Corporation Tax Act 2010
Sections and provisions with full text and the judgments that cite each one.
Section 269C — Overview of Chapter
Overview of Chapter 269C 1 This Chapter contains provision restricting the amount of certain deductions which a banking company may make in calculating its taxable total profits for an accounting…
Section 269CC — Restriction on deductions for management expenses etc
Restriction on deductions for management expenses etc 269CC 1 This section has effect for determining the taxable total profits of a banking company for an accounting period. 2 Any deduction made by…
Section 269DC — Meaning of “non-banking or pre-2016 loss relief”
Meaning of “non-banking or pre-2016 loss relief” 269DC 1 In section 269DA(2), “ non-banking or pre-2016 loss relief ” means the aggregate of— a any amounts that are deducted in determining the…
Section 269BD — Meaning of “group”
Meaning of “group” 269BD 1 In this Part “ group ” means a group for the purposes of— a those provisions of international accounting standards relating to the preparation of consolidated financial…
Section 269CD — Relevant profits
Relevant profits 269CD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 269D — Overview of Chapter
Overview of Chapter 269D 1 This Chapter contains provision for, and in connection with, a surcharge on the profits of banking companies. 2 Section 269DA provides for a sum to be charged on the…
Section 269DD — Meaning of “relevant transferred-out gain” and “non-banking transferred-in gain”
Meaning of “relevant transferred-out gain” and “non-banking transferred-in gain” 269DD 1 This section has effect for the purposes of section 269DA(2). 2 A “ relevant transferred-out gain ” means a…
Section 269ZD — Restriction on deductions from total profits
Restriction on deductions from total profits 269ZD 1 This section has effect for determining the taxable total profits of a company for an accounting period. 2 The sum of any relevant deductions made…
Section 269BE — Powers to amend
Powers to amend 269BE 1 The Treasury may by regulations make such amendments of this Part as they consider appropriate in consequence of— a any change made to, or replacement of, the Financial…
Section 269CE — Losses arising before company began banking activity
Losses arising before company began banking activity 269CE 1 In this section “ the first banking accounting period ”, in relation to a company, means the accounting period in which the company first…
Section 269DE — Surcharge allowance for banking company in a group containing other banking companies
Surcharge allowance for banking company in a group containing other banking companies 269DE 1 This section makes provision as to the surcharge allowance of a banking company for a chargeable…
Section 269ZE — Restriction on deductions from total profits: insurance companies
Restriction on deductions from total profits: insurance companies 269ZE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 269CF — Losses arising in company's start-up period
Losses arising in company's start-up period 269CF 1 References in this Chapter to a pre-2015 carried-forward trading loss do not include a loss which was made in a trade of a company in an accounting…
Section 269DF — Group surcharge allowance and the nominated company
Group surcharge allowance and the nominated company 269DF 1 This section applies where— a two or more members of a group are banking companies, and b all the banking companies that are members of the…
Section 269ZF — “Relevant trading profits” , “total relevant non-trading profits” etc
“Relevant trading profits” , “total relevant non-trading profits” etc 269ZF 1 A company's “relevant trading profits” for an accounting period are— a the company's qualifying trading profits for the…
Section 269CG — The “start-up period”
The “start-up period” 269CG 1 In this Chapter the “ start-up period ”, in relation to a company (“company C”), means the period of 5 years beginning with the day on which company C first begins to…
Section 269DG — Group allowance allocation statement: submission
Group allowance allocation statement: submission 269DG 1 A company must submit a group allowance allocation statement to HMRC for each of its accounting periods in which it is the nominated company…
Section 269ZG — General insurance companies: excluded accounting periods
General insurance companies: excluded accounting periods 269ZG 1 Nothing in sections 269ZB to 269ZD has effect for determining the taxable total profits of a general insurance company for an excluded…
Section 269CH — Losses covered by carried-forward loss allowance
Losses covered by carried-forward loss allowance 269CH 1 This section applies to a banking company if— a it is a building society, or b an amount of carried-forward loss allowance is allocated to the…
Section 269DH — Group allowance allocation statement: submission of revised statement
Group allowance allocation statement: submission of revised statement 269DH 1 This section applies if a group allowance allocation statement has been submitted under section 269DG, or this section,…
Section 269ZH — “Insolvency procedures”
“Insolvency procedures” 269ZH 1 For the purposes of section 269ZG a company is subject to insolvency procedures if— a it is in liquidation, b it is in administration, c it is in receivership, or d a…
Section 269CI — Allocation of carried-forward loss allowance within a group
Allocation of carried-forward loss allowance within a group 269CI 1 This section applies where a building society— a is a member of a group, and b has an amount of carried-forward loss allowance (see…
Section 269DI — Group allowance allocation statement: requirements and effect
Group allowance allocation statement: requirements and effect 269DI 1 This section applies in relation to a group allowance allocation statement submitted under section 269DG or 269DH. 2 The…
Section 269ZI — “Qualifying latent claims”
“Qualifying latent claims” 269ZI 1 This section applies for the purposes of section 269ZG. 2 Where a general insurance company has a liability in respect of a claim, the claim is a “qualifying latent…
Section 269CJ — Re-allocation of carried-forward loss allowance
Re-allocation of carried-forward loss allowance 269CJ 1 This section applies where— a a building society is a member of a group, b the building society has given HMRC a statement of allocation in…
Section 269DJ — Surcharge allowance for company not in a group containing other banking companies
