Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 194 — Transfer of rights if transferee does not carry on trade
Transfer of rights if transferee does not carry on trade 194 1 This section applies if— a a company (“ the transferor ”) permanently ceases to carry on a trade, b the transferor transfers to another…
Section 195 — Transfer of trading stock
Transfer of trading stock 195 1 When a company permanently ceases to carry on a trade, a sum realised by the transfer of trading stock is not a post-cessation receipt if a valuation of the stock is…
Section 196 — Allowable deductions
Allowable deductions 196 1 In calculating the amount on which tax is charged under this Chapter, deductions are allowed in accordance with— a this section, and b section 197, from the amount which…
Section 197 — Further rules about allowable deductions
Further rules about allowable deductions 197 1 An amount may not be deducted more than once under section 196. 2 A deduction under that section of a loss must be made from post-cessation receipts…
Section 198 — Election to carry back
Election to carry back 198 1 This section applies if a post-cessation receipt is received by a company in an accounting period beginning not later than 6 years after the company permanently ceased to…
Section 199 — Deductions already made are not displaced
Deductions already made are not displaced 199 1 This section applies if— a a company which has permanently ceased to carry on a trade makes an election under section 198 in respect of a…
Section 200 — Election given effect in accounting period in which receipt is received
Election given effect in accounting period in which receipt is received 200 1 If a company makes an election under section 198, the additional tax is payable for the accounting period in which the…
Section 201 — Provisions which must be given priority over this Part
Provisions which must be given priority over this Part 201 1 Any receipt or other credit item, so far as it falls within— a Chapter 2 of this Part (receipts of trade), and b Chapter 3 of Part 4 so…
Section 202 — Overview of Part
Overview of Part 202 1 Chapter 2 contains definitions relevant to the application of the Part. 2 Chapter 3 applies the charge to corporation tax on income to the profits of a UK property business or…
Section 203 — Overview of Chapter
Overview of Chapter 203 1 This Chapter explains for the purposes of this Act what is meant by— a a company's UK property business (see section 205), and b a company's overseas property business (see…
Section 204 — Meaning of “property business”
Meaning of “property business” 204 1 In this Act “ property business ” means a UK property business or an overseas property business. 2 References in this Act to a property business are to a property…
Section 205 — UK property business
UK property business 205 A company's UK property business consists of— a every business which the company carries on for generating income from land in the United Kingdom, and b every transaction…
Section 206 — Overseas property business
Overseas property business 206 A company's overseas property business consists of— a every business which the company carries on for generating income from land outside the United Kingdom, and b…
Section 207 — Meaning of “generating income from land”
Meaning of “generating income from land” 207 1 In this Chapter “ generating income from land ” means exploiting an estate, interest or right in or over land as a source of rents or other receipts. 2…
Section 208 — Activities not for generating income from land
Activities not for generating income from land 208 For the purposes of this Chapter the following activities are not carried on for generating income from land— a farming or market gardening in the…
Section 209 — Charge to tax on profits of a property business
Charge to tax on profits of a property business 209 The charge to corporation tax on income applies to the profits of a property business.
Section 210 — Profits of a property business: application of trading income rules
Profits of a property business: application of trading income rules 210 1 The profits of a property business are calculated in the same way as the profits of a trade. 2 But the provisions of Part 3…
Section 211 — Loan relationships and derivative contracts
Loan relationships and derivative contracts 211 1 The profits of a property business are calculated without regard to items giving rise to— a credits or debits within Part 5 (loan relationships), or…
Section 212 — Items treated as receipts and expenses
Items treated as receipts and expenses 212 The rules for calculating the profits of a property business need to be read with— a the provisions of CAA 2001 which treat allowances as expenses of a…
Section 213 — Certain amounts brought into account under Part 3
Certain amounts brought into account under Part 3 213 1 The rules for calculating the profits of a property business need to be read with the following provisions of Part 3 (trading income)— a…
Section 214 — Relationship between rules prohibiting and allowing deductions
Relationship between rules prohibiting and allowing deductions 214 1 Any relevant permissive rule in this Part— a has priority over any relevant prohibitive rule, but b is subject to the following…
Section 215 — Overview of Chapter
Overview of Chapter 215 1 This Chapter provides for certain amounts (which would otherwise generally be amounts of a capital nature) to be brought into account as receipts in calculating the profits…
Section 216 — Meaning of “short-term lease”
Meaning of “short-term lease” 216 In this Chapter “ short-term lease ” means a lease whose effective duration is 50 years or less.
