Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 494 — Attributing income to the non-exempt amount
Attributing income to the non-exempt amount 494 1 This section applies if a charitable company has a non-exempt amount for an accounting period. 2 Attributable income of the charitable company for…
Section 495 — How income is attributed to the non-exempt amount
How income is attributed to the non-exempt amount 495 1 This section is about the ways in which attributable income can be attributed to a non-exempt amount under section 494. 2 The charitable…
Section 496 — Meaning of “non-charitable expenditure”
Meaning of “non-charitable expenditure” 496 1 For the purposes of this Part a charitable company's non-charitable expenditure for an accounting period is— a any loss made in the accounting period in…
Section 497 — Section 496: supplementary
Section 496: supplementary 497 1 This section applies for the purposes of section 496. 2 A transaction is a miscellaneous transaction if it is of such a nature that, if income or gains had arisen…
Section 498 — Section 496(1)(d): meaning of expenditure
Section 496(1)(d): meaning of expenditure 498 1 For the purposes of section 496(1)(d) “ expenditure ” includes expenditure of a capital nature. 2 None of the following is “expenditure” for those…
Section 499 — Section 496(1)(d): accounting period in which certain expenditure treated as incurred
Section 496(1)(d): accounting period in which certain expenditure treated as incurred 499 1 This section applies for the purposes of section 496(1)(d). 2 Subsection (3) applies to expenditure which…
Section 500 — Section 496(1)(d): payment to body outside the UK
Section 496(1)(d): payment to body outside the UK 500 A payment made, or to be made, to a body situated outside the United Kingdom is non-charitable expenditure under section 496(1)(d) if— a it is…
Section 501 — Section 496(1)(g) and (h): investments and loans
Section 496(1)(g) and (h): investments and loans 501 1 Subsection (2) applies if in an accounting period a charitable company— a realises the whole or part of an investment which was made in the…
Section 502 — Transactions with substantial donors
Transactions with substantial donors 502 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 503 — Meaning of “relievable gift”
Meaning of “relievable gift” 503 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 504 — Non-charitable expenditure in substantial donor transactions
Non-charitable expenditure in substantial donor transactions 504 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 505 — Adjustment if section 504(1) and (2) applied to single transaction
Adjustment if section 504(1) and (2) applied to single transaction 505 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 506 — Section 504: certain payments and benefits to be ignored
Section 504: certain payments and benefits to be ignored 506 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 507 — Transactions: exceptions
Transactions: exceptions 507 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 508 — Donors: exceptions
Donors: exceptions 508 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 509 — Connected charities
Connected charities 509 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 510 — Substantial donor transactions: supplementary
Substantial donor transactions: supplementary 510 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 511 — Approved charitable investments
Approved charitable investments 511 1 For the purposes of section 496 “ approved charitable investment ” means an investment— a that is of a type listed in subsection (2) and is made for an allowable…
Section 512 — Securities which are approved charitable investments
Securities which are approved charitable investments 512 1 The investments to which this section applies are investments in securities— a issued or guaranteed by Her Majesty’s Government in the…
Section 513 — Conditions to be met for some securities
Conditions to be met for some securities 513 1 Section 512 does not apply to an investment by virtue of subsection (1)(b), (c) or (d) of that section unless— a condition A is met in relation to the…
Section 514 — Approved charitable loans
Approved charitable loans 514 1 A loan is an approved charitable loan for the purposes of section 496 (meaning of “non-charitable expenditure”) if it meets conditions A and B. 2 Condition A is that…
Section 515 — Excess expenditure treated as non-charitable expenditure of earlier periods
Excess expenditure treated as non-charitable expenditure of earlier periods 515 1 This section applies if a charitable company's non-charitable expenditure for an accounting period exceeds its…
Section 516 — Rules for attributing excess expenditure to earlier periods
Rules for attributing excess expenditure to earlier periods 516 1 The rules in this section apply for attributing a charitable company's excess expenditure for an accounting period to earlier…
Section 517 — Adjustments in consequence of section 515
Adjustments in consequence of section 515 517 Such adjustments must be made (whether by way of the making of assessments or otherwise) as may be required in consequence of section 515.
Section 518 — Introduction to Part
Introduction to Part 518 1 This Part— a enables a group of companies which carries on property rental business and which meets requirements specified in Chapter 2 to opt to benefit from exemptions…
Section 519 — “Property rental business”
“Property rental business” 519 1 In this Part “ property rental business ” means— a UK property business (within the meaning given by section 205 of CTA 2009), and b overseas property business…
Section 520 — “UK property rental business” of non-UK companies
“UK property rental business” of non-UK companies 520 1 In this Part references to “ UK property rental business ”, in relation to a non-UK company, are to the company's property rental business in…
Section 521 — “UK company” and “non-UK company”
“UK company” and “non-UK company” 521 1 In this Part “ UK company ” means a company which is— a UK resident, and b not resident in another place in accordance with the law of that place relating to…
Section 522 — “Residual business”
“Residual business” 522 In this Part “ residual business ” means business which is not property rental business.
