Corporation Tax Act 2009
Sections and provisions with full text and the judgments that cite each one.
Section 286A — Residence of companies
Residence of companies 286A Chapter 3 of Part 2 of CTA 2009 (rules for determining residence of companies) applies for the purposes of— a this Act (so far as relating to capital gains tax), and b any…
Section 287 — Provisions which must be given priority over this Part
Provisions which must be given priority over this Part 287 Any receipt or other credit item, so far as it falls within— a Chapter 3 of this Part so far as it relates to an overseas property business…
Section 288 — Priority between Chapters within this Part
Priority between Chapters within this Part 288 1 Any receipt, so far as it falls within— a Chapter 3 so far as it relates to a UK property business, and b Chapter 7 (rent receivable in connection…
Section 289 — Effect of company starting or ceasing to be within charge to corporation tax
Effect of company starting or ceasing to be within charge to corporation tax 289 1 This section applies if a company starts or ceases to be within the charge to corporation tax in respect of an…
Section 290 — Overseas property businesses and overseas land: adaptation of rules
Overseas property businesses and overseas land: adaptation of rules 290 1 This section applies if a provision of this Part— a applies to an overseas property business or land outside the United…
Section 291 — Meaning of “lease” and “premises”
Meaning of “lease” and “premises” 291 1 In this Part “ lease ” includes— a an agreement for a lease (so far as the context permits), and b any tenancy, but does not include a mortgage. 2 In this Part…
Section 292 — Overview of Part
Overview of Part 292 1 This Part sets out how profits and deficits arising to a company from its loan relationships are brought into account for corporation tax purposes. 2 For the meaning of “loan…
Section 293 — Construction of references to profits or losses from loan relationships
Construction of references to profits or losses from loan relationships 293 1 In this Part references to profits or losses from loan relationships include references to profits or losses from related…
Section 294 — Matters treated as loan relationships
Matters treated as loan relationships 294 1 Part 6 deals with matters treated for some or all purposes as loan relationships or rights, payments or profits under loan relationships. 2 Except where…
Section 295 — General rule: profits arising from loan relationships chargeable as income
General rule: profits arising from loan relationships chargeable as income 295 1 The general rule for corporation tax purposes is that all profits arising to a company from its loan relationships are…
Section 296 — Profits and deficits to be calculated using credits and debits given by this Part
Profits and deficits to be calculated using credits and debits given by this Part 296 Profits and deficits arising to a company from its loan relationships are to be calculated using the credits and…
Section 297 — Trading credits and debits to be brought into account under Part 3
Trading credits and debits to be brought into account under Part 3 297 1 This section applies so far as in any accounting period a company is a party to a loan relationship for the purposes of a…
Section 298 — Meaning of trade and purposes of trade
Meaning of trade and purposes of trade 298 1 For the purposes of this Part a company is taken to be a party to a creditor relationship for the purposes of a trade it carries on only if it is a party…
Section 299 — Charge to tax on non-trading profits
Charge to tax on non-trading profits 299 1 The charge to corporation tax on income applies to any non-trading profits which a company has in respect of its loan relationships. 2 For the meaning of a…
Section 300 — Method of bringing non-trading deficits into account
Method of bringing non-trading deficits into account 300 1 Any non-trading deficit which a company has from its loan relationships must be brought into account in accordance with Chapter 16…
Section 301 — Calculation of non-trading profits and deficits from loan relationships: non-trading credits and debits
Calculation of non-trading profits and deficits from loan relationships: non-trading credits and debits 301 1 Whether a company has non-trading profits or a non-trading deficit from its loan…
Section 302 — “Loan relationship”, “creditor relationship”, “debtor relationship”
“Loan relationship”, “creditor relationship”, “debtor relationship” 302 1 For the purposes of the Corporation Tax Acts a company has a loan relationship if— a the company stands in the position of a…
Section 303 — “Money debt”
“Money debt” 303 1 For the purposes of this Part a money debt is a debt which— a falls to be settled— i by the payment of money, ii by the transfer of a right to settlement under a debt which is…
Section 304 — “Related transaction”
“Related transaction” 304 1 In this Part “ related transaction ”, in relation to a loan relationship, means any disposal or acquisition (in whole or in part) of rights or liabilities under the…
Section 305 — Payments, interest, rights and liabilities under a loan relationship
Payments, interest, rights and liabilities under a loan relationship 305 1 For the purposes of this Part references to payments or interest under a loan relationship are references to payments or…
Section 306 — Overview of Chapter
Overview of Chapter 306 1 This Chapter contains rules of general application about the credits and debits to be brought into account for the purposes of this Part. 2 In particular, it— za makes…
Section 306A — Matters in respect of which amounts to be brought into account
Matters in respect of which amounts to be brought into account 306A 1 The matters in respect of which amounts are to be brought into account for the purposes of this Part in respect of a company's…
Section 307 — General principles about the bringing into account of credits and debits
General principles about the bringing into account of credits and debits 307 1 This Part operates by reference to the accounts of companies and amounts recognised for accounting purposes. 2 The…
Section 308 — Amounts recognised in determining a company's profit or loss
Amounts recognised in determining a company's profit or loss 308 1 References in this Part to an amount recognised in determining a company's profit or loss for a period are references to an amount…
Section 309 — Companies without GAAP-compliant accounts
