Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 372 — Lessor also lessee under non-long funding lease
Lessor also lessee under non-long funding lease 372 1 This section applies if— a a company is the lessee of any plant or machinery under a lease (“lease A”), b lease A is not a long funding lease, c…
Section 373 — Other avoidance
Other avoidance 373 1 Sections 360 to 369 do not apply in relation to a long funding lease in the case of a company which is or has been the lessor of any plant or machinery under the lease if…
Section 374 — Provision supplementing section 373
Provision supplementing section 373 374 1 It does not matter whether the arrangement referred to in condition A in section 373(2) is entered into before, after or at the inception of the long funding…
Section 375 — Adjustments where sections 360 to 369 subsequently disapplied by section 373
Adjustments where sections 360 to 369 subsequently disapplied by section 373 375 1 This section applies if— a at any time any of sections 360 to 369 has applied for determining the amounts to be…
Section 376 — Films
Films 376 1 If a company is or has been a lessor under a long funding lease of a film, sections 360 to 369 do not apply in respect of the lease. 2 “ Film ” has the same meaning as in Part 15 of CTA…
Section 377 — Lessee under long funding finance lease: limit on deductions
Lessee under long funding finance lease: limit on deductions 377 1 This section applies if a company is the lessee of any plant or machinery under a long funding finance lease for the whole or part…
Section 377A — Lessee under long funding finance leases: right-of-use leases
Lessee under long funding finance leases: right-of-use leases 377A 1 This section applies if— a for the whole or part of any period of account, a company is the lessee of any plant or machinery under…
Section 378 — Lessee under long funding finance lease: termination
Lessee under long funding finance lease: termination 378 1 This section applies if— a a company is or has been the lessee under a long funding finance lease, and b in connection with the termination…
Section 379 — Lessee under long funding operating lease
Lessee under long funding operating lease 379 1 This section applies if a company is the lessee of any plant or machinery under a long funding operating lease for the whole or part of any period of…
Section 380 — “Starting value” in section 379
“Starting value” in section 379 380 1 This section is about the meaning of “starting value” in section 379 in relation to a long funding operating lease (“the section 379 lease”). 2 Except where…
Section 381 — Interpretation of Chapter
Interpretation of Chapter 381 1 Chapter 6A of Part 2 of CAA 2001 (interpretation of provisions about long funding leases) applies in relation to this Chapter as it applies in relation to that Part. 2…
Section 382 — Introduction to Chapter
Introduction to Chapter 382 1 This Chapter applies if there is a relevant change in the relationship between a company carrying on a business of leasing plant or machinery otherwise than in…
Section 383 — Income and matching expense in different accounting periods
Income and matching expense in different accounting periods 383 1 This section applies if on any day (“ the relevant day ”)— a a company carries on a business of leasing plant or machinery otherwise…
Section 384 — Amount of income and expense
Amount of income and expense 384 1 The amount of the income under section 383 is calculated in accordance with sections 399 to 407. 2 The amount of the expense under section 383 is the same as the…
Section 385 — No carry back of loss against the income
No carry back of loss against the income 385 1 This section applies if the business carried on by the company is a trade carried on wholly or partly in the United Kingdom the profits of which are…
Section 386 — Relief for expense otherwise giving rise to carried forward loss
Relief for expense otherwise giving rise to carried forward loss 386 1 This section applies if— a there is a qualifying change of ownership in relation to a company on any day (“ the relevant day ”),…
Section 387 — “Business of leasing plant or machinery”
“Business of leasing plant or machinery” 387 1 This section determines for the purposes of this Chapter whether, on any day (“ the relevant day ”), a company (“ the relevant company ”) carries on a…
Section 388 — “Relevant plant or machinery value” for condition A in section 387
“Relevant plant or machinery value” for condition A in section 387 388 1 This section applies for the purposes of condition A in section 387. 2 The relevant plant or machinery value is the sum of the…
Section 389 — Provision supplementing section 388
Provision supplementing section 388 389 1 For the purposes of section 388 and this section the amounts shown in the appropriate balance sheet of any company in respect of any plant or machinery are—…
Section 390 — Relevant plant or machinery value where relevant company lessee under long funding lease etc
Relevant plant or machinery value where relevant company lessee under long funding lease etc 390 1 Any amount included in the amounts mentioned in section 388(2) in respect of plant or machinery to…
Section 391 — Relevant company's income for condition B in section 387
Relevant company's income for condition B in section 387 391 1 This section applies for the purposes of condition B in section 387. 2 The reference to the relevant company's income is to its income…
Section 392 — “Relevant change in relationship”
“Relevant change in relationship” 392 For the purposes of the sales of lessors Chapters there is a relevant change in the relationship between a company (“A”) and a principal company of A on any day…
Section 393 — Qualifying 75% subsidiaries
Qualifying 75% subsidiaries 393 1 A company (“B”) is a principal company of A if— a A is a qualifying 75% subsidiary of B, and b B is not a qualifying 75% subsidiary of another company. 2 There is a…
Section 394 — Consortium relationships
Consortium relationships 394 1 A company (“E”) is a principal company of A if— a A is owned by a consortium of which E is a member, or b A is a qualifying 75% subsidiary of a company owned by a…
Section 394A — “Qualifying change of ownership”
“Qualifying change of ownership” 394A 1 For the purposes of the sales of lessors Chapters there is a qualifying change of ownership in relation to a company (“A”) on any day if there is a relevant…
