Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 34 — Close investment-holding companies
Close investment-holding companies 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 35 — Overview of Part
Overview of Part 35 1 This Part provides corporation tax relief for— a losses made in a trade (see Chapter 2 as well as the restrictions on relief in Chapter 3 relating to limited partnerships and…
Section 36 — Introduction to Chapter
Introduction to Chapter 36 1 This Chapter provides relief for a loss made by a company in a trade (see sections 37 to 47) 2 This Chapter also provides for restrictions on relief for the following…
Section 37 — Relief for trade losses against total profits
Relief for trade losses against total profits 37 1 This section applies if, in an accounting period, a company carrying on a trade makes a loss in the trade. 2 The company may make a claim for relief…
Section 38 — Limit on deduction if accounting period falls partly within 12 month period
Limit on deduction if accounting period falls partly within 12 month period 38 1 This section applies if an accounting period falls partly within the period of 12 months mentioned in section…
Section 39 — Terminal losses: extension of periods for which relief may be given
Terminal losses: extension of periods for which relief may be given 39 1 This section applies if— a a company ceases to carry on a trade, and b the company has made a terminal loss in the trade. 2…
Section 40 — Ring fence trades: extension of periods for which relief may be given
Ring fence trades: extension of periods for which relief may be given 40 1 This section applies if— a in an accounting period a company makes a loss in a ring fence trade (as defined in section 162…
Section 41 — Sections 39 and 40: transfers of trade to obtain relief
Sections 39 and 40: transfers of trade to obtain relief 41 Sections 39 and 40 do not apply by reason of a company ceasing to carry on a trade if— a on the company ceasing to carry on the trade, any…
Section 42 — Ring fence trades: further extension of period for relief
Ring fence trades: further extension of period for relief 42 1 This section applies if— a a company makes a claim under section 37 for relief in respect of a loss made in a ring fence trade, b the…
Section 43 — Claim period in case of ring fence or mineral extraction trades
Claim period in case of ring fence or mineral extraction trades 43 1 This section applies in relation to a claim under section 37 if— a as a result of section 165 of CAA 2001 (general decommissioning…
Section 44 — Trade must be commercial or carried on for statutory functions
Trade must be commercial or carried on for statutory functions 44 1 Relief under section 37 is not available for a loss made in a trade unless for the loss-making period (see section 37(3)(a)) the…
Section 45 — Carry forward of pre-1 April 2017 trade loss against subsequent trade profits
Carry forward of pre-1 April 2017 trade loss against subsequent trade profits 45 1 This section applies if, in an accounting period beginning before 1 April 2017 , a company carrying on a trade makes…
Section 45A — Carry forward of post-1 April 2017 trade loss against total profits
Carry forward of post-1 April 2017 trade loss against total profits 45A 1 This section applies if— a in an accounting period (“the loss-making period”) beginning on or after 1 April 2017 a company…
Section 45B — Carry forward of post-1 April 2017 trade loss against trade profits
Carry forward of post-1 April 2017 trade loss against trade profits 45B 1 This section applies if— a in an accounting period (“the loss-making period”) beginning on or after 1 April 2017 a company…
Section 45C — Re-application of section 45A if loss remains after previous application
Re-application of section 45A if loss remains after previous application 45C 1 This section applies if— a an amount of a loss made in a trade is carried forward to an accounting period (“the later…
Section 45D — Application of section 45B if loss remains after application of section 45A
Application of section 45B if loss remains after application of section 45A 45D 1 This section applies if— a an amount of a loss made in a trade is carried forward to an accounting period (“the later…
Section 45E — Re-application of section 45B if loss remains after previous application
Re-application of section 45B if loss remains after previous application 45E 1 This section applies if— a an amount of a loss made in a trade is carried forward to an accounting period (“the later…
Section 45F — Terminal losses: relief unrestricted by Part 7ZA and 7A
Terminal losses: relief unrestricted by Part 7ZA and 7A 45F 1 This section applies if— a a company makes a loss in a trade in an accounting period (the “loss-making period”), b an amount of that loss…
Section 45G — Section 45F: accounting period falling partly within 3 year period
Section 45F: accounting period falling partly within 3 year period 45G 1 This section applies if— a a company ceases to carry on a trade in an accounting period (“the terminal period”), and b a…
Section 45H — Section 45F: transfers of trade to obtain relief
Section 45F: transfers of trade to obtain relief 45H Section 45F does not apply by reason of a company ceasing to carry on a trade if— a on the company ceasing to carry on the trade, any of the…
Section 46 — Use of trade-related interest and dividends if insufficient trade profits
Use of trade-related interest and dividends if insufficient trade profits 46 1 This section applies if in an accounting period a company carrying on a trade makes a loss in the trade and either— a…
Section 47 — Registered societies
Registered societies 47 1 This section applies for the purposes of sections 45 and 45B if the company carrying on the trade is a registered society . 2 The following amounts may be brought into…
Section 48 — Farming or market gardening
Farming or market gardening 48 1 This section applies if a loss is made in a trade of farming or market gardening in an accounting period (“ the current period ”). 2 Relief under section 37 is not…
Section 49 — Reasonable expectation of profit
Reasonable expectation of profit 49 1 This section explains how the farming or market gardening activities (“the activities”) meet the reasonable expectation of profit test for the purposes of…
Section 50 — Cessation of trades
