Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 1 — Overview of Act
Overview of Act 1 1 Part 2 is about calculation of the corporation tax chargeable on a company's profits, in particular— a the rates at which corporation tax on profits is charged (see Chapter 2), b…
Section 2 — Overview of Part
Overview of Part 2 1 This Part contains provisions that relate to the calculation of the corporation tax chargeable on a company's profits of an accounting period. 2 Chapter 2 is about the rates at…
Section 3 — Corporation tax rates
Corporation tax rates 3 1 Corporation tax is charged at the rate set by Parliament for the financial year as the main rate. 2 Subsection (1) is subject to— a section 18A (which provides for tax to be…
Section 4 — Amount of profits to which corporation tax rates applied
Amount of profits to which corporation tax rates applied 4 1 In the calculation under paragraph 8(1) of Schedule 18 to FA 1998 of the amount of corporation tax payable for an accounting period of a…
Section 5 — Basic rule: sterling to be used
Basic rule: sterling to be used 5 1 For corporation tax purposes the income and chargeable gains of a company for an accounting period must be calculated and expressed in sterling. 2 See the…
Section 6 — UK resident company operating in sterling and preparing accounts in another currency
UK resident company operating in sterling and preparing accounts in another currency 6 1 This section applies if, for a period of account, in accordance with generally accepted accounting practice, a…
Section 7 — UK resident company operating in currency other than sterling and preparing accounts in another currency
UK resident company operating in currency other than sterling and preparing accounts in another currency 7 1 This section applies if, for a period of account, in accordance with generally accepted…
Section 8 — UK resident company preparing accounts in currency other than sterling
UK resident company preparing accounts in currency other than sterling 8 1 This section applies if, for a period of account— a a UK resident company prepares its accounts in a currency other than…
Section 9 — Non-UK resident company preparing return of accounts in currency other than sterling
Non-UK resident company preparing return of accounts in currency other than sterling 9 1 This section applies if a non-UK resident company within the charge to corporation tax prepares its return of…
Section 9A — Designated currency of a UK resident investment company
Designated currency of a UK resident investment company 9A 1 The designated currency of a UK resident investment company is the currency which the company elects as its designated currency. 2 An…
Section 9B — Period for which an election under section 9A has effect
Period for which an election under section 9A has effect 9B 1 An election under section 9A takes effect at the beginning of the day specified in the election as the day on which it takes effect…
Section 9C — Chargeable gains and losses of companies
Chargeable gains and losses of companies 9C 1 This section applies if— a a company disposes of an asset which is a ship, an aircraft, shares or an interest in shares, and b at any time beginning with…
Section 10 — The equivalent in another currency of a sterling amount
The equivalent in another currency of a sterling amount 10 1 Subsection (2) applies if, for the purposes of calculating the profits or losses of a company arising in an accounting period, section…
Section 11 — Sterling equivalents: basic rule
Sterling equivalents: basic rule 11 1 Subsection (2) applies if, for the purposes of calculating the profits or losses of a company arising in an accounting period, section 7(2), 8(2) or 9(2)…
Section 12 — Sterling equivalents: carried-back amounts
Sterling equivalents: carried-back amounts 12 1 This section applies if, for the purpose of calculating a carried-back amount in respect of a company, a loss (“the loss”) is required by section 7(2),…
Section 13 — Sterling equivalents: carried-forward amounts
Sterling equivalents: carried-forward amounts 13 1 This section applies if, for the purpose of calculating a carried-forward amount in respect of a company, a loss (“the loss”) is required by section…
Section 14 — Carried-back amounts
Carried-back amounts 14 1 This section applies if conditions A, B and C are met. 2 Condition A is that, in accordance with generally accepted accounting practice, a UK resident company— a prepares…
Section 15 — Carried-forward amounts
Carried-forward amounts 15 1 This section applies if conditions A, B and C are met. 2 Condition A is that, in accordance with generally accepted accounting practice, a UK resident company— a prepares…
Section 16 — Sections 13(2) and 15(5): profit against which carried-forward amount to be set off
Sections 13(2) and 15(5): profit against which carried-forward amount to be set off 16 1 This section is about the interpretation of the references in sections 13(2) and 15(5) to the profit against…
Section 17 — Interpretation of Chapter
Interpretation of Chapter 17 1 References in this Chapter to the accounts of a UK resident company are to— a the annual accounts of the company required by Part 15 of the Companies Act 2006, or b if…
Section 18 — Profits charged at the small profits rate
Profits charged at the small profits rate 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 18A — Profits charged at the standard small profits rate
