Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 938B — Meaning of “a group mismatch scheme” and “the scheme group”
Meaning of “a group mismatch scheme” and “the scheme group” 938B 1 A scheme is “a group mismatch scheme” if— a the parties to the scheme are, or include, members of the same group, and b condition A…
Section 938C — Meaning of “scheme loss” and “scheme profit”
Meaning of “scheme loss” and “scheme profit” 938C 1 A loss or profit made by a company in an accounting period is a “scheme loss” or “ scheme profit ” in relation to a group mismatch scheme if the…
Section 938D — Meaning of “relevant tax advantage” etc and “the scheme period”
Meaning of “relevant tax advantage” etc and “the scheme period” 938D 1 In this Part “ relevant tax advantage ”, in relation to a scheme, means an economic profit that— a is made by the scheme group…
Section 938E — Meaning of “group”
Meaning of “group” 938E 1 For the purposes of this Part a company (“company A”) is a member of a group, in relation to a scheme, if any other company is at any time in the scheme period associated…
Section 938F — Meaning of references to economic profits and losses
Meaning of references to economic profits and losses 938F 1 An economic profit or loss is to be computed for the purposes of this Part taking into account, in particular— a profits and losses made as…
Section 938G — Tax capacity assumption
Tax capacity assumption 938G 1 This section applies for the purpose of determining whether a scheme will, or might, secure a relevant tax advantage. 2 The economic profits and losses made by the…
Section 938H — Meaning of “scheme”
Meaning of “scheme” 938H In this Part “ scheme ” includes any scheme, arrangements or understanding of any kind whatever, whether or not legally enforceable, involving a single transaction or two or…
Section 938I — Schemes involving repos or quasi-repos
Schemes involving repos or quasi-repos 938I 1 This section applies where— a a scheme includes an arrangement under which a member of the scheme group has a debtor repo or a debtor quasi-repo, and b…
Section 938J — Schemes involving finance arrangements
Schemes involving finance arrangements 938J 1 This section applies in relation to a scheme if— a it includes a type 1, 2 or 3 finance arrangement under which a member of the scheme group is the…
Section 938K — Trading income
Trading income 938K References in this Part to amounts brought into account, or not brought into account, as debits or credits for the purposes of Part 5 or 7 of CTA 2009 include amounts brought into…
Section 938L — Foreign companies and foreign permanent establishments
Foreign companies and foreign permanent establishments 938L 1 References in this Part to a company not bringing amounts into account as debits or credits for the purposes of Part 5 or 7 of CTA 2009…
Section 938M — Controlled foreign companies
Controlled foreign companies 938M 1 Section 371SL(1) of TIOPA 2010 (assumption that a CFC is not a member of any group for the purposes of any provision of the Tax Acts) does not apply for the…
Section 938N — Priority
Priority 938N For the purposes of this Part the following provisions are to be treated as of no effect— a section 441 of CTA 2009 (loan relationships for unallowable purposes); b section 690 of that…
Section 938O — Losses and profits from tax mismatch scheme to be disregarded
Losses and profits from tax mismatch scheme to be disregarded 938O 1 This section applies to a company that is (at any time) a party to a tax mismatch scheme. 2 No scheme loss or profit made by the…
Section 938P — Meaning of “tax mismatch scheme”
Meaning of “tax mismatch scheme” 938P 1 A scheme is a tax mismatch scheme if condition A or B is met. 2 Condition A is that, at the time the scheme is entered into, there is no practical likelihood…
Section 938Q — Meaning of “scheme loss” and “scheme profit”
Meaning of “scheme loss” and “scheme profit” 938Q 1 A loss or profit made by a company in an accounting period is a “scheme loss” or “ scheme profit ” in relation to a tax mismatch scheme if the loss…
Section 938R — Meaning of “relevant tax advantage” etc and “the scheme period”
Meaning of “relevant tax advantage” etc and “the scheme period” 938R 1 In this Part “ relevant tax advantage ”, in relation to a scheme, means an economic profit that— a is made by the company over…
Section 938S — Meaning of references to economic profits and losses
Meaning of references to economic profits and losses 938S 1 An economic profit or loss is to be computed for the purposes of this Part taking into account, in particular— a profits and losses made as…
Section 938T — Tax capacity assumption
Tax capacity assumption 938T 1 This section applies for the purpose of determining whether a scheme will, or might, secure a relevant tax advantage. 2 The economic profits and losses made by the…
Section 938U — Meaning of “scheme”
Meaning of “scheme” 938U In this Part “ scheme ” includes any scheme, arrangements or understanding of any kind whatever, whether or not legally enforceable, involving a single transaction or two or…
Section 938V — Priority
Priority 938V For the purposes of this Part the following provisions are to be treated as of no effect— a section 441 of CTA 2009 (loan relationships for unallowable purposes); b section 690 of that…
Section 939A — Overview of Part
Overview of Part 939A 1 This Part makes provision for removing entitlement to corporation tax reliefs where a person makes a relievable charity donation which is a tainted donation. 2 See Chapter 8…
Section 939FA — Clawback of corporation tax relief where donation becomes tainted in later accounting period
Clawback of corporation tax relief where donation becomes tainted in later accounting period 939FA 1 This section applies where— a a company makes a relievable charity donation in an accounting…
Section 939B — Relievable charity donations
Relievable charity donations 939B 1 In this Chapter “ relievable charity donation ” means a gift or other disposal which— a is made by a person to a charity, and b is eligible for tax relief. 2 A…
Section 939FB — Removal or clawback of corporation tax relief for associated donations
Removal or clawback of corporation tax relief for associated donations 939FB 1 This section applies where— a a person makes a relievable charity donation that becomes a tainted donation, and b a…
Section 939C — Tainted donations
Tainted donations 939C 1 For the purposes of this Part, a relievable charity donation a is a tainted donation if (and only if) Conditions A, B and C are met , and b becomes a tainted donation at the…
Section 939D — Circumstances in which financial advantage deemed to be obtained
Circumstances in which financial advantage deemed to be obtained 939D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 939E — Certain financial assistance to be ignored
Certain financial assistance to be ignored 939E 1 When determining whether a relievable charity donation is a tainted donation, financial assistance within subsection (2A) , (3), (4) or (5) is to be…
Section 939F — Removal of corporation tax relief where donation becomes tainted in same accounting period
Removal of corporation tax relief where donation becomes tainted in same accounting period 939F 1 This section applies where— a a company makes a relievable charity donation, and b the donation…
Section 939G — Connected charities
Connected charities 939G For the purposes of this Part, a “ connected charity ” in relation to another charity means a charity which is connected with that other charity in a matter relating to the…
Section 939H — Connected persons
Connected persons 939H 1 Section 1122 (meaning of “connected” persons) applies for the purposes of this Part (except section 939G), but subject to the following modification. 2 Section 1122 has…
Section 939I — Minor definitions
Minor definitions 939I 1 In this Part— “ arrangements ” includes any scheme, arrangement or understanding of any kind, whether or not legally enforceable, involving a single transaction or two or…
Section 940A — Overview of Chapter
Overview of Chapter 940A 1 This Chapter contains rules for cases where a trade is transferred between companies within the charge to tax and certain conditions as to common ownership of the trade are…
Section 940C — Transfers to which Chapter applies
Transfers to which Chapter applies 940C This Chapter applies to a transfer of a trade if— a the ownership condition is met (see sections 941 and 942), and b the tax condition is met (see section 943).
Section 941 — The ownership condition
The ownership condition 941 1 The ownership condition is that— a on the transfer of the transferred trade or at some time during the period of two years beginning immediately after the transfer, a…
Section 942 — Options that may be applied for the purposes of the ownership condition
Options that may be applied for the purposes of the ownership condition 942 1 The options referred to in section 941(6) are as follows (with references in the options to “the trading company” being…
Section 943 — The tax condition
The tax condition 943 1 The tax condition is that, in the period mentioned in subsection (2), the transferred trade is carried on only by companies within the charge to corporation tax or income tax…
Section 943A — Disapplication of section 39
Disapplication of section 39 943A If this Chapter applies to a transfer of a trade, section 39 (terminal losses: extension of periods for which relief may be given) does not apply in relation to a…
Section 944 — Modified application of section 45
Modified application of section 45 944 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 If this Chapter applies to…
Section 944A — Modified application of section 45A
Modified application of section 45A 944A 1 Subsection (2) applies if— a this Chapter applies to a transfer of a trade, b the transferred trade is not a ring fence trade, c the predecessor made a loss…
Section 944B — Modified application of section 45B
Modified application of section 45B 944B 1 Subsection (2) applies if— a this Chapter applies to a transfer of a trade, b the predecessor made a loss in the transferred trade in the accounting period…
Section 944C — Modified application of section 45F
Modified application of section 45F 944C 1 If this Chapter applies to a transfer of a trade, the predecessor may not make a claim under section 45F for relief to be given for an amount of a loss made…
Section 944D — Modified application of section 303B
Modified application of section 303B 944D 1 Subsection (2) applies if— a this Chapter applies to a transfer of a trade, b the transferred trade is a ring-fence trade, c the predecessor made a…
Section 944E — Modified application of section 303D
Modified application of section 303D 944E 1 Subsection (2) applies if— a this Chapter applies to a transfer of a trade, b the trade is a ring-fence trade, c an amount of a loss made in the trade was…
Section 945 — Cases in which predecessor retains more liabilities than assets
Cases in which predecessor retains more liabilities than assets 945 1 This section applies if L exceeds A. 2 “L” is the amount of the predecessor's liabilities so far as they— a are outstanding…
Section 946 — Rules for determining “L”
Rules for determining “L” 946 1 This section applies for the purposes of section 945(2) (determination of “L”). 2 A liability is to be ignored if— a the predecessor was the predecessor in relation to…
Section 947 — Rules for determining “A”
Rules for determining “A” 947 1 Subsections (2) to (4) apply for the purposes of section 945(3)(a) (determination of assets within “A”). 2 An asset is to be ignored if— a the predecessor was the…
Section 948 — Modified application of CAA 2001
Modified application of CAA 2001 948 1 If this Chapter applies to a transfer of a trade, CAA 2001 has effect subject to subsections (2) to (4). 2 Any allowances or charges are to be made to or on the…
Section 949 — Dual resident investing companies
Dual resident investing companies 949 1 Section 948(1) to (4) does not apply if the successor is a dual resident investing company in the transfer accounting period. 2 A company is a “dual resident…
Section 950 — Transfers of trades involving business of leasing plant or machinery
Transfers of trades involving business of leasing plant or machinery 950 1 This section applies if the transferred trade is or forms part of a business of leasing plant or machinery which the…