Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 127 — Further assessment etc if herd basis rules apply
Further assessment etc if herd basis rules apply 127 1 If the herd basis rules apply in calculating the profits of an accounting period after an assessment for that period has become final and…
Section 127A — Application of Chapter 8A
Application of Chapter 8A 127A 1 This Chapter applies if— a an animal treated as trading stock of a farming trade is slaughtered under a disease control order, b the animal is not part of a…
Section 127B — Right to make claim
Right to make claim 127B 1 The farm company may make a claim under this section. 2 A claim may only be made in respect of the total compensation profit for an accounting period. 3 The total…
Section 127C — Book value
Book value 127C 1 For the purposes of this Chapter the book value of an animal is the value shown in the accounts as the value of the animal at the start of the accounting period in which it was…
Section 127D — Effect of claim for spreading of profits
Effect of claim for spreading of profits 127D If the farm company makes a claim under section 127B in respect of the total compensation profit for an accounting period (“period X”), the profits of…
Section 127E — Adjustment: cessation of trading
Adjustment: cessation of trading 127E If the farm company permanently ceases to carry on the farming trade before the end of the second consecutive accounting period following period X, step 3 in…
Section 127F — Time limits etc for spreading claim
Time limits etc for spreading claim 127F 1 A claim under section 127B must be made on or before the first anniversary of the filing date for the company tax return of the farm company for period X…
Section 127G — Interpretation
Interpretation 127G In this Chapter— “animal” means any animal or other living creature; “farming trade” means a trade of farming; “the farm company”, in relation to a farming trade, means the…
Section 128 — Taxation of amounts taken to reserves
Taxation of amounts taken to reserves 128 1 This section applies for the purpose of calculating the profits of a company's trade if— a the company carries on a banking business, an insurance business…
Section 129 — Conversion etc of securities held as circulating capital
Conversion etc of securities held as circulating capital 129 1 This section applies for the purpose of calculating the profits of a company's trade if— a the company carries on a banking business, an…
Section 130 — Insurers receiving distributions etc
Insurers receiving distributions etc 130 1 This section applies for the purpose of calculating the trading profits of— a insurance business other than business in relation to which section 111 of FA…
Section 130A — Insurers in financial difficulties: write-down orders
Insurers in financial difficulties: write-down orders 130A 1 A receipt or expense that is attributable to the operation of a write-down order, or to a write-down order ceasing to have effect, is not…
Section 131 — Incidental costs of issuing qualifying shares
Incidental costs of issuing qualifying shares 131 1 In calculating the profits of a trade carried on by a building society, a deduction is allowed for incidental costs of obtaining finance by means…
Section 132 — Dividends etc granted by registered societies
Dividends etc granted by registered societies 132 1 This section applies if a trade is carried on by a registered society and— a the society does not sell to persons who are not its members, or b the…
Section 133 — Annual payments paid by a credit union
Annual payments paid by a credit union 133 In calculating the profits of a credit union's trade, no deduction is allowed for annual payments made by the credit union.
Section 133A — Compensation payments: restriction of deductions
Compensation payments: restriction of deductions 133A 1 In calculating the profits of a trade carried on by a company (“company A”) no deduction is allowed for expenses incurred by the company if and…
Section 133B — Companies affected by section 133A: amounts treated as received
Companies affected by section 133A: amounts treated as received 133B 1 This section applies where a company incurs in an accounting period expenses which would, but for section 133A, be deductible in…
Section 133C — The disclosure condition
The disclosure condition 133C 1 In relation to expenses incurred by a company (“company A”) in respect of amounts of relevant compensation, the “disclosure condition” is met if— a a relevant document…
Section 133D — Excluded expenses
Excluded expenses 133D 1 Expenses in respect of relevant compensation are excluded by this section if the compensation is in respect of— a an administrative error, b the failure of a computer or…
Section 133E — Meaning of “banking company”
Meaning of “banking company” 133E 1 For the purposes of section 133A, a company is a “banking company”— a at a time when it meets conditions A to D, b at a time when it meets condition A and is a…
Section 133F — “Excluded company”
“Excluded company” 133F 1 This section gives the meaning of “ excluded company ” for the purposes of section 133E. 2 A company is an “excluded company” at any time (in an accounting period) when the…
Section 133G — Meaning of “relevant regulated activity”
Meaning of “relevant regulated activity” 133G 1 In sections 133E and 133F “ relevant regulated activity ” means an activity which is a regulated activity for the purposes of FISMA 2000 by virtue of…
Section 133H — Investment bank
Investment bank 133H 1 This section gives the meaning of “ investment bank ” for the purposes of section 133E; and in this section “ the relevant entity ” has the same meaning as in subsections (2)…
Section 133I — Meaning of “insurance company”
Meaning of “insurance company” 133I 1 For the purposes of section 133F a person who carries on the activity of effecting or carrying out contracts of insurance is an “insurance company” if— a the…
Section 133J — Meaning of “customer”
Meaning of “customer” 133J 1 For the purposes of sections 133A and 133C, a person (“P”) is a “ customer ” in relation to a company (“company A”) if— a P uses, has used or may have contemplated using…