Section 217 — Lease premiums
Lease premiums 217 1 This section applies if a premium is required to be paid— a under a short-term lease, or b otherwise under the terms subject to which a short-term lease is granted. 2 The company…
Section 218 — Amount treated as lease premium where work required
Amount treated as lease premium where work required 218 1 This section applies if the terms subject to which a lease is granted impose on the tenant an obligation to carry out work on the premises. 2…
Section 219 — Sums payable instead of rent
Sums payable instead of rent 219 1 This section applies if— a under the terms subject to which a lease is granted a sum becomes payable by the tenant instead of the whole or a part of the rent for a…
Section 220 — Sums payable for surrender of lease
Sums payable for surrender of lease 220 1 This section applies if, under the terms subject to which a short-term lease is granted, a sum becomes payable by the tenant as consideration for the…
Section 221 — Sums payable for variation or waiver of terms of lease
Sums payable for variation or waiver of terms of lease 221 1 This section applies if— a a sum becomes payable by the tenant (otherwise than by way of rent) as consideration for the variation or…
Section 221A — Sums to which sections 217 to 221 do not apply
Sums to which sections 217 to 221 do not apply 221A 1 This section applies if a grant of a lease constitutes a disposal of an asset for the purposes of section 758(2)(b) or 763(2)(a) of CTA 2010…
Section 222 — Assignments for profit of lease granted at undervalue
Assignments for profit of lease granted at undervalue 222 1 This section applies to an assignment of a short-term lease if— a the lease was granted at an undervalue, and b a profit is made on the…
Section 223 — Provisions supplementary to section 222
Provisions supplementary to section 222 223 1 This section operates for the purposes of section 222. 2 A lease is granted at an undervalue if the terms subject to which it was granted are such that…
Section 224 — Sales with right to reconveyance
Sales with right to reconveyance 224 1 This section applies if— a an estate or interest in land is sold subject to terms which provide that it is to be, or may be required to be, reconveyed on a…
Section 225 — Sale and leaseback transactions
Sale and leaseback transactions 225 1 This section applies if— a an estate or interest in land is sold subject to terms which provide for the grant of a lease directly or indirectly out of the estate…
Section 226 — Provisions supplementary to sections 224 and 225
Provisions supplementary to sections 224 and 225 226 1 This section operates for the purposes of sections 224 (sales with right to reconveyance) and 225 (sale and leaseback transactions). 2…
Section 227 — Circumstances in which additional calculation rule applies
Circumstances in which additional calculation rule applies 227 1 The rule in section 228 (the additional calculation rule) applies in relation to the calculation of receipts under— section 217 (lease…
Section 228 — The additional calculation rule
The additional calculation rule 228 1 The rule in this section applies if the conditions mentioned in section 227(2) are met. 2 The additional calculation rule is that the amount given by the formula…
Section 229 — The additional calculation rule: special cases
The additional calculation rule: special cases 229 1 This section explains how section 228 operates in some special cases. 2 If— a the receipt under calculation is under any of sections 217 to 221,…
Section 230 — Meaning of “unused amount” and “unreduced amount”
Meaning of “unused amount” and “unreduced amount” 230 1 For the purposes of this Chapter, a taxed receipt has an “unused amount” if the unreduced amount exceeds the total of the reductions and…
Section 231 — Deductions for expenses under section 232
Deductions for expenses under section 232 231 1 Section 232 (tenants under taxed leases treated as incurring expenses) applies in calculating the profits of a property business carried on by the…
Section 232 — Tenants under taxed leases treated as incurring expenses
Tenants under taxed leases treated as incurring expenses 232 1 The tenant under a taxed lease is treated as incurring an expense of a revenue nature in respect of the premises subject to the taxed…
Section 233 — Restrictions on section 232 expenses: the additional calculation rule
Restrictions on section 232 expenses: the additional calculation rule 233 1 This section applies if— a in calculating the amount of a receipt under this Chapter there is a reduction under section 228…
Section 234 — Restrictions on section 232 expenses: lease of part of premises
Restrictions on section 232 expenses: lease of part of premises 234 1 This section applies if— a a lease has been granted out of the taxed lease, b the lease does not extend to the whole of the…
Section 235 — Limit on reductions and deductions
Limit on reductions and deductions 235 1 The total of— a the reductions under section 228 by reference to a taxed receipt, and b the deductions allowed in calculating the profits of a property…
Section 236 — Payment of tax by instalments
Payment of tax by instalments 236 1 This section applies if— a there is a receipt under section 217 (lease premiums) in respect of a premium which is payable by instalments, or b there is a receipt…
Section 237 — Statement of accuracy for purposes of section 222
Statement of accuracy for purposes of section 222 237 1 This section applies if any of the persons mentioned in subsection (3) provides an officer of Revenue and Customs with a statement showing— a…
Section 238 — Claim for repayment of tax payable by virtue of section 224
Claim for repayment of tax payable by virtue of section 224 238 1 This section applies if— a there is a receipt under section 224 (sales with right to reconveyance), and b the date on which the…
Section 239 — Claim for repayment of tax payable by virtue of section 225
Claim for repayment of tax payable by virtue of section 225 239 1 This section applies if— a there is a receipt under section 225 (sale and leaseback transactions), and b the date for the grant of…
Section 240 — Appeals against proposed determinations
Appeals against proposed determinations 240 1 Subsection (2) applies if it appears to an officer of Revenue and Customs that— a a determination is needed of an amount that is to be brought into…
Section 241 — Section 240: supplementary
Section 240: supplementary 241 1 A provisional notice of determination under section 240(2) may include a statement of the grounds on which the officer proposes to make the determination. 2…
Section 242 — Determination by tribunal
Determination by tribunal 242 1 If a notice of objection is given under section 240(3), the amount mentioned in section 240(1) must be determined in the same way as an appeal. 2 All persons to whom…