Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 74 — Disposals of new shares
Disposals of new shares 74 1 This section applies if— a a company disposes of shares (“the new shares”), and b the new shares are, by virtue of section 127 of TCGA 1992 (reorganisation etc treated as…
Section 75 — Limits on relief
Limits on relief 75 1 Subsection (2) applies if— a a company disposes of any shares for which it has subscribed in a qualifying trading company (“qualifying shares”), b those shares either— i form…
Section 76 — Disposal of shares forming part of mixed holding
Disposal of shares forming part of mixed holding 76 1 This section applies if a company disposes of shares forming part of a mixed holding of shares, that is, a holding of shares in a company which…
Section 77 — Section 76: supplementary
Section 76: supplementary 77 1 In a case to which section 127 of TCGA 1992 (reorganisation etc treated as not involving disposal) applies (including a case where that section applies by virtue of an…
Section 78 — Qualifying trading companies
Qualifying trading companies 78 1 For the purposes of this Chapter a qualifying trading company is a company which meets each of conditions A to C . 2 Condition A is that the company either— a meets…
Section 79 — The trading requirement
The trading requirement 79 1 The trading requirement is that— a the company, ignoring any incidental purposes, exists wholly for the purpose of carrying on one or more qualifying trades, or b the…
Section 80 — Ceasing to meet trading requirement because of administration etc
Ceasing to meet trading requirement because of administration etc 80 1 A company is not regarded as ceasing to meet the trading requirement merely because of anything done in consequence of the…
Section 81 — The control and independence requirement
The control and independence requirement 81 1 The control element of the requirement is that— a the company must not control (whether on its own or together with any person connected with it) any…
Section 82 — The qualifying subsidiaries requirement
The qualifying subsidiaries requirement 82 1 The qualifying subsidiaries requirement is that any subsidiary that the company has must be a qualifying subsidiary of the company. 2 In this section “…
Section 83 — The property managing subsidiaries requirement
The property managing subsidiaries requirement 83 1 The property managing subsidiaries requirement is that any property managing subsidiary that the company has must be a qualifying 90% subsidiary of…
Section 84 — The gross assets requirement
The gross assets requirement 84 1 The gross assets requirement in the case of a single company is that the value of the company's gross assets— a must not exceed £7 million immediately before the…
Section 85 — The unquoted status requirement
The unquoted status requirement 85 1 The unquoted status requirement is that, at the time (“ the relevant time ”) at which the shares in respect of which the share loss relief is claimed are issued—…
Section 86 — Power to amend requirements by Treasury order
Power to amend requirements by Treasury order 86 The Treasury may by order make such amendments of sections 79 to 85 as they consider appropriate.
Section 87 — Relief after an exchange of shares for shares in another company
Relief after an exchange of shares for shares in another company 87 1 This section and section 88 apply in relation to shares if— a a company (“the new company”) in which the only issued shares are…
Section 88 — Substitution of new shares for old shares
Substitution of new shares for old shares 88 1 Subsection (2) applies if, in the case of any new shares held by a company or by a nominee for a company, the old shares for which they were exchanged…
Section 89 — Deemed time of issue for certain shares
Deemed time of issue for certain shares 89 1 This section applies for the purposes of the following provisions— ... section 84(1)(a) and (2)(a), section 85(1), and section 88(2)(b). 2 If— a any…
Section 90 — Interpretation of Chapter
Interpretation of Chapter 90 1 In this Chapter (subject to subsections (2) to (7))— “ bonus shares ” means shares which are issued otherwise than for payment (whether in cash or otherwise), “…
Section 91 — Relief for losses from miscellaneous transactions
Relief for losses from miscellaneous transactions 91 1 This section applies if, in an accounting period (“the loss-making period”), a company makes a loss in a transaction within subsection (2). 2 A…
Section 92 — Loss relief to be reduced if government investment is written off
Loss relief to be reduced if government investment is written off 92 1 This section applies if an amount of government investment in a company (“the written-off amount”) is written off. 2 The…
Section 93 — Groups of companies
Groups of companies 93 1 This section applies if— a at the end of an accounting period a company in which an amount of government investment is written off is in a group of companies, and b under…
Section 94 — Cases in which government investment is written off
Cases in which government investment is written off 94 1 Government investment in a company is written off if any of the following occurs in relation to the company. This is subject to subsection…
Section 95 — Meaning of “carry-forward losses”
Meaning of “carry-forward losses” 95 1 A company's carry-forward losses as at the end of an accounting period are as follows. Type 1 Losses of the company to be carried forward under section 45, 45A,…
Section 96 — Interaction with other tax provisions
Interaction with other tax provisions 96 1 A company, in calculating its profits of a trade for corporation tax purposes, is not prevented from deducting a sum by reason only that an amount of…