Surcharge allowance for company not in a group containing other banking companies 269DJ 1 This section makes provision as to the surcharge allowance of a banking company for a chargeable accounting…
Section 269ZJ — Exclusion of shock losses from restrictions
Exclusion of shock losses from restrictions 269ZJ 1 If a shock loss is— a carried forward to an accounting period of an insurance company (see section 269ZP(2)), and b deducted under section 45B…
Section 269CK — Profits arising from tax arrangements to be disregarded
Profits arising from tax arrangements to be disregarded 269CK 1 This section applies if conditions A to C are met. 2 Condition A is that— a the amount given by step 1 in section 269CD(1) as the total…
Section 269DK — Excessive specifications of available surcharge allowance
Excessive specifications of available surcharge allowance 269DK 1 This section applies if— a a banking company's company tax return for a chargeable accounting period— i specifies an amount under…
Section 269ZK — Meaning of “shock loss”: requirement to make a claim
Meaning of “shock loss”: requirement to make a claim 269ZK 1 If the conditions in subsection (3) are met, an insurance company may make a claim in respect of— a a loss or other amount (the “specified…
Section 269CL — When a company first begins to carry on relevant regulated activities
When a company first begins to carry on relevant regulated activities 269CL 1 For the purposes of this Chapter, a company first begins to carry on a relevant regulated activity on a particular day if…
Section 269DL — Application of enactments applying to corporation tax: assessment, recovery, double taxation etc
Application of enactments applying to corporation tax: assessment, recovery, double taxation etc 269DL 1 The provision in section 269DA relating to the charging of a sum as if it were an amount of…
Section 269ZL — Further provision about claims under section 269ZK
Further provision about claims under section 269ZK 269ZL 1 A claim under section 269ZK is not effective unless— a the claim— i states the company's solvency capital requirement at the beginning of…
Section 269CM — Joint venture companies
Joint venture companies 269CM 1 Where a company (“the joint venturer”), together with one or more other persons, jointly controls another company that is a joint venture (“the joint venture…
Section 269DM — Payments in respect of the surcharge: information to be provided
Payments in respect of the surcharge: information to be provided 269DM 1 This section applies if— a a sum is chargeable on a company (“the chargeable company”) under section 269DA, for a chargeable…
Section 269ZM — Meaning of “solvency shock period”
Meaning of “solvency shock period” 269ZM A period of 12 months is a “ solvency shock period ” in relation to an insurance company if the company has a solvency loss for that period (see section…
Section 269CN — Other definitions
Other definitions 269CN In this Chapter— “ banking company ” has the meaning given by section 269B; “ building society ” has the same meaning as in the Building Societies Act 1986 except that it also…
Section 269DN — Profit and loss shifting to avoid or reduce surcharge liability
Profit and loss shifting to avoid or reduce surcharge liability 269DN 1 Subsection (3) applies in relation to a banking company if— a there are arrangements that result in a relevant transfer, and b…
Section 269ZN — Determination of shock loss threshold
Determination of shock loss threshold 269ZN 1 A company's shock loss threshold for a 12 month period is determined as follows. Step 1 Calculate the company's solvency capital requirement at the…
Section 269DO — Interpretation
Interpretation 269DO 1 In this Chapter— “ the appropriate person ” has the meaning given by 269DF(9); “banking company”, subject to subsections (2) to (7), has the meaning given by section 269B; “…
Section 269ZO — Calculation of solvency loss
Calculation of solvency loss 269ZO 1 An insurance company's solvency loss (if any) for a 12 month period is determined as follows. 2 Calculate, in the manner set out in subsections (5) to (11)— a…
Section 269ZP — Interpretation of sections 269ZJ to 269ZO
Interpretation of sections 269ZJ to 269ZO 269ZP 1 In sections 269ZJ to 269ZO “solvency capital requirement”— a in relation to an insurance undertaking or a reinsurance undertaking, means the solvency…
Section 269ZQ — Power to amend
Power to amend 269ZQ 1 The Treasury may by regulations make such amendments of the provisions mentioned in subsection (2) as they consider appropriate in consequence of— a any change made to, or…
Section 269ZR — Deductions allowance for company in a group
Deductions allowance for company in a group 269ZR 1 This section makes provision as to the deductions allowance of a company for an accounting period where, at any time in the period— a the company…
Section 269ZS — Group deductions allowance and the nominated company
Group deductions allowance and the nominated company 269ZS 1 This section applies where— a two or more members of a group are companies within the charge to corporation tax, and b all the companies…
Section 269ZT — Group allowance allocation statement: submission
Group allowance allocation statement: submission 269ZT 1 A company must submit a group allowance allocation statement to HMRC for each of its accounting periods in which it is the nominated company…
Section 269ZU — Group allowance allocation statement: submission of revised statement
Group allowance allocation statement: submission of revised statement 269ZU 1 This section applies if a group allowance allocation statement has been submitted under section 269ZT, or this section,…
Section 269ZV — Group allowance allocation statement: requirements and effects
Group allowance allocation statement: requirements and effects 269ZV 1 This section applies in relation to a group allowance allocation statement submitted under section 269ZT or 269ZU. 2 The…
Section 269ZW — Deductions allowance for company not in a group
Deductions allowance for company not in a group 269ZW 1 This section makes provision as to the deductions allowance of a company for an accounting period where section 269ZR (deductions allowance for…
Section 269ZX — Increase of deductions allowance in connection with onerous or impaired leases
Increase of deductions allowance in connection with onerous or impaired leases 269ZX 1 This section applies if— a a relevant credit is brought into account in calculating a company's specified…