relief after source ceases
Income charged on withdrawal of relief after source ceases 1277 1 This section applies if— a income is treated as arising as a result of section 1276, and b at the time it is so treated the company…
Section 1278 — Valuing unremittable income
Valuing unremittable income 1278 1 If no claim is made under section 1275 in relation to unremittable income arising in a territory outside the United Kingdom, the amount of the income to be taken…
Section 1279 — Exemption of profits from securities free of tax to residents abroad (“FOTRA securities”)
Exemption of profits from securities free of tax to residents abroad (“FOTRA securities”) 1279 1 No liability to corporation tax arises in respect of profits from a FOTRA security or a loan…
Section 1280 — Section 1279: supplementary provision
Section 1279: supplementary provision 1280 1 In this section and section 1279 “ FOTRA security ” means— a a security issued with a condition about exemption from taxation authorised by section 22 of…
Section 1281 — Income from savings certificates
Income from savings certificates 1281 1 No liability to corporation tax arises in respect of income from authorised savings certificates. 2 A savings certificate is authorised so far as its…
Section 1282 — Income from Ulster Savings Certificates
Income from Ulster Savings Certificates 1282 1 No liability to corporation tax arises in respect of income from authorised Ulster Savings Certificates if condition A or B is met. 2 Condition A is…
Section 1283 — Interest from tax reserve certificates
Interest from tax reserve certificates 1283 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 1284 — Housing grants
Housing grants 1284 1 No liability to corporation tax arises in respect of a payment if it is made— a under an enactment relating to the giving of financial assistance for the provision, maintenance…
Section 1285 — UK company distributions
UK company distributions 1285 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 1286 — VAT repayment supplements
VAT repayment supplements 1286 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 1287 — Incentives to use electronic communications
Incentives to use electronic communications 1287 No liability to corporation tax arises in respect of anything received by way of incentive under any regulations made in accordance with Schedule 38…
Section 1288 — Unpaid remuneration
Unpaid remuneration 1288 1 This section applies if— a an amount is charged in respect of employees' remuneration in a company's accounts for a period, b the amount would, apart from this section, be…
Section 1289 — Unpaid remuneration: supplementary
Unpaid remuneration: supplementary 1289 1 For the purposes of section 1288 an amount charged in the accounts in respect of employees' remuneration includes an amount for which provision is made in…
Section 1290 — Employee benefit contributions
Employee benefit contributions 1290 1 This section applies if, in calculating for corporation tax purposes the profits of a company (“ the employer ”) of a period of account, a deduction would…
Section 1291 — Making of “employee benefit contributions”
Making of “employee benefit contributions” 1291 1 For the purposes of section 1290 an “employee benefit contribution” is made if, as a result of any act or omission— a property is held, or may be…
Section 1292 — Provision of qualifying benefits
Provision of qualifying benefits 1292 1 For the purposes of section 1290 qualifying benefits are provided if there is— a a payment of money, or b a transfer of assets, which meets condition A, B, C…
Section 1293 — Timing and amount of certain qualifying benefits
Timing and amount of certain qualifying benefits 1293 1 If the provision of a qualifying benefit takes the form of a payment of money, the benefit, so far as Chapter 4 of Part 2 of ITEPA 2003 applies…
Section 1294 — Provision or payment out of employee benefit contributions
Provision or payment out of employee benefit contributions 1294 1 For the purposes of section 1290(2)(a)— a any qualifying benefits provided, or b any qualifying expenses paid, by a scheme manager…
Section 1295 — Profits calculated before end of 9 month period
Profits calculated before end of 9 month period 1295 1 This section applies if the income of the period of account mentioned in section 1290(1) is calculated before the end of the 9 month period…
Section 1296 — Interpretation of sections 1290 to 1296
Interpretation of sections 1290 to 1296 1296 1 In this section and sections 1290 to 1295— “ accident benefit scheme ” means an employee benefit scheme under which benefits may be provided only by…
Section 1297 — Basic life assurance and general annuity business
Basic life assurance and general annuity business 1297 1 This section applies if the employer is a company in relation to which the I - E rules apply . 2 . . . . . . . . . . . . . . . . . . . . . . .…
Section 1298 — Business entertainment and gifts
Business entertainment and gifts 1298 1 This section applies if a company incurs expenses in providing entertainment or gifts in connection with a business which it carries on. 2 The general rule is…
Section 1299 — Business entertainment: exceptions
Business entertainment: exceptions 1299 1 The prohibition in section 1298 on deducting, or bringing into account, expenses incurred in providing entertainment does not apply in either of cases A and…
Section 1300 — Business gifts: exceptions
Business gifts: exceptions 1300 1 The prohibition in section 1298 on deducting, or bringing into account, expenses incurred in providing gifts does not apply in any of cases A, B, C and D. 2 Case A…
Section 1301 — Restriction of deductions for annual payments
Restriction of deductions for annual payments 1301 1 In calculating a company's income from any source, no deduction is allowed for an annual payment which meets the conditions in subsections (2) to…