Profits charged at the standard small profits rate 18A 1 Corporation tax is charged at the standard small profits rate on a company's taxable total profits of an accounting period which are not ring…
Section 18B — Marginal relief for companies without ring fence profits
Marginal relief for companies without ring fence profits 18B 1 This section applies if— a a company is UK resident in an accounting period, b it is not a close investment-holding company in the…
Section 18C — Marginal relief for companies with ring fence profits
Marginal relief for companies with ring fence profits 18C In the case of a company with ring fence profits— a see section 279B (if the company's augmented profits of an accounting period consist…
Section 18D — The lower limit and the upper limit
The lower limit and the upper limit 18D 1 This section gives the meaning in this Part of “the lower limit” and “ the upper limit ” in relation to an accounting period of a company (“C”). 2 If C has…
Section 18E — Associated companies
Associated companies 18E 1 For the purposes of section 18D, a company is another company's associated company in an accounting period if it is an associated company (see subsection (4)) for any part…
Section 18F — Section 18E(3): treatment of certain non-trading companies
Section 18E(3): treatment of certain non-trading companies 18F 1 Subsection (2) applies if a company carries on a business of making investments in an accounting period and throughout the period the…
Section 18G — Attribution to persons of rights and powers of their partners
Attribution to persons of rights and powers of their partners 18G 1 This section applies if— a it is necessary to determine in accordance with section 18E(4) and (5) whether a company is an…
Section 18H — Associated companies: fixed-rate preference shares
Associated companies: fixed-rate preference shares 18H 1 In determining for the purposes of section 18E(4) whether a company is under the control of another, fixed-rate preference shares held by a…
Section 18I — Association through a loan creditor
Association through a loan creditor 18I 1 A company (“A”) is not under the control of another company (“B”) for the purposes of section 18E(4) if— a B is a loan creditor of A, b there is no other…
Section 18J — Association through a trustee
Association through a trustee 18J 1 Subsection (2) applies if— a two companies (“ A ” and “ B ”) are controlled by the same person by virtue of rights or powers (or both) held in trust by that…
Section 18K — Power to obtain information
Power to obtain information 18K 1 This section applies if a company (“the issuing company”) appears to an officer of Revenue and Customs to be a close company. 2 The officer may, for the purposes of…
Section 18L — Meaning of “augmented profits”
Meaning of “augmented profits” 18L 1 For the purposes of this Part a company's “augmented profits” of an accounting period are— a the company's taxable total profits of that period, plus b any exempt…
Section 18M — Interpretation of section 18L(3)
Interpretation of section 18L(3) 18M 1 This section applies for the purposes of section 18L(3). 2 In addition to meeting the requirements of section 1154(2), a company (“A”) is a 51% subsidiary of…
Section 18N — Close investment-holding companies
Close investment-holding companies 18N 1 For the purposes of this Part, a close company (“the candidate company”) is a close investment-holding company in an accounting period unless throughout the…
Section 19 — Marginal relief
Marginal relief 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 20 — Company with only ring fence profits
Company with only ring fence profits 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 21 — Company with ring fence profits and other profits
Company with ring fence profits and other profits 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 22 — The ring fence amount
The ring fence amount 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 23 — The remaining amount
The remaining amount 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 24 — The lower limit and the upper limit
The lower limit and the upper limit 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 25 — Associated companies
Associated companies 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 26 — Section 25(3): treatment of certain non-trading companies
Section 25(3): treatment of certain non-trading companies 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 27 — Attribution to persons of rights and powers of their associates
Attribution to persons of rights and powers of their associates 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 28 — Associated companies: fixed-rate preference shares
Associated companies: fixed-rate preference shares 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 29 — Association through a loan creditor
Association through a loan creditor 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 30 — Association through a trustee
Association through a trustee 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 31 — Power to obtain information
Power to obtain information 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 32 — Meaning of “augmented profits”
Meaning of “augmented profits” 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 33 — Interpretation of section 32(2) and (3)
Interpretation of section 32(2) and (3) 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .