Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 207 — Incidental costs of making disposal
Incidental costs of making disposal 207 References in section 206 to the incidental costs of making the disposal to the company making it are to— a fees, commission or remuneration paid for the…
Section 208 — Consideration
Consideration 208 If the disposal is at an undervalue, section 48 of TCGA 1992 (consideration due after time of disposal) applies in relation to the calculation of the relievable amount as it applies…
Section 209 — Value of net benefit to charity
Value of net benefit to charity 209 1 For the purposes of this Chapter the value of the net benefit to a charity is— a the relevant value of the qualifying investment, or b if the charity is, or…
Section 210 — Market value of qualifying investments
Market value of qualifying investments 210 1 For the purposes of this Chapter the market value of a qualifying investment is determined in accordance with sections 272 to 274 of TCGA 1992 (subject to…
Section 210A — Acquisition value of qualifying investments
Acquisition value of qualifying investments 210A 1 For the purposes of this Chapter the acquisition value of a qualifying investment disposed of by a company is— a where the qualifying investment was…
Section 211 — Meaning of “disposal-related obligation”
Meaning of “disposal-related obligation” 211 1 For the purposes of this Chapter an obligation is a “ disposal-related obligation ”, in relation to a qualifying investment, if condition A or B is met…
Section 212 — Meaning and amount of “disposal-related liability”
Meaning and amount of “disposal-related liability” 212 1 For the purposes of this Chapter a liability is a “disposal-related liability” in the case of a qualifying investment if it is a liability of…
Section 213 — Certificate required from charity
Certificate required from charity 213 1 This section applies if the qualifying investment is a qualifying interest in land. 2 A company may not make a claim under section 203 unless the company has…
Section 214 — Qualifying interests in land held jointly
Qualifying interests in land held jointly 214 1 This section applies if the qualifying investment is a qualifying interest in land. 2 It applies if two or more persons (“the owners”)— a are jointly…
Section 215 — Calculation of relievable amount etc where joint disposal of interest in land
Calculation of relievable amount etc where joint disposal of interest in land 215 1 If relief as a result of this Chapter is available because of section 214, this section applies for the purpose of…
Section 216 — Disqualifying events
Disqualifying events 216 1 This section applies if the qualifying investment is a qualifying interest in land. 2 If a disqualifying event occurs at any time in the provisional period, the following…
Section 217 — “Charity”
“Charity” 217 In this Chapter “ charity ” includes — a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b the Trustees of the National Heritage Memorial Fund, or c the Historic…
Section 217A — Relief for expenditure on grassroots sport
Relief for expenditure on grassroots sport 217A 1 A payment made by a company which is qualifying expenditure on grassroots sport (and which is not refunded) is allowed as a deduction in accordance…
Section 217B — Meaning of qualifying expenditure on grassroots sport
Meaning of qualifying expenditure on grassroots sport 217B 1 For the purposes of this Part, a payment is qualifying expenditure on grassroots sport if— a it is expenditure incurred for charitable…
Section 217C — Meaning of qualifying sport body
Meaning of qualifying sport body 217C 1 For the purposes of this Part, a “qualifying sport body” is— a a recognised sport governing body; b a body which is wholly owned by a recognised sport…
Section 217D — Relationship between this Part and Part 6
Relationship between this Part and Part 6 217D If, but for section 217A, an amount— a would be deductible under Part 6, or b would be deductible under Part 6 but for Chapter 2A of Part 6, the amount…
Section 218 — Meaning of “CITR”
Meaning of “CITR” 218 This Part provides for community investment tax relief (“CITR”), that is, entitlement to tax reductions in respect of amounts invested by companies in community development…
Section 219 — Eligibility for CITR
Eligibility for CITR 219 1 A company (“the investor”) which makes an investment (“the investment”) in a body is eligible for CITR in respect of the investment if— a at the time the investment is made…
Section 220 — Form and amount of CITR
Form and amount of CITR 220 1 If the investor is eligible for CITR in respect of the investment, the investor may make a claim in respect of the investment for any one or more of the relevant…
Section 220A — Carry forward of CITR
Carry forward of CITR 220A 1 This section applies if— a the investor is entitled to a reduction in its liability for corporation tax for a relevant accounting period under section 220 in respect of…
Section 220B — Limit on State aid
Limit on State aid 220B 1 The reductions that may be made in the amount of the investor's liability for corporation tax under section 220 or 220A for an accounting period (“the current accounting…
Section 221 — Meaning of “making an investment”
Meaning of “making an investment” 221 1 For the purposes of this Part, a company makes an investment in a body at any time when— a the company makes a loan (whether secured or unsecured) to the body,…
Section 221A — Sums to which sections 217 to 221 do not apply
Sums to which sections 217 to 221 do not apply 221A 1 This section applies if a grant of a lease constitutes a disposal of an asset for the purposes of section 758(2)(b) or 763(2)(a) of CTA 2010…
Section 222 — Determination of “the invested amount”
Determination of “the invested amount” 222 1 This section applies for the purpose of determining “the invested amount” in respect of any loan, securities or shares included in the investment. This is…
Section 223 — Meaning of “the 5 year period” and “the investment date”
Meaning of “the 5 year period” and “the investment date” 223 In this Part— “ the 5 year period ” means the period of 5 years beginning with the investment date, and “ the investment date ” means the…
