Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 410A — Conversion etc of bonus share capital
Conversion etc of bonus share capital 410A 1 This section applies if bonus share capital falling within section 410(1)(b) is converted into, or exchanged for, shares in the company of a different…
Section 411 — “Relevant plant or machinery value” for condition A in section 410
“Relevant plant or machinery value” for condition A in section 410 411 1 This section applies for the purposes of condition A in section 410. 2 The relevant plant or machinery value is the sum of the…
Section 412 — Provision supplementing section 411
Provision supplementing section 411 412 1 For the purposes of section 411 and this section the amounts shown in the appropriate balance sheet of the partnership or, as the case may be, any company in…
Section 413 — Relevant plant or machinery value where partnership lessee under long funding lease etc
Relevant plant or machinery value where partnership lessee under long funding lease etc 413 1 Any amount included in the amounts mentioned in section 411(2) in respect of plant or machinery to which…
Section 414 — Partnership's income for condition B in section 410
Partnership's income for condition B in section 410 414 1 This section applies for the purposes of condition B in section 410. 2 The reference to the partnership's income is to its income as…
Section 414A — Interpretation of Chapter
Interpretation of Chapter 414A 1 In this Chapter “ bonus share capital ” means— a share capital issued otherwise than wholly for new consideration, or b the part (if there is such a part) of any…
Section 415 — “Qualifying change” in company's interest in a business
“Qualifying change” in company's interest in a business 415 1 For the purposes of the sales of lessors Chapters there is a qualifying change in a company's interest in a business on any day if its…
Section 416 — Determining the percentage share in the profits or loss of business
Determining the percentage share in the profits or loss of business 416 1 For the purposes of this Chapter a company's percentage share in the profits or loss of a business at any time is determined…
Section 417 — Partner company's income and other companies' matching expense
Partner company's income and other companies' matching expense 417 1 This section applies if on any day (“ the relevant day ”)— a the partner company carries on a business of leasing plant or…
Section 418 — Amount of income and expense
Amount of income and expense 418 1 The amount of the income under section 417 is calculated in accordance with sections 421 to 423. 2 The amount of the expense of the other company under section 417…
Section 419 — Relief for expense otherwise giving rise to carried forward loss
Relief for expense otherwise giving rise to carried forward loss 419 1 This section applies if— a a company is treated under section 417(5) as incurring an expense in an accounting period of the…
Section 420 — Exception: companies carrying on business ceasing to share in its profits
Exception: companies carrying on business ceasing to share in its profits 420 1 Section 417 does not apply if conditions A, B and C are met. 2 Condition A is that at the end of the relevant day none…
Section 421 — The amount of the income: the basic amount
The amount of the income: the basic amount 421 1 This section determines the amount of the income under section 417 when a qualifying change in the interest of the partner company in a business of…
Section 421A — Power to obtain information
Power to obtain information 421A 1 An officer of Revenue and Customs may, for the purposes of this Chapter, by notice require any person in whose name any shares or loan capital are registered— a to…
Section 422 — Amount to be nil if basic amount negative
Amount to be nil if basic amount negative 422 If the basic amount given by the formula in section 421(3) is a negative amount, the amount is taken instead to be nil.
Section 423 — Adjustment to the basic amount
Adjustment to the basic amount 423 1 The amount of the company's income under section 417 is limited to the appropriate percentage of the basic amount. 2 The appropriate percentage is found by…
Section 424 — The amount of expense
The amount of expense 424 1 This section applies if, as a result of a qualifying change in the partner company's interest in a business on any day— a the company is treated as receiving an amount of…
Section 425 — Partner company's income and matching expense in different accounting periods
Partner company's income and matching expense in different accounting periods 425 1 This section applies if on any day (“ the relevant day ”)— a a company carries on a business of leasing plant or…
Section 426 — Amount of income and expense
Amount of income and expense 426 1 The amount of the income under section 425 is calculated in accordance with section 429. 2 The amount of the expense under section 425 is the same as the amount of…
Section 427 — No carry back of loss against the income
No carry back of loss against the income 427 1 This section applies if the notional business carried on by the company is a trade carried on wholly or partly in the United Kingdom the profits of…
Section 428 — Relief for expense otherwise giving rise to carried forward loss
Relief for expense otherwise giving rise to carried forward loss 428 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 429 — The amount of the income
The amount of the income 429 1 This section determines the amount of the income under section 425 when a qualifying change of ownership in relation to a company carrying on a business of leasing…
Section 430 — “Associated company”
“Associated company” 430 1 This section gives the meaning of “ associated company ” for the purposes of this Chapter. 2 A company is an “associated company” of another company on any day if, at the…
Section 431 — “Profits” and “loss”
“Profits” and “loss” 431 1 In this Chapter “ profits ” does not include chargeable gains. 2 References in this Chapter to “loss” are to be read accordingly.
