Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 537 — Effects of entry: CAA 2001
Effects of entry: CAA 2001 537 1 Subsections (2) to (4) apply for the purposes of CAA 2001. 2 The sale and reacquisition deemed under section 536(2)— a does not give rise to allowances or charges,…
Section 538 — Entry charge
Entry charge 538 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 539 — Calculation of the notional amount
Calculation of the notional amount 539 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 540 — Election to treat notional income as arising in instalments
Election to treat notional income as arising in instalments 540 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 541 — Ring-fencing of property rental business
Ring-fencing of property rental business 541 1 This section applies— a in the case of a group UK REIT, to the group and to each company which is a member of the group, and b to a company UK REIT. 2…
Section 542 — Disapplication of certain provisions
Disapplication of certain provisions 542 1 Section 66 (ring-fencing of losses from overseas property business) does not apply to property rental business of a UK company which is, or is a member of,…
Section 543 — Profit: financing-cost ratio
Profit: financing-cost ratio 543 1 This section applies to a UK REIT if the result of the calculation in subsection (2) is less than 1.25 for an accounting period (unless it is nil or a negative…
Section 544 — Meaning of “property profits” and “property financing costs”
Meaning of “property profits” and “property financing costs” 544 1 For the purposes of section 543 “property profits” for an accounting period means— a in the case of a group UK REIT, the sum of the…
Section 545 — Cancellation of tax advantage
Cancellation of tax advantage 545 1 If an officer of Revenue and Customs thinks that a company which is, or is a member of, a UK REIT has tried to obtain a tax advantage for itself or another person,…
Section 546 — Appeal against notice under section 545
Appeal against notice under section 545 546 1 A company which receives a notice under section 545(1) may appeal. 2 An appeal must be made by notice given in writing to an officer of Revenue and…
Section 547 — Funds awaiting reinvestment
Funds awaiting reinvestment 547 1 This section applies if a— a company UK REIT or a member of a group UK REIT disposes of an asset used wholly and exclusively for the purposes of property rental…
Section 548 — Distributions: liability to tax
Distributions: liability to tax 548 1 This section applies if a shareholder of the principal company of a group UK REIT receives a distribution of amounts shown in the financial statement under…
Section 549 — Distributions: supplementary
Distributions: supplementary 549 1 Section 548 does not apply in relation to a shareholder so far as the shareholder— a is a person who is charged to tax under Part 3 of CTA 2009 (trading income) in…
Section 549A — Distributions from one UK REIT to another UK REIT
Distributions from one UK REIT to another UK REIT 549A 1 If a company receives a distribution falling within subsection (6) or (8), the distribution is to be treated as profits of a property rental…
Section 550 — Attribution of distributions
Attribution of distributions 550 1 Subsection (2) applies to— a distributions made by the principal company of a group UK REIT, and b distributions made by a company UK REIT. 2 The distributions are…
Section 551 — Tax consequences of distribution to holder of excessive rights
Tax consequences of distribution to holder of excessive rights 551 1 Subsection (3) applies if— a a distribution is made to or in respect of a holder of excessive rights that is not an excluded…
Section 552 — “The section 552 amount”
“The section 552 amount” 552 1 For the purposes of section 551, the section 552 amount is calculated by taking 3 steps. 2 Step 1 : find the amount given by— D O × S O × B R T M C T where— DO is— in…
Section 553 — Meaning of “holder of excessive rights” and “excluded holder”
Meaning of “holder of excessive rights” and “excluded holder” 553 1 For the purposes of section 551 “ holder of excessive rights ” means a person who meets— a condition A, and b either condition B or…
Section 554 — Regulations: distributions to holders of excessive rights
Regulations: distributions to holders of excessive rights 554 1 The Treasury may by regulations make provision of the kind mentioned in subsection (2) for cases where— a the principal company of a…
Section 554A — Meaning of “distribution”
Meaning of “distribution” 554A 1 In this Chapter, references (however expressed) to a distribution include share capital issued in lieu of a cash dividend. 2 Section 1051(2) to (4) (meaning of “share…
Section 555 — Assets: change of use
Assets: change of use 555 1 Subsection (2) applies if— a an asset has been used wholly and exclusively for the purposes of property rental business of a company which is, or is a member of, a UK…
Section 556 — Disposal of assets
Disposal of assets 556 1 Subsection (2) applies if— a an asset has been used wholly and exclusively for the purposes of property rental business of a company which is, or is a member of, a UK REIT,…
Section 557 — Movement of assets into ring fence
Movement of assets into ring fence 557 1 Subsection (2) applies if— a an asset has been used wholly and exclusively for the purposes of residual business of a company which is, or is a member of, a…
Section 558 — Demergers: disposal of asset
Demergers: disposal of asset 558 1 This section applies in the case of a company UK REIT if— a the company (“C”) disposes of an asset involved in its property rental business to a 75% subsidiary…
Section 559 — Demergers: company leaving group UK REIT
Demergers: company leaving group UK REIT 559 1 This section applies in relation to a company if each of conditions A to D is met. 2 Condition A is that the company (“the exiting company”) ceases to…
Section 560 — Interpretation of Chapter
Interpretation of Chapter 560 This Chapter (other than section 559) is to be read as if it were contained in TCGA 1992.