Section 394ZA — Company joining tonnage tax group
Company joining tonnage tax group 394ZA There is a relevant change in the relationship between A and a principal company of A on any day if— a on that day A becomes a member of a tonnage tax group…
Section 395 — No qualifying change of ownership in certain intra-group reorganisations
No qualifying change of ownership in certain intra-group reorganisations 395 1 This section applies if— a a relevant change in the relationship between a company (“A”) and a principal company of A…
Section 396 — No qualifying change of ownership where principal company's interest in consortium company unchanged
No qualifying change of ownership where principal company's interest in consortium company unchanged 396 1 This section applies if— a a company (“A”) is owned by a consortium, and b a relevant change…
Section 397 — Companies owned by consortiums and members of consortiums
Companies owned by consortiums and members of consortiums 397 1 This section defines what a company being owned by, or a member of, a consortium means for the purposes of the sales of lessors…
Section 398 — “Qualifying 75% ... subsidiary” etc
“Qualifying 75% ... subsidiary” etc 398 1 For the purposes of the sales of lessors Chapters, a company (“the subsidiary company”) is a qualifying 75% subsidiary of another company (“the parent…
Section 398A — Election out of qualifying change of ownership
Election out of qualifying change of ownership 398A 1 This section applies if— a on any day before 23 March 2011 (“ the relevant day ”) a company (“A”) carries on a business of leasing plant or…
Section 398B — The election
The election 398B 1 The election under section 398A must state the date of the relevant day. 2 The election must be made— a by notice to an officer of Revenue and Customs, and b during the period of…
Section 398C — Special treatment of A's trade or business that includes leasing
Special treatment of A's trade or business that includes leasing 398C 1 Sections 398D and 398E make special provision about the trade or property business consisting of or including A's business of…
Section 398D — Restrictions on use of losses etc
Restrictions on use of losses etc 398D 1 No loss may be deducted under— a Chapter 2 of Part 4, b section 62, or c section 189, from so much of the total profits of A as are attributable to the…
Section 398E — Restriction on artificial losses or reductions in profits
Restriction on artificial losses or reductions in profits 398E 1 This section applies if any expenditure incurred by A in carrying on the relevant activity has an unallowable purpose. 2 In…
Section 398F — Limit on availability of capital allowances to A
Limit on availability of capital allowances to A 398F 1 Expenditure incurred by A in providing plant or machinery is not qualifying expenditure for the purposes of Part 2 of CAA 2001 if the…
Section 398G — Transfers into and out of A
Transfers into and out of A 398G 1 Section 948 does not apply where A is the predecessor or the successor. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 If any event occurs that…
Section 399 — The amount of the income: the basic amount
The amount of the income: the basic amount 399 1 This section determines the amount of the income under section 383 when a qualifying change of ownership in relation to a company carrying on a…
Section 400 — “PM” in section 399
“PM” in section 399 400 1 For the purposes of this section and sections 401 and 402 references to plant or machinery, in the case of any company, include all plant or machinery, whether or not…
Section 401 — Provisions supplementing section 400
Provisions supplementing section 400 401 1 For the purposes of section 400 and this section the amounts shown in the appropriate balance sheet of any company in respect of any plant or machinery are—…
Section 401B — Power to obtain information
Power to obtain information 401B 1 An officer of Revenue and Customs may, for the purposes of section 397, by notice require any person in whose name any shares or loan capital are registered— a to…
Section 402 — “PM” where relevant company lessee under long funding lease etc
“PM” where relevant company lessee under long funding lease etc 402 1 Any amount included in the amounts mentioned in paragraph (a) or (b) of section 400(3) in respect of plant or machinery to which…
Section 403 — “TWDV” in section 399
“TWDV” in section 399 403 1 For the purposes of section 399, “ TWDV ” means the sum of— a the total amount of unrelieved qualifying expenditure in single asset pools for the new chargeable period…
Section 404 — Amount to be nil if basic amount negative
Amount to be nil if basic amount negative 404 If the basic amount given by the formula in section 399(3) is a negative amount, the amount is taken instead to be nil.
Section 405 — Adjustment to the basic amount: qualifying 75% subsidiaries
Adjustment to the basic amount: qualifying 75% subsidiaries 405 1 This section applies if— a the qualifying change of ownership occurs on any day as a result of section 393 (qualifying 75%…
Section 406 — Adjustment to the basic amount: consortium relationships
Adjustment to the basic amount: consortium relationships 406 1 This section applies if the qualifying change of ownership occurs as a result of section 394 (consortium relationships). 2 In a case…
Section 407 — Migration
Migration 407 1 This section applies if on any day (“ the relevant day ”)— a a company begins to be within the charge to corporation tax in respect of a business of leasing plant or machinery which…
Section 408 — “Associated company”
“Associated company” 408 1 This section gives the meaning of “ associated company ” for the purposes of this Chapter. 2 References to an associated company in any provision other than subsection…
Section 409 — Introduction to Chapter
Introduction to Chapter 409 1 This Chapter applies if, in the case of a company carrying on a business of leasing plant or machinery in partnership with other persons— a there is a qualifying change…
Section 410 — “Business of leasing plant or machinery”
“Business of leasing plant or machinery” 410 1 A business carried on by the partnership is a business of leasing plant or machinery on the relevant day if condition A or B is met. 2 Condition A is…