Section 224 — Overview of other Chapters of Part
Overview of other Chapters of Part 224 In this Part— a Chapter 4 provides for limitations on claims and the attribution of CITR to investments, b Chapter 5 provides for CITR to be withdrawn or…
Section 225 — Qualifying investments: introduction
Qualifying investments: introduction 225 For the purposes of this Part the investment is a “qualifying investment” in the CDFI if— a the investment consists of— i a loan in relation to which the…
Section 226 — Conditions to be met in relation to loans
Conditions to be met in relation to loans 226 1 Condition A of this section is that either— a the CDFI receives from the investor, on the investment date, the full amount of the loan, or b if the…
Section 227 — Conditions to be met in relation to securities
Conditions to be met in relation to securities 227 1 Condition A of this section is that the securities must be— a subscribed for wholly in cash, and b fully paid for on the investment date. 2…
Section 228 — Conditions to be met in relation to shares
Conditions to be met in relation to shares 228 1 Condition A of this section is that the shares must be— a subscribed for wholly in cash, and b fully paid up on the investment date. 2 Condition B is…
Section 229 — Tax relief certificates
Tax relief certificates 229 1 A “ tax relief certificate ” means a certificate issued by the CDFI in respect of the investment which is in the form specified by the Commissioners for Her Majesty's…
Section 230 — No pre-arranged protection against risks
No pre-arranged protection against risks 230 1 Any arrangements— a under which the investment is made, or b made, before the investor makes the investment, in relation to or in connection with the…
Section 231 — No control of CDFI by investor
No control of CDFI by investor 231 1 The investor must not control the CDFI at any time during the 5 year period. 2 In this section references to the investor include any person connected with the…
Section 232 — Investor must have beneficial ownership
Investor must have beneficial ownership 232 1 The investor must be the sole beneficial owner of the investment when it is made. 2 If the investment consists of a loan, the person beneficially…
Section 233 — Investor must not be accredited
Investor must not be accredited 233 The investor must not be accredited as a community development finance institution under Chapter 2 of Part 7 of ITA 2007 on the investment date.
Section 234 — No acquisition of share in partnership
No acquisition of share in partnership 234 1 If the CDFI is a partnership, the investment must not consist of or include any amount of capital contributed by the investor on becoming a member of the…
Section 235 — No tax avoidance purpose
No tax avoidance purpose 235 The investment must not be made as part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.
Section 236 — Loans: no claim after disposal or excessive repayments or receipts of value
Loans: no claim after disposal or excessive repayments or receipts of value 236 1 If the investment consists of a loan, no claim may be made for an accounting period if— a the investor disposes of…
Section 237 — Securities or shares: no claim after disposal or excessive receipts of value
Securities or shares: no claim after disposal or excessive receipts of value 237 1 If the investment consists of securities or shares, a claim made for an accounting period must relate only to those…
Section 238 — No claim after loss of accreditation by the CDFI
No claim after loss of accreditation by the CDFI 238 1 If the CDFI ceases to be accredited under Chapter 2 of Part 7 of ITA 2007 with effect from a time within the 5 year period, no claim in respect…
Section 239 — Accreditation of investor
Accreditation of investor 239 1 This section applies where the investor becomes accredited under Chapter 2 of Part 7 of ITA 2007 with effect from a time within the 5 year period. 2 No claim in…
Section 240 — Attribution: general
Attribution: general 240 1 In this Part references to the CITR attributable to any loan, securities or shares in respect of an accounting period are read as references to the reduction which— a is…
Section 241 — Attribution: bonus shares
Attribution: bonus shares 241 1 This section applies if— a corresponding bonus shares are issued to the investor in respect of any shares (“the original shares”) included in the investment, and b the…
Section 242 — Introduction to Chapter
Introduction to Chapter 242 1 This Chapter provides for CITR to be withdrawn or reduced under— a section 243 (disposal of loan during 5 year period), b section 244 (disposal of securities or shares…
Section 243 — Disposal of loan during 5 year period
Disposal of loan during 5 year period 243 1 If the investment consists of a loan and within the 5 year period— a the investor disposes of the whole of the investment, otherwise than by way of a…
Section 244 — Disposal of securities or shares during 5 year period
Disposal of securities or shares during 5 year period 244 1 This section applies if the investment consists of securities or shares and— a the investor disposes of the whole or any part of the…
Section 245 — Repayment of loan capital during 5 year period
Repayment of loan capital during 5 year period 245 1 If the investment consists of a loan and— a the average capital balance of the loan for the third, fourth or final year of the 5 year period is…
Section 246 — Value received by investor during 6 year period: loans
Value received by investor during 6 year period: loans 246 1 This section applies if the investment consists of a loan and the investor receives any value (other than an amount of insignificant…
Section 247 — Value received by investor during 6 year period: securities or shares
Value received by investor during 6 year period: securities or shares 247 1 This section applies if the investment consists of securities or shares and— a the investor receives any value (other than…
Section 248 — Receipts of insignificant value to be added together
Receipts of insignificant value to be added together 248 1 This section applies if— a value is received (“the relevant receipt”) by the investor from the CDFI at any time during the 6 year period…