Section 560A — Transfers of trade without a change of ownership
Transfers of trade without a change of ownership 560A 1 This Act has effect subject to Chapter 1 of Part 22 of CTA 2010 (unless section 561 or 561A below applies in relation to the transfer in…
Section 561 — Notice of breach of relevant Chapter 2 condition
Notice of breach of relevant Chapter 2 condition 561 1 The principal company of a group UK REIT must notify an officer of Revenue and Customs as soon as reasonably practicable if a relevant Chapter 2…
Section 562 — Breach of condition C in section 528 (conditions for company)
Breach of condition C in section 528 (conditions for company) 562 1 This section makes provision about cases relating to breaches of condition C in section 528 in relation to— a the principal company…
Section 562A — Breach of condition D in section 528 (conditions for company)
Breach of condition D in section 528 (conditions for company) 562A 1 This section makes provision about cases relating to breaches of condition D in section 528 in relation to— a the principal…
Section 562B — Breach of further condition relating to shares
Breach of further condition relating to shares 562B 1 Subsection (2) applies if the condition in section 528A (further condition relating to shares) is not met in relation to an accounting period. 2…
Section 562C — Breach of further condition relating to shares in accounting periods 1, 2 and 3
Breach of further condition relating to shares in accounting periods 1, 2 and 3 562C 1 Subsection (2) applies if the condition in section 528A, as relaxed by section 528B, is not met in relation to…
Section 563 — Breach of property rental business condition
Breach of property rental business condition 563 1 Subsection (2) applies if the property rental business condition (see section 561(3A)) is not met in the case of a UK REIT throughout an accounting…
Section 564 — Breach of condition as to distribution of profits
Breach of condition as to distribution of profits 564 1 Subsection (2) applies if the condition in section 530 (distribution of profits) is not met in relation to an accounting period. 2 The breach…
Section 565 — “The section 565 amount”
“The section 565 amount” 565 1 For the purposes of section 564 “the section 565 amount” is found by subtracting D from P. 2 In the case of a group UK REIT— P is 90% of the group's UK profits (as…
Section 566 — Breach of condition B in section 531 in accounting period 1
Breach of condition B in section 531 in accounting period 1 566 1 Subsection (2) applies if condition B in section 531 (balance of business: assets involved in property rental business)— a is not met…
Section 567 — Meaning of “the notional amount”
Meaning of “the notional amount” 567 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 568 — Breach of balance of business conditions after accounting period 1
Breach of balance of business conditions after accounting period 1 568 1 If— a condition A in section 531 (balance of business: profits) is not met in relation to an accounting period other than…
Section 569 — Chapter subject to section 572
Chapter subject to section 572 569 This Chapter is subject to section 572 (under which an officer of Revenue and Customs may terminate the UK REIT status of a group or company in certain…
Section 570 — Overview of Chapter
Overview of Chapter 570 1 This Chapter makes provision about how, and in what circumstances, a group or a company ceases to be a UK REIT. 2 The UK REIT status of a group or company may be terminated—…
Section 571 — Termination by notice: group or company
Termination by notice: group or company 571 1 Subsection (2) applies if— a the principal company of a group UK REIT, or b a company UK REIT, gives a notice specifying a date at the end of which the…
Section 572 — Termination by notice: officer of Revenue and Customs
Termination by notice: officer of Revenue and Customs 572 1 If an officer of Revenue and Customs gives a notice in writing— a to the principal company of a group UK REIT, or b to a company UK REIT,…
Section 573 — Notice under section 572: tax advantage
Notice under section 572: tax advantage 573 1 An officer of Revenue and Customs may give a notice under section 572(1) if the condition in this section is met. 2 The condition is met in the case of a…
Section 573A — Notice under section 572: condition D in section 528 not met
Notice under section 572: condition D in section 528 not met 573A 1 An officer of Revenue and Customs may give a notice under section 572(1) if— a at any time during the first 3-year period,…
Section 573B — Notice under section 572: further condition relating to shares not met
Notice under section 572: further condition relating to shares not met 573B 1 In the case of a group UK REIT, an officer of Revenue and Customs may give a notice under section 572(1) if— a the…
Section 574 — Notice under section 572: serious breach
Notice under section 572: serious breach 574 1 An officer of Revenue and Customs may give a notice under section 572(1) if the officer thinks that— a a breach of a condition in section 529, 530 or…
Section 575 — Notice under section 572: breach of conditions as to property rental business
Notice under section 572: breach of conditions as to property rental business 575 1 An officer of Revenue and Customs may give a notice under section 572(1) if, in 3 consecutive accounting periods,…
Section 576 — Notice under section 572: breach of conditions as to balance of business
Notice under section 572: breach of conditions as to balance of business 576 1 An officer of Revenue and Customs may give a notice under section 572(1) if there is a breach of condition A or B in…
Section 577 — Notice under section 572: multiple breaches of conditions in Chapter 2
Notice under section 572: multiple breaches of conditions in Chapter 2 577 1 An officer of Revenue and Customs may give a notice under section 572(1) if conditions A, B and C are met. 2 Condition A…
Section 578 — Automatic termination for breach of certain conditions in section 528
Automatic termination for breach of certain conditions in section 528 578 1 Subsection (2) applies if condition A, B, E or F in section 528 (conditions for company) is not met in relation to an…