Cessation of trades 50 1 For the purposes of section 48(3)(c) a trade is to be treated as ceased, and a new trade as started, in any of the following cases— Case 1 A company starts or ceases to be…
Section 51 — Companies treated as same person as individual
Companies treated as same person as individual 51 1 This section applies for the purposes of sections 48(2) and 49(6) if, as a result of section 50(4), a company is treated as the same person as an…
Section 52 — Dealings in commodity futures
Dealings in commodity futures 52 1 This section applies if— a a company makes a loss in a trade of dealing in commodity futures, b the company carried on the trade as a partner in a partnership, and…
Section 53 — Leasing contracts and company reconstructions
Leasing contracts and company reconstructions 53 1 This section applies if— a under a contract a company (“the leasing company”) incurs capital expenditure on the provision of plant or machinery, b…
Section 54 — Non-UK resident company: receipts of interest, dividends or royalties
Non-UK resident company: receipts of interest, dividends or royalties 54 1 This section applies if— a a non-UK resident company carries on a trade in the United Kingdom, and b tax-exempt receipts of…
Section 55 — Introduction to Chapter
Introduction to Chapter 55 1 This Chapter restricts the amount of relief that may be given for any loss made by a company in a trade carried on by the company— a as a limited partner (see sections 56…
Section 56 — Restriction on reliefs for limited partners
Restriction on reliefs for limited partners 56 1 This section applies if— a at any time in an accounting period a company carries on a trade (“the limited partnership trade”) as a limited partner in…
Section 57 — Meaning of “contribution to the firm”
Meaning of “contribution to the firm” 57 1 For the purposes of section 56 the company's contribution to the firm is the sum of amounts A and B. 2 Amount A is the amount which the company has…
Section 58 — Meaning of “limited partner”
Meaning of “limited partner” 58 1 In sections 56 and 57 “ limited partner ” means a company which carries on a trade— a as a limited partner in a limited partnership registered under the Limited…
Section 59 — Restriction on relief for members of LLPs
Restriction on relief for members of LLPs 59 1 This section applies if— a a company carries on a trade (“the LLP trade”) as a member of an LLP at any time in an accounting period, and b the company…
Section 60 — Meaning of “contribution to the LLP”
Meaning of “contribution to the LLP” 60 1 For the purposes of section 59 the company's contribution to the LLP at any time (“ the relevant time ”) is the sum of amounts A and B. 2 Amount A is the…
Section 61 — Unrelieved losses brought forward
Unrelieved losses brought forward 61 1 Subsection (2) applies if— a a company (“the member company”) carries on a trade as a member of an LLP at a time during an accounting period (“ the current…
Section 62 — Relief for losses made in UK property business
Relief for losses made in UK property business 62 1 This section applies if, in an accounting period, a company carrying on a UK property business makes a loss in the business. 2 Relief for the loss…
Section 63 — Company with investment business ceasing to carry on UK property business
Company with investment business ceasing to carry on UK property business 63 1 This section applies if, in an accounting period, a company with investment business (as defined in section 1218B of CTA…
Section 64 — UK property business to be commercial or carried on for statutory functions
UK property business to be commercial or carried on for statutory functions 64 1 Sections 62 and 63 apply to a UK property business only so far as it is carried on— a on a commercial basis, or b in…
Section 65 — UK furnished holiday lettings business treated as trade
UK furnished holiday lettings business treated as trade 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 66 — Relief for losses made in overseas property business
Relief for losses made in overseas property business 66 1 This section applies if, in an accounting period, a company carrying on an overseas property business makes a loss in the business. 2 Relief…
Section 67 — Overseas property business to be commercial or carried on for statutory functions
Overseas property business to be commercial or carried on for statutory functions 67 1 Section 66 applies to an overseas property business only so far as it is carried on— a on a commercial basis, or…
Section 67A — EEA furnished holiday lettings business treated as trade
EEA furnished holiday lettings business treated as trade 67A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 67B — Exclusion in the case of property businesses of insurance companies
Exclusion in the case of property businesses of insurance companies 67B 1 This Chapter does not apply for the purpose of applying the I - E rules in relation to a loss made by an insurance company in…
Section 68 — Share loss relief
Share loss relief 68 1 A company which has subscribed for shares in a qualifying trading company is eligible for relief under this Chapter (“share loss relief”) if— a it incurs an allowable loss (for…
Section 69 — Eligibility conditions
Eligibility conditions 69 1 These are the eligibility conditions mentioned in section 68(1)(b) that a company which has subscribed for shares in a qualifying trading company must meet to be eligible…
Section 70 — Entitlement to claim
Entitlement to claim 70 1 This section applies where a company is eligible for share loss relief. 2 The company may make a claim for the loss to be deducted in calculating for corporation tax…
Section 71 — How relief works
How relief works 71 1 This subsection explains how deductions in respect of share loss relief claimed by a company under section 70 are to be made. Step 1 Deduct the loss in calculating the company's…
Section 72 — Limit on deduction if accounting period falls partly within 12 month period
Limit on deduction if accounting period falls partly within 12 month period 72 1 This section applies if an accounting period falls partly within the period of 12 months ending immediately before the…
Section 73 — Subscription for shares
Subscription for shares 73 1 This section has effect for the purposes of this Chapter. 2 A company subscribes for shares in another company if they are issued to the company by the other company in…