Section 432 — Restrictions on relief for Chapter 3 or 4 expenses: introduction
Restrictions on relief for Chapter 3 or 4 expenses: introduction 432 1 Sections 433 and 433A apply if— a a company is treated as incurring an expense under any provision of Chapter 3 or 4, b the…
Section 433 — Restrictions applying to the restricted loss amount
Restrictions applying to the restricted loss amount 433 1 The restrictions in subsections (2), (5) and (6) apply to the restricted loss amount. 2 Relief is not to be given to the company under any…
Section 433A — Restrictions not applying to the restricted loss amount
Restrictions not applying to the restricted loss amount 433A 1 Any deduction made under section 45 or 45B in respect of the restricted loss amount is to be ignored for the purposes of the restriction…
Section 434 — Introduction to sections 435 and 436
Introduction to sections 435 and 436 434 1 Sections 435 and 436 apply if a question arises as to the application of Chapter 3 or 4. 2 For the purposes of this section and sections 435 and 436 “ a…
Section 435 — Disregard of increases and decreases in certain amounts
Disregard of increases and decreases in certain amounts 435 1 This section applies if— a an amount mentioned in subsection (1A) is to be ascertained for the purpose of determining a question as to…
Section 436 — Balance sheet amounts determined on assumption company has no liabilities
Balance sheet amounts determined on assumption company has no liabilities 436 1 This section applies if— a a company owns any plant or machinery at any time on any day (“ the relevant day ”), b for…
Section 437 — Interpretation of the sales of lessors Chapters
Interpretation of the sales of lessors Chapters 437 1 This section applies for the purposes of the sales of lessors Chapters. 2 “ Company ” means a body corporate. 3 “ Excluded lease of background…
Section 437A — Determining the ascribed value of plant or machinery
Determining the ascribed value of plant or machinery 437A 1 For the purposes of the sales of lessors Chapters, the ascribed value of plant or machinery at any given time (“ the relevant time ”) is…
Section 437B — Section 437A: supplementary
Section 437A: supplementary 437B 1 This section supplements section 437A. 2 Market value is to be determined on the assumption of a disposal by an absolute owner free from all leases and other…
Section 437C — Present value of a lease
Present value of a lease 437C 1 For the purposes of section 437A, the present value of a lease is the present value of the amounts mentioned in subsection (2). 2 The amounts are— a the amounts…
Section 438 — Overview of Part
Overview of Part 438 1 Chapter 2 defines “close company” and other expressions used in this Part. 2 Chapter 3 imposes a charge to tax in connection with loans or advances by close companies to…
Section 439 — “Close company”
“Close company” 439 1 For the purposes of the Corporation Tax Acts, a “close company” is a company in relation to which condition A or B is met. 2 Condition A is that the company is under the…
Section 440 — Basis of winding up under section 439(3)
Basis of winding up under section 439(3) 440 1 This section applies for the purposes of section 439(3). 2 In the notional winding up of the relevant company, the part of the assets available for…
Section 441 — Treatment of some persons as participators or directors for the purposes of section 439(3)
Treatment of some persons as participators or directors for the purposes of section 439(3) 441 1 The following provisions apply for the purpose of determining whether under subsection (3) of section…
Section 442 — Particular types of company
Particular types of company 442 A company is not to be treated as a close company if— a it is non-UK resident, b it is a registered society , or c it is a building society.
Section 443 — Companies controlled by or on behalf of Crown
Companies controlled by or on behalf of Crown 443 1 A company is not to be treated as a close company as a result of section 439(2) if it is controlled by or on behalf of the Crown. 2 A company is…
Section 444 — Companies involved with non-close companies
Companies involved with non-close companies 444 1 A company is not to be treated as a close company if condition A or B is met. 2 Condition A is that the company— a is controlled by one or more…
Section 445 — Section 444: registered pension schemes
Section 444: registered pension schemes 445 1 If shares in a company (“C”) are held on trust for a registered pension scheme, the persons holding the shares are to be treated, for the purposes of…
Section 446 — Particular types of quoted company
Particular types of quoted company 446 1 A company is not to be treated as a close company at a particular time if— a shares in the company carrying at least 35% of the voting power in the company…
Section 447 — Section 446: meaning of “shares beneficially held by the public” etc
Section 446: meaning of “shares beneficially held by the public” etc 447 1 For the purposes of section 446, shares in a company (C) are beneficially held by the public if they are— a beneficially…
Section 448 — “Associate”
“Associate” 448 1 In this Part “ associate ”, in relation to a person (“P”), means— a any relative or partner of P, b the trustees of any settlement in relation to which P is a settlor, c the…
Section 449 — “Associated company”
“Associated company” 449 For the purposes of this Part, a company is another's “associated company” at a particular time if, at that time or at any other time within the preceding 12 months— a one of…
Section 450 — “Control”
“Control” 450 1 This section applies for the purpose of this Part. 2 A person (“P”) is treated as having control of a company (“C”) if P— a exercises, b is able to exercise, or c is entitled to…
Section 451 — Section 450: rights to be attributed etc
Section 450: rights to be attributed etc 451 1 This section applies for the purposes of section 450. 2 A person is treated as entitled to acquire anything which the person— a is entitled to acquire…
Section 452 — “Director”
“Director” 452 1 In this Part, “ director ”, in relation to a company, includes— a a person occupying the position of director of the company, by whatever name called, b a person in accordance with…
Section 453 — “Loan creditor”
“Loan creditor” 453 1 For the purposes of this Part, “ loan creditor ”, in relation to a company, means a creditor— a in respect of any debt within subsection (2), or b in respect of any redeemable…