Companies without GAAP-compliant accounts 309 1 If a company— a draws up accounts which are not GAAP-compliant accounts, or b does not draw up accounts at all, this Part applies as if GAAP-compliant…
Section 310 — Power to make regulations about recognised amounts
Power to make regulations about recognised amounts 310 1 The Treasury may by regulations— a make provision excluding from section 308(1) ... amounts of a specified description, and b make provision…
Section 311 — Amounts not fully recognised for accounting purposes: introduction
Amounts not fully recognised for accounting purposes: introduction 311 1 Section 312 applies for the purpose of determining the credits and debits which a company is to bring into account for a…
Section 312 — Determination of credits and debits where amounts not fully recognised
Determination of credits and debits where amounts not fully recognised 312 1 In determining the credits and debits which a company is to bring into account for the period referred to in section…
Section 313 — Basis of accounting: “amortised cost basis”, “fair value accounting” and “fair value”
Basis of accounting: “amortised cost basis”, “fair value accounting” and “fair value” 313 1 The general rule is that the amounts to be brought into account by a company as credits and debits for any…
Section 314 — Power to make regulations about changes from amortised cost basis
Power to make regulations about changes from amortised cost basis 314 1 This section applies if the credits or debits to be brought into account for the purposes of this Part in respect of assets or…
Section 315 — Introduction to sections 316 and 318
Introduction to sections 316 and 318 315 1 Sections 316 and 318 (adjustments on change of accounting basis) apply if— a a company changes, from one period of account or accounting period to the next,…
Section 316 — Change of basis of accounting involving change of value
Change of basis of accounting involving change of value 316 1 If there is a difference between— a the tax-adjusted carrying value of an asset or liability at the end of the earlier period, and b the…
Section 317 — Carrying value
Carrying value 317 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 318 — Change of accounting basis following cessation of loan relationship
Change of accounting basis following cessation of loan relationship 318 1 This section applies if— a the company has ceased to be a party to a loan relationship in an accounting period (“the…
Section 319 — General power to make regulations about changes in accounting policy
General power to make regulations about changes in accounting policy 319 1 The Treasury may by regulations make provision for cases where there is a change of accounting policy in drawing up a…
Section 320 — Credits and debits treated as relating to capital expenditure
Credits and debits treated as relating to capital expenditure 320 1 This section applies if— a an amount for an accounting period in respect of a company's loan relationship relates to any of the…
Section 320A — Amounts recognised in other comprehensive income and not transferred to profit or loss
Amounts recognised in other comprehensive income and not transferred to profit or loss 320A 1 This section applies if— a in a period of account an asset or liability representing a loan relationship…
Section 320B — Hybrid capital instruments: amounts recognised in equity
Hybrid capital instruments: amounts recognised in equity 320B 1 This section applies if in accordance with generally accepted accounting practice, an amount in respect of a hybrid capital instrument…
Section 321 — Credits and debits recognised in equity
Credits and debits recognised in equity 321 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 321A — Restriction on debits resulting from release of loans to participators etc
Restriction on debits resulting from release of loans to participators etc 321A 1 This section applies if— a a loan gives rise to a charge to tax under section 455 of CTA 2010 (including a charge by…
Section 322 — Release of debts: cases where credits not required to be brought into account
Release of debts: cases where credits not required to be brought into account 322 1 This section applies if— a a liability to pay an amount under a company's debtor relationship is released, and b…
Section 323 — Meaning of expressions relating to insolvency etc
Meaning of expressions relating to insolvency etc 323 A1 For the purposes of sections 322(5B) and 323A(1)(b) a company is unable to pay its debts if— a it is unable to pay its debts as they fall due,…
Section 323A — Substantial modification: cases where credits not required to be brought into account
Substantial modification: cases where credits not required to be brought into account 323A 1 Subsection (2) applies if— a a debtor relationship of a company is modified or replaced by another, b…
Section 323B — Insurers in financial difficulties: write-down orders
Insurers in financial difficulties: write-down orders 323B 1 Subsection (2) applies if a debtor relationship of a company is modified by a write-down order. 2 The company is not required to bring…
Section 324 — Restriction on debits resulting from revaluation
Restriction on debits resulting from revaluation 324 1 No debit is to be brought into account for the purposes of this Part as a result of the revaluation of an asset representing a creditor…
Section 325 — Restriction on credits resulting from reversal of disallowed debits
Restriction on credits resulting from reversal of disallowed debits 325 1 No credit is to be brought into account for the purposes of this Part in respect of the reversal of a debit disallowed by…
Section 326 — Writing off government investments
Writing off government investments 326 1 This section applies if a government investment in a company is written off by the release of a liability to pay any amount under a debtor relationship of the…
Section 327 — Disallowance of imported losses etc
Disallowance of imported losses etc 327 1 This section applies for an accounting period of a company (“the loss period”) if— a apart from this section, a loss arising in connection with a loan…
Section 328 — Exchange gains and losses
Exchange gains and losses 328 1 The reference in section 306A(1) to the profits and losses arising to a company from its loan relationships and related transactions includes a reference to exchange…
Section 328A — Arrangements that have a “one-way exchange effect”
Arrangements that have a “one-way exchange effect” 328A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .