Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 269ZY — Meaning of “relevant reversal credit”
Meaning of “relevant reversal credit” 269ZY 1 For the purposes of section 269ZX a “relevant reversal credit” is a credit, or other income, brought into account in respect of the relevant reversal…
Section 269ZZ — Company tax return to specify amount of deductions allowance
Company tax return to specify amount of deductions allowance 269ZZ 1 A company's tax return for an accounting period must specify— a the amount of the company's deductions allowance for the period,…
Section 270 — Overview of Part
Overview of Part 270 1 This Part is about the corporation tax treatment of oil activities but also needs to be read with the Energy (Oil and Gas) Profits Levy Act 2022 (which imposes a tax in…
Section 271 — “Associated companies”
“Associated companies” 271 1 For the purposes of this Part two companies are associated with one another if— a one is a 51% subsidiary of the other, b each is a 51% subsidiary of a third company, c…
Section 272 — “Oil extraction activities”
“Oil extraction activities” 272 1 In this Part “ oil extraction activities ” means activities within any of subsections (2) to (5) (but see also section 291(6)). 2 Activities of a company in…
Section 273 — “Oil rights”
“Oil rights” 273 In this Part “ oil rights ” means— a rights to oil to be extracted at any place in the United Kingdom or a designated area, or b rights to interests in or to the benefit of such oil.
Section 274 — “Oil-related activities”
“Oil-related activities” 274 In this Part “ oil-related activities ” means— a oil extraction activities, and b any activities consisting of the acquisition, enjoyment or exploitation of oil rights.
Section 275 — “Ring fence income”
“Ring fence income” 275 In this Part “ ring fence income ” means income arising from oil extraction activities or oil rights.
Section 276 — “Ring fence profits”
“Ring fence profits” 276 In this Part “ ring fence profits ”, in relation to an accounting period, means— a if in accordance with section 197(3) of TCGA 1992 a company has an aggregate gain for that…
Section 277 — “Ring fence trade”
“Ring fence trade” 277 In this Part “ ring fence trade ” means activities which— a are within the definition of “oil-related activities” in section 274, and b constitute a separate trade (whether…
Section 278 — Other definitions
Other definitions 278 In this Part— “ chargeable period ” has the same meaning as in Part 1 of OTA 1975 (see section 1(3) of that Act), “ designated area ” means an area designated by Order in…
Section 279 — Oil-related activities treated as separate trade
Oil-related activities treated as separate trade 279 If a company carries on any oil-related activities as part of a trade, those activities are treated for the purposes of the charge to corporation…
Section 279A — Corporation tax rates on ring fence profits
Corporation tax rates on ring fence profits 279A 1 Corporation tax is charged on ring fence profits at the main ring fence profits rate. 2 But subsection (3) provides for tax to be charged at the…
Section 279DA — The remaining amount
The remaining amount 279DA 1 In section 279C “ the remaining amount ” means the amount given by the formula— ( UZ − AZ ) × NZ AZ 2 In this section— UZ is the amount given by multiplying the upper…
Section 279EA — Interpretation etc
Interpretation etc 279EA 1 The rules in Part 3A (see sections 18E to 18J) which apply for determining whether a company is another company's associated company in an accounting period for the…
Section 279B — Company with only ring fence profits
Company with only ring fence profits 279B 1 This section applies if— a a company is UK resident in an accounting period, ab it is not a close investment-holding company in the period, b its augmented…
Section 279C — Company with ring fence profits and other profits
Company with ring fence profits and other profits 279C 1 This section applies if— a a company is UK resident in an accounting period, ab it is not a close investment-holding company in the period, b…
Section 279D — The ring fence amount
The ring fence amount 279D 1 In section 279C “ the ring fence amount ” means the amount given by the formula— ( UR − AR ) × ( NR AR ) 2 In this section— AR A UR is the amount given by multiplying the…
Section 279E — The lower limit and the upper limit
The lower limit and the upper limit 279E 1 This section gives the meaning in this Chapter of “the lower limit” and “ the upper limit ” in relation to an accounting period of a company (“A”). 2 If A…
Section 279F — “Related 51% group company”
“Related 51% group company” 279F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 279G — “Augmented profits”
“Augmented profits” 279G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 279H — Interpretation of section 279G(3) and (4)
Interpretation of section 279G(3) and (4) 279H . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 280 — Disposal to be valued by reference to section 2(5A) of OTA 1975
Disposal to be valued by reference to section 2(5A) of OTA 1975 280 1 This section applies if each of conditions A to G is met. 2 Condition A is that oil is won from an oil field in the United…
Section 281 — Valuation where market value taken into account under section 2 of OTA 1975
Valuation where market value taken into account under section 2 of OTA 1975 281 1 This section applies if a person disposes of oil in circumstances such that the market value of the oil— a falls to…
Section 282 — Valuation where disposal not sale at arm's length
Valuation where disposal not sale at arm's length 282 1 This section applies if conditions A, B and C are met. 2 Condition A is that a person disposes of oil acquired by the person— a in the course…
Section 283 — Valuation where excess of nominated proceeds
Valuation where excess of nominated proceeds 283 1 This section applies if an excess of nominated proceeds for a chargeable period— a is taken into account in calculating a company's profits under…