Section 97 — Introduction to Part
Introduction to Part 97 1 This Part— a allows a company to surrender losses and other amounts, and b enables, in certain cases involving groups or consortiums of companies, other companies to claim…
Section 98 — Overview of Chapter
Overview of Chapter 98 1 This Chapter allows a company to surrender losses and other amounts it has for an accounting period. 2 Sections 99 to 104 set out the basic provisions about the surrendering…
Section 99 — Surrendering of losses and other amounts
Surrendering of losses and other amounts 99 1 This section applies if a company has one or more of the following for an accounting period— a a trading loss (see section 100), b a capital allowance…
Section 100 — Meaning of “trading loss”
Meaning of “trading loss” 100 1 In section 99(1)(a) “ trading loss ” means a loss made in a trade in the surrender period. 2 But it does not include— a a loss made in a trade carried on wholly…
Section 101 — Meaning of “capital allowance excess”
Meaning of “capital allowance excess” 101 1 In section 99(1)(b) “ capital allowance excess ” means an excess of the kind mentioned in section 260(1) of CAA 2001 for the surrender period. 2 In…
Section 102 — Meaning of “UK property business loss”
Meaning of “UK property business loss” 102 1 In section 99(1)(e) “ UK property business loss ” means a loss made in a UK property business in the surrender period. 2 But it does not include a loss…
Section 103 — Meaning of “management expenses”
Meaning of “management expenses” 103 1 In section 99(1)(f) “ management expenses ” means expenses that are deductible for the surrender period under section 1219 of CTA 2009. 2 But it does not…
Section 104 — Meaning of “non-trading loss on intangible fixed assets”
Meaning of “non-trading loss on intangible fixed assets” 104 1 In section 99(1)(g) “ non-trading loss on intangible fixed assets ” is to be read in accordance with Part 8 of CTA 2009. 2 But it does…
Section 105 — Restriction on surrender of losses etc within section 99(1)(d) to (g)
Restriction on surrender of losses etc within section 99(1)(d) to (g) 105 1 This section applies if the surrendering company has for the surrender period losses or other amounts within section…
Section 106 — Restriction on losses etc surrenderable by UK resident
Restriction on losses etc surrenderable by UK resident 106 1 This section applies if the surrendering company is UK resident. 2 The surrendering company may not surrender a loss or other amount under…
Section 107 — Restriction on losses etc surrenderable by non-UK resident
Restriction on losses etc surrenderable by non-UK resident 107 1 This section applies if the surrendering company is a non-UK resident . company within the charge to corporation tax 1A . . . . . . .…
Section 108 — Meaning of “non-UK profits”
Meaning of “non-UK profits” 108 1 In sections 106 and 107 “ non-UK profits ”, in relation to a person, means— a amounts within subsection (2), or b amounts taken into account in calculating amounts…
Section 109 — Restriction on losses etc surrenderable by dual resident
Restriction on losses etc surrenderable by dual resident 109 1 This section applies if in the surrender period the surrendering company is UK resident and is also within a charge to non-UK tax under…
Section 110 — Restriction on surrender of losses etc from alternative finance arrangements
Restriction on surrender of losses etc from alternative finance arrangements 110 1 This section applies if the surrendering company is prevented from obtaining a deduction in respect of an amount by…
Section 111 — Overview of Chapter
Overview of Chapter 111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 112 — EEA related definitions
EEA related definitions 112 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 113 — Steps to determine extent to which loss etc can be surrendered
Steps to determine extent to which loss etc can be surrendered 113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 114 — The equivalence condition
The equivalence condition 114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 115 — The EEA tax loss condition: companies resident in EEA territory
The EEA tax loss condition: companies resident in EEA territory 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 116 — The EEA tax loss condition: companies not resident in EEA territory
The EEA tax loss condition: companies not resident in EEA territory 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 117 — The qualifying loss condition: general
The qualifying loss condition: general 117 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 118 — The qualifying loss condition: relief for current and previous periods
The qualifying loss condition: relief for current and previous periods 118 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 119 — The qualifying loss condition: relief for future periods
The qualifying loss condition: relief for future periods 119 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 120 — The qualifying loss condition: non-UK tax relief in another territory
The qualifying loss condition: non-UK tax relief in another territory 120 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 121 — The precedence condition
The precedence condition 121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 122 — Assumptions to be made in recalculating EEA amount
Assumptions to be made in recalculating EEA amount 122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 123 — Assumptions as to UK residence
Assumptions as to UK residence 123 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .