Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 1043 — Relaxation of requirements in certain cases
Relaxation of requirements in certain cases 1043 1 Subsection (2) applies if— a any requirement under any of sections 1037 to 1042 which is applicable is not met in relation to the seller, but b the…
Section 1044 — Advance clearance of payments by Commissioners
Advance clearance of payments by Commissioners 1044 1 A company may make an application under this section to the Commissioners for Her Majesty's Revenue and Customs (“ the Commissioners ”) before…
Section 1045 — Advance clearance: supplementary
Advance clearance: supplementary 1045 1 An application under section 1044— a must be in writing, and b must contain particulars of the relevant transactions. 2 The Commissioners may by notice require…
Section 1046 — Information and returns
Information and returns 1046 1 A company which treats a payment made by it as one to which section 1033 applies must make a return to an officer of Revenue and Customs giving details of— a the…
Section 1047 — Meaning of “group” and “51% subsidiary” in sections 1033 to 1047
Meaning of “group” and “51% subsidiary” in sections 1033 to 1047 1047 1 In this section and sections 1033 to 1046 “group” (except in the expression “ trading group ”) means a company which has one or…
Section 1048 — Sections 1033 to 1047: other interpretation
Sections 1033 to 1047: other interpretation 1048 1 In sections 1033 to 1047— “ holding company ” means a company whose business (ignoring any trade carried on by it) consists wholly or mainly of…
Section 1049 — Stock dividends
Stock dividends 1049 1 This section applies to— a share capital issued by a UK resident company in lieu of a cash dividend, and b bonus share capital issued by a UK resident company in respect of…
Section 1050 — Application of section 1049 where bonus share capital is converted etc
Application of section 1049 where bonus share capital is converted etc 1050 1 This section applies if bonus share capital falling within section 1049(1)(b) is converted into, or exchanged for, shares…
Section 1051 — “Bonus share capital” and “in lieu of a cash dividend”
“Bonus share capital” and “in lieu of a cash dividend” 1051 1 In sections 1049 and 1050 “ bonus share capital ” means— a share capital issued otherwise than wholly for new consideration, or b the…
Section 1052 — Share capital to which section 1049 applies: returns
Share capital to which section 1049 applies: returns 1052 1 If a company issues, in an accounting period, share capital to which section 1049 applies (“relevant share capital”), the company must make…
Section 1053 — Return periods
Return periods 1053 1 For the purposes of section 1052 a company's return periods in any accounting period are the periods that begin and end as follows. Rule 1 A return period begins at the…
Section 1054 — Building society payments
Building society payments 1054 1 This section applies if— a any interest, or b any dividend or other distribution, is payable in respect of shares in, or a deposit with or loan to, a building…
Section 1055 — Registered societies : interest and share dividends
Registered societies : interest and share dividends 1055 1 Interest paid by a registered society in respect of a mortgage, loan, loan stock or deposit is not a distribution for corporation tax…
Section 1056 — Dividend or bonus relating to transactions
Dividend or bonus relating to transactions 1056 1 This section applies if— a a dividend or bonus is granted by a registered society , and b section 132 of CTA 2009 (dividends etc relating to…
Section 1057 — UK agricultural or fishing co-operatives: interest and share dividends
UK agricultural or fishing co-operatives: interest and share dividends 1057 1 Interest paid by a UK agricultural or fishing co-operative in respect of a mortgage, loan, loan stock or deposit is not a…
Section 1058 — Meaning of “UK agricultural or fishing co-operative”
Meaning of “UK agricultural or fishing co-operative” 1058 1 In section 1057 “ UK agricultural or fishing co-operative ” means a co-operative association— a which is established in the United Kingdom…
Section 1059 — Associated persons
Associated persons 1059 1 This section and sections 1060 and 1061 contain the rules for determining whether a person is an associate of another (in relation to a company) for the purposes of this…
Section 1060 — Associated persons: trustees
Associated persons: trustees 1060 1 If shares in a company are held by the trustees of a settlement then, in relation to the company— a the trustees are associates of— i any person who (directly or…
Section 1061 — Associated persons: personal representatives
Associated persons: personal representatives 1061 1 If shares in a company are comprised in the estate of a person who has died then, in relation to the company— a the deceased's personal…
Section 1062 — Connected persons
Connected persons 1062 1 This section contains the rules for determining whether a person is connected with a company for the purposes of this Chapter. 2 A person is connected with a company if the…
Section 1063 — Section 1062: supplementary
Section 1062: supplementary 1063 1 References in section 1062 to the loan capital of a company are to any debt incurred by the company— a for any money borrowed or capital assets acquired by the…
Section 1064 — Certain expenses of close companies treated as distributions
Certain expenses of close companies treated as distributions 1064 1 This section applies if a close company incurs an expense in, or in connection with, the provision for any participator of— a…
Section 1065 — Exception for benefits treated as employment income etc
Exception for benefits treated as employment income etc 1065 Section 1064 does not apply to expenses incurred— a in the provision for a person or persons mentioned in the first column of the table in…
Section 1066 — Exception for certain transfers between UK resident companies
Exception for certain transfers between UK resident companies 1066 1 Section 1064 does not apply if the company and the participator are both UK resident and— a one is a 51% subsidiary of the other…
Section 1067 — Companies acting in concert or under arrangements
Companies acting in concert or under arrangements 1067 1 Subsection (2) applies if— a each of two or more close companies makes a payment, b each of those payments is made to a person who— i is not a…
Section 1068 — Meaning of “participator” in sections 1064 to 1067
Meaning of “participator” in sections 1064 to 1067 1068 1 In sections 1064 to 1067 “ participator ” has the same meaning as in Part 10 (see section 454). 2 Section 1069 extends the meaning given by…
Section 1069 — Additional persons treated as participators
Additional persons treated as participators 1069 1 In sections 1064 to 1067 any reference to a participator includes an associate of a participator. 2 If a company (“A”) controls another company…
Section 1070 — Companies carrying on a mutual business
Companies carrying on a mutual business 1070 1 Subsection (2) applies if a company carries on a business (“the mutual business”) of— a mutual trading, b mutual insurance, or c other mutual business.…
Section 1071 — Companies not carrying on a business
Companies not carrying on a business 1071 1 This section applies if a company meets conditions A, B and C. 2 Condition A is that the company does not carry on, and has never carried on— a a trade, or…
Section 1072 — Members of a 90% group
Members of a 90% group 1072 1 In the Corporation Tax Acts “ distribution ”, in relation to a company which is a member of a 90% group, includes anything distributed out of assets of the company…
Section 1073 — Key terms etc
Key terms etc 1073 1 The following are key terms in this Chapter— a “chargeable payment” (see sections 1088 and 1089), b “company concerned in an exempt distribution” (see section 1090), c “the…
Section 1074 — Purpose of provisions about demergers
Purpose of provisions about demergers 1074 1 The purpose of the provisions about demergers is to facilitate certain transactions by which trading activities carried on by a single company or group…
Section 1075 — Exempt distributions
Exempt distributions 1075 1 An exempt distribution is not a distribution of a company for the purposes of the Corporation Tax Acts. 2 In this Chapter “ exempt distribution ” means a distribution…
Section 1076 — Transfer of shares in subsidiaries to members
Transfer of shares in subsidiaries to members 1076 A distribution is an exempt distribution if— a it consists of the transfer by a company to all or any of its members of shares in one or more…
Section 1077 — Transfer by distributing company and issue of shares by transferee company
Transfer by distributing company and issue of shares by transferee company 1077 1 This section applies to a distribution which consists of both of the following— a the transfer by a company to one or…
Section 1078 — Division of business in a cross-border transfer
Division of business in a cross-border transfer 1078 1 This section applies to a distribution which consists of— a the transfer of part of a business by a company to one or more other companies (“the…
Section 1079 — “The distributing company”
“The distributing company” 1079 References in this Chapter to the distributing company are— a in the case of a distribution falling within paragraph (a) of section 1076, to the company that makes the…
Section 1080 — Meaning of “relevant company”
Meaning of “relevant company” 1080 1 This section gives the meaning of “relevant company” in this Chapter. 2 In the case of a distribution falling within section 1076(a) the relevant companies are— a…
Section 1081 — General conditions
General conditions 1081 1 Condition A is that each relevant company must be UK resident or resident in a member State at the time of the distribution. 2 Condition B is that at the time of the…
Section 1082 — Conditions for distributions within section 1076(a)
Conditions for distributions within section 1076(a) 1082 1 Condition E is that the shares mentioned in section 1076(a)— a must not be redeemable, b must constitute the whole or substantially the…
Section 1083 — Conditions for distributions within section 1077(1)
Conditions for distributions within section 1077(1) 1083 1 Condition G is that if a trade is transferred, the distributing company must either— a not retain any interest in that trade, or b retain…
Section 1084 — Cases where condition K does not apply
Cases where condition K does not apply 1084 1 Condition K need not be met if the distributing company is a 75% subsidiary of another company. 2 Condition K need not be met if— a there are two or more…
Section 1085 — Conditions to be met if the distributing company is a 75% subsidiary
Conditions to be met if the distributing company is a 75% subsidiary 1085 1 Condition L is that the group (or, if more than one, the largest group) to which the distributing company belongs at the…
Section 1086 — Chargeable payments connected with exempt distributions
Chargeable payments connected with exempt distributions 1086 1 This section applies if a chargeable payment is made within 5 years after an exempt distribution. 2 The amount or value of the payment…
Section 1087 — Chargeable payments not deductible in calculating profits
Chargeable payments not deductible in calculating profits 1087 If a chargeable payment is made within 5 years after an exempt distribution, the chargeable payment is treated as a distribution for the…
Section 1088 — Meaning of “chargeable payment”
Meaning of “chargeable payment” 1088 1 In this Chapter “ a chargeable payment ” means any payment which— a meets each of conditions A to D in this section, or b is a chargeable payment by virtue of…
Section 1089 — Meaning of “chargeable payment”: unquoted companies
Meaning of “chargeable payment”: unquoted companies 1089 1 This section applies if a company concerned in an exempt distribution is an unquoted company and a person makes a payment (to any person) in…
Section 1090 — Meaning of “company concerned in an exempt distribution”
Meaning of “company concerned in an exempt distribution” 1090 1 For the purposes of this Chapter the companies concerned in an exempt distribution are— a any relevant company (as defined in section…
Section 1091 — Advance clearance of distributions
Advance clearance of distributions 1091 1 Before a distribution is made, the distributing company may apply under this section to the Commissioners for Her Majesty's Revenue and Customs (“ the…
Section 1092 — Advance clearance of payments
Advance clearance of payments 1092 1 If— a a person intending to make a payment applies under this section to the Commissioners, and b before the payment is made the Commissioners notify the person…