Section 284 — Valuation where relevant appropriation but no disposal
Valuation where relevant appropriation but no disposal 284 1 This section applies if conditions A and B are met. 2 Condition A is that a company makes a relevant appropriation of oil without…
Section 285 — Valuation where appropriation to refining etc
Valuation where appropriation to refining etc 285 1 This section applies if conditions A, B and C are met. 2 Condition A is that a company appropriates oil acquired by it— a in the course of oil…
Section 285A — Restriction on hire etc of relevant assets to be brought into account
Restriction on hire etc of relevant assets to be brought into account 285A 1 This section applies if— a oil contractor activities are, or are to be, carried out, and b a company that carries on a…
Section 286 — Restriction on debits to be brought into account
Restriction on debits to be brought into account 286 1 Debits may not be brought into account for the purposes of Part 5 of CTA 2009 (loan relationships) in respect of a company's loan relationships…
Section 287 — Restriction on credits to be brought into account
Restriction on credits to be brought into account 287 1 Credits in respect of exchange gains from a company's loan relationships may not be brought into account for the purposes of Part 5 of CTA 2009…
Section 287A — Restriction where debits or credits relate to decommissioning security settlement
Restriction where debits or credits relate to decommissioning security settlement 287A 1 No debits or credits are to be brought into account for the purposes of Part 5 of CTA 2009 (loan…
Section 288 — Sale and lease-back
Sale and lease-back 288 1 This section applies if conditions A, B and C are met. 2 Condition A is that a company (“the seller”) carrying on a trade has disposed of— a an asset which was used for the…
Section 289 — Reduction of expenditure by reference to regional development grant
Reduction of expenditure by reference to regional development grant 289 1 This section applies if conditions A and B are met. 2 Condition A is that a person has incurred expenditure (by way of…
Section 290 — Adjustment as a result of regional development grant
Adjustment as a result of regional development grant 290 1 This section applies if conditions A, B and C are met. 2 Condition A is that expenditure incurred by a company in relation to an asset in an…
Section 291 — Tariff receipts etc
Tariff receipts etc 291 1 Subsection (5) applies to a sum which meets conditions A, B and C. 2 Condition A is that the sum constitutes a tariff receipt ... of a person who is a participator in an oil…
Section 291A — Meaning of “tariff receipt”
Meaning of “tariff receipt” 291A 1 A “tariff receipt” of a participator in an oil field is the amount or value of any consideration received or receivable by the person in respect of— a the use of a…
Section 291B — Tariff receipts: counteraction of avoidance arrangements
Tariff receipts: counteraction of avoidance arrangements 291B 1 Subsection (2) applies if an arrangement has been entered into, the main purpose or one of the main purposes of which is to obtain a…
Section 292 — Expenditure on abandonment guarantees
Expenditure on abandonment guarantees 292 1 Subsection (2) applies if, as a result of section 3(1)(hh) of OTA 1975 (obtaining abandonment guarantee), expenditure incurred by a participator in an oil…
Section 293 — Relief for reimbursement expenditure under abandonment guarantees
Relief for reimbursement expenditure under abandonment guarantees 293 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 294 — Payment under abandonment guarantee not immediately applied
Payment under abandonment guarantee not immediately applied 294 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 295 — Amounts excluded from section 293(1)
Amounts excluded from section 293(1) 295 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 296 — Introduction to section 297
Introduction to section 297 296 1 Section 297 applies if— a paragraph 2A of Schedule 5 to OTA 1975 applies, ..., and b the default payment falls (in whole or part) to be attributed to the…
Section 297 — Relief for expenditure incurred by a participator in meeting defaulter's abandonment expenditure
Relief for expenditure incurred by a participator in meeting defaulter's abandonment expenditure 297 1 Relief by way of capital allowance, or a deduction in calculating ring fence income, is to be…
Section 298 — Reimbursement by defaulter in respect of certain abandonment expenditure
Reimbursement by defaulter in respect of certain abandonment expenditure 298 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 298A — Receipts arising from decommissioning
Receipts arising from decommissioning 298A 1 This section applies if— a a company that is or has been carrying on a ring fence trade (“ the defaulter ”) has defaulted on a liability under— i a…
Section 299 — Deduction of PRT in calculating income for corporation tax purposes
Deduction of PRT in calculating income for corporation tax purposes 299 1 This section applies if a participator in an oil field has paid any petroleum revenue tax with which the participator was…
Section 300 — Effect of repayment of PRT: general rule
Effect of repayment of PRT: general rule 300 1 This section applies if some or all of the petroleum revenue tax in respect of which a deduction has been made under section 299(2) is subsequently…
Section 301 — Effect of repayment of PRT: special rule
Effect of repayment of PRT: special rule 301 1 This section applies if, in a case where paragraph 17 of Schedule 2 to OTA 1975 applies, an amount of petroleum revenue tax in respect of which a…
Section 302 — Interest on repayment of PRT or APRT
Interest on repayment of PRT or APRT 302 1 Subsection (3) applies if any amount of petroleum revenue tax paid by a participator in an oil field is, under any provision of Part 1 of OTA 1975, repaid…