Section 133K — “Compensation” and related expressions
“Compensation” and related expressions 133K 1 In sections 133A to 133D references to compensation which is paid or payable “in respect of” relevant conduct include compensation which is paid (or to…
Section 133L — Associated companies
Associated companies 133L 1 For the purposes of sections 133A and 133C a company (“company B”) is associated with another company (“company A”) at a time (“ the relevant time ”) if any of the…
Section 133M — Application of sections 133A and 133B in relation to corporate partner
Application of sections 133A and 133B in relation to corporate partner 133M 1 If a firm carries on a trade and any partner in the firm (“the corporate partner”) is within the charge to corporation…
Section 133N — Powers to amend
Powers to amend 133N 1 The Treasury may by regulations make such amendments of sections 133A to 133L as they consider appropriate in consequence of— a any change made to, or replacement of, the…
Section 134 — Purchase or sale of woodlands
Purchase or sale of woodlands 134 1 This section applies for the purpose of calculating the profits of a trade of dealing in land. 2 If the company carrying on the trade buys woodlands in the United…
Section 135 — Relief in respect of mineral royalties
Relief in respect of mineral royalties 135 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 136 — Lease premiums etc: reduction of receipts
Lease premiums etc: reduction of receipts 136 1 This section applies for the purpose of calculating the profits of a trade of dealing in land if a receipt of the trade falls within one of the…
Section 137 — Mineral exploration and access
Mineral exploration and access 137 1 This section applies for the purpose of calculating the profits of a trade if— a the company carrying on the trade incurs expenditure on mineral exploration and…
Section 138 — Payments by companies liable to pool betting duty
Payments by companies liable to pool betting duty 138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 139 — Deduction for deemed employment payment
Deduction for deemed employment payment 139 1 This section applies for the purpose of calculating the profits of a trade carried on by an intermediary which is treated as making a deemed employment…
Section 140 — Special rules for partnerships
Special rules for partnerships 140 1 This section applies for the purpose of calculating the profits of a trade carried on by a firm that is treated as making a deemed employment payment in…
Section 141 — Deduction for deemed employment payments
Deduction for deemed employment payments 141 1 This section applies for the purpose of calculating the profits of a trade carried on by a managed service company (the “ MSC ”) which is treated as…
Section 141A — Intermediaries providing worker's services to public authority or medium or large client
Intermediaries providing worker's services to public authority or medium or large client 141A 1 This section applies for the purposes of calculating the trading profits of a person where— a the…
Section 142 — Deduction for site preparation expenditure
Deduction for site preparation expenditure 142 1 This section applies for the purpose of calculating the profits of a trade of a period of account in which waste materials are deposited on a waste…
Section 143 — Allocation of site preparation expenditure
Allocation of site preparation expenditure 143 1 The amount of site preparation expenditure allocated to a period of account for the purposes of section 142(2) is the amount given by the formula— RE…
Section 144 — Site preparation expenditure: supplementary
Site preparation expenditure: supplementary 144 1 For the purposes of this section and sections 142 and 143 “ waste disposal licence ” means— a a disposal licence under Part 1 of the Control of…
Section 145 — Site restoration payments
Site restoration payments 145 1 This section applies for the purpose of calculating the profits of a trade if the company carrying on the trade makes a site restoration payment in the course of…
Section 146 — Cemeteries and crematoria: introduction
Cemeteries and crematoria: introduction 146 1 This section and sections 147 to 149 apply for the purpose of calculating the profits of a period of account (“ the relevant period ”) of a trade which…
Section 147 — Deduction for capital expenditure
Deduction for capital expenditure 147 1 This section applies if, in the relevant period, an interest in land in the cemetery or memorial garden is sold with a view to the land being used— a for the…
Section 148 — Allocation of ancillary capital expenditure
Allocation of ancillary capital expenditure 148 1 The amount of ancillary capital expenditure allocated to the relevant period for the purposes of section 147(2)(b) is the amount given by the…
Section 149 — Exclusion of expenditure met by subsidies
Exclusion of expenditure met by subsidies 149 1 Expenditure is excluded for the purposes of section 147 so far as it has been, or is to be, met (directly or indirectly) by— a the Crown, b a…
Section 149A — Niches, memorials and inscriptions: introduction
Niches, memorials and inscriptions: introduction 149A 1 Sections 149B to 149E apply in calculating the profits of a trade which consists of or includes— a the carrying on of a crematorium, and b in…
Section 149B — Allowable deductions: niches
Allowable deductions: niches 149B 1 This section sets out the deductions that are allowed in respect of a niche if proceeds from the sale of the niche are brought into account as a receipt in…
Section 149C — Allowable deductions: memorials
Allowable deductions: memorials 149C 1 This section sets out the deductions that are allowed in respect of a memorial if proceeds from the sale of the memorial are brought into account as a receipt…
Section 149D — Allowable deductions: inscriptions
Allowable deductions: inscriptions 149D 1 This section sets out the deductions that are allowed in respect of an inscription if proceeds from making the inscription are brought into account in…