Section 523 — Notice for a group of companies to become a UK REIT
Notice for a group of companies to become a UK REIT 523 1 A group of companies becomes a group UK REIT if the principal company of the group gives a notice under this section. 2 A notice under this…
Section 524 — Notice for a company to become a UK REIT
Notice for a company to become a UK REIT 524 1 A company becomes a company UK REIT if it gives a notice under this section. 2 A notice under this section is a notice specifying a date from which the…
Section 525 — Notice under section 523 or 524: supplementary
Notice under section 523 or 524: supplementary 525 1 A notice under section 523 or 524— a must be given in writing to an officer of Revenue and Customs, b must be given before the date specified in…
Section 526 — Duration of status as UK REIT
Duration of status as UK REIT 526 Once a group or a company becomes a UK REIT, the group or company continues to be a UK REIT until it ceases to be a UK REIT in accordance with section 571, 572 or…
Section 527 — Being a UK REIT in relation to an accounting period
Being a UK REIT in relation to an accounting period 527 1 This section sets out the requirements that must be met if a group or company is to be a UK REIT in relation to an accounting period. 2 In…
Section 528 — Conditions for company
Conditions for company 528 1 Condition A is that the company is a UK company. 2 Condition B is that section 236 of FISMA 2000 (open-ended investment companies) does not apply to the company. 3…
Section 528A — Further condition relating to shares
Further condition relating to shares 528A 1 In the case of a group UK REIT, the condition in this section is met in relation to an accounting period if— a throughout the accounting period, the shares…
Section 528ZA — Listing requirement: ownership by institutional investors
Listing requirement: ownership by institutional investors 528ZA 1 This section applies for the purposes of section 528(3)(b) (listing requirement where at least 70% of shares are owned by…
Section 528B — Relaxation of section 528A condition for accounting periods 1 to 3
Relaxation of section 528A condition for accounting periods 1 to 3 528B 1 This section relaxes the requirements of section 528A in relation to accounting period 1, accounting period 2 and accounting…
Section 528ZB — Genuine diversity of ownership condition
Genuine diversity of ownership condition 528ZB 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 A collective investment scheme meets the genuine diversity of ownership condition at…
Section 529 — Conditions as to property rental business
Conditions as to property rental business 529 1 Condition A is that the property rental business involves at least 3 properties. 2 Condition B is that no single property represents more than 40% of…
Section 530 — Condition as to distribution of profits
Condition as to distribution of profits 530 1 In the case of a group UK REIT, the condition in this section is met in relation to an accounting period if— a so much of the group's UK profits arising…
Section 530A — Condition as to distribution of profits: increase in profits after delivery of tax return
Condition as to distribution of profits: increase in profits after delivery of tax return 530A 1 Section 530(1) applies subject to subsection (2) below in relation to an accounting period if— a the…
Section 531 — Conditions as to balance of business
Conditions as to balance of business 531 1 Condition A is that in the accounting period profits of property rental business are at least 75% of the aggregate profits of the group or company (as the…
Section 532 — Financial statements for group UK REITs
Financial statements for group UK REITs 532 1 This section and section 533 set out the requirements referred to in section 527(2)(e) for financial statements in relation to a group UK REIT for an…
Section 533 — Financial statements: supplementary
Financial statements: supplementary 533 1 A financial statement under section 532(2)(a) or (c) must specify, in relation to ... the group— a profits (calculated in accordance with international…
Section 534 — Profits
Profits 534 1 Profits of property rental business of a UK company which is, or is a member of, a UK REIT are not charged to corporation tax. 2 Profits of UK property rental business of a non-UK…
Section 535 — Gains
Gains 535 1 A gain on the disposal of an asset is not a chargeable gain if— a the gain accrues to a company which is, or is a member of, a UK REIT, and b condition A or B is met in relation to the…
Section 535A — Gains: disposals of rights or interests in UK property rich companies
Gains: disposals of rights or interests in UK property rich companies 535A 1 This section applies if— a a company (“A”) which is, or is a member of, a UK REIT disposes of an asset, and b the asset…
Section 535B — Section 535A: use of pre-April 2019 residual business losses or deficits
Section 535A: use of pre-April 2019 residual business losses or deficits 535B 1 In determining the amount of a gain accruing to a company which is not to be a chargeable gain as a result of section…
Section 536 — Effects of entry: corporation tax
Effects of entry: corporation tax 536 1 Property rental business carried on before entry by a company which becomes, or becomes a member of, a UK REIT (an “incoming company”) is to be treated for…