• Accessibility
• Email alerts
• RSS feeds
• Contact us

House of Commons

Session 2009 - 10 Internet Publications Other Bills before Parliament

Corporation Tax Bill

Corporation Tax Bill xxvii
Supplementary
598    Chapter 10: supplementary
Chapter 11
Part 12: supplementary
Miscellaneous
599    Calculation of profits
600    Power to make regulations about cases involving related persons
601    Availability of group reliefs
602    Effect of deemed disposal and reacquisition
603    Regulations
Interpretation
604    Property rental business: exclusion of listed business
605    Property rental business: exclusion of business producing listed income
606    Groups
607    Meaning of “entry” and “cessation” etc
608    References to assets
609    Definitions
Part 13
Other special types of company etc
Chapter 1
Corporate beneficiaries under trusts
Discretionary payments
610    Discretionary payments by trustees to companies
Trustees’ expenses
611    Income tax provisions to apply in relation to trustees’ expenses
Chapter 2
Authorised investment funds
Introduction
612    Overview of Chapter
Open-ended investment companies
613    Meaning of “open-ended investment company”
614    Applicable corporation tax rate
615    Umbrella companies
Corporation Tax Bill xxviii
Authorised unit trusts
616    Meaning of “authorised unit trust” and “unit holder”
617    Authorised unit trust treated as UK resident company
618    Applicable corporation tax rate
619    Umbrella schemes
Court investment funds
620    Court investment funds
Chapter 3
Unauthorised unit trusts
621    Treatment of income
622    Treatment of capital expenditure
Chapter 4
Securitisation companies
623    Meaning of “securitisation company”
624    Power to make regulations about the taxation of securitisation companies
625    Regulations: supplementary
Chapter 5
Companies in liquidation or administration
Introduction
626    Meaning of “final year”, “penultimate year” etc
627    Meaning of “rate of corporation tax” in case of companies with small profits
Companies in liquidation
628    Company in liquidation: corporation tax rates
629    Company in liquidation: making of assessment to tax
Companies in administration
630    Company in administration: corporation tax rates
631    Company in administration: making of assessment to tax
Supplementary
632    Meaning of rate being “fixed” or “proposed”
633    Exemption for interest on overpaid tax in final accounting period
Chapter 6
Banks etc in compulsory liquidation
634    Overview of Chapter
Corporation Tax Bill xxix
635    Application of Chapter
636    Charge to corporation tax on winding up receipts
637    Transfer of rights to payment
638    Allowable deductions
639    Election to carry back
640    Relationship of Chapter with other corporation tax provisions
641    Interpretation of Chapter
Chapter 7
Co-operative housing associations
642    Disregard of rent from members and of interest payable
643    Exemption for gains on a sale of property
644    Approval of housing associations
645    Tests to be satisfied by the association
646    Delegation of powers to the Regulator of Social Housing
647    Claims under section 642 or 643
648    Adjustments of liability
649    Power to make further provision
Chapter 8
Self-build societies
650    Meaning of “self-build society”
651    Disregard of rent from members
652    Exemption for gains on disposals of land to members
653    Approval of self-build societies
654    Delegation of powers to the Regulator of Social Housing
655    Claims under section 651 or 652
656    Adjustments of liability
657    Power to make further provision
Chapter 9
Community amateur sports clubs
Basic concepts
658    Meaning of “community amateur sports club” and “registered club”
659    Meaning of “open to the whole community”
660    Meaning of “organised on an amateur basis”
661    Meaning of “eligible sport”, “qualifying purposes” etc
Exemptions
662    Exemption for UK trading income
663    Exemption for UK property income
664    Exemption for interest and gift aid income
665    Exemption for chargeable gains
Corporation Tax Bill xxx
Restrictions on exemptions
666    Exemptions reduced if non-qualifying expenditure incurred
667    Rules for attributing surplus amount to earlier periods etc
668    How income and gains are attributed
Deemed disposal and acquisition of asset
669    Asset ceasing to be held for qualifying purposes etc
Decisions and appeals
670    Notification of HMRC decision
671    Appeals
Part 14
Change in company ownership
Chapter 1
Introduction
672    Overview of Part
Chapter 2
Disallowance of trading losses
673    Introduction to Chapter
674    Disallowance of trading losses
675    Disallowance of trading losses: calculation of balancing charges
676    Disallowance of trading losses where company reconstruction without
change in ownership
Chapter 3
Company with investment business: restrictions on relief: general provision
Introduction
677    Introduction to Chapter
Notional split of accounting period in which change in ownership occurs
678    Notional split of accounting period in which change in ownership occurs
Restrictions on relief
679    Restriction on debits to be brought into account
680    Restriction on the carry forward of non-trading deficit from loan relationships
681    Restriction on relief for non-trading loss on intangible fixed assets
682    Restriction on the deduction of expenses of management
683    Disallowance of UK property business losses
684    Disallowance of overseas property business losses
Corporation Tax Bill xxxi
Apportionment of amounts
685    Apportionment of amounts
686    Meaning of certain expressions in section 685
Adjustment to balancing charges if relief is restricted
687    Adjustment to balancing charges if relief is restricted
Meaning of “significant increase in the amount of a company’s capital”
688    Meaning of “significant increase in the amount of a company’s capital”
689    Amount A
690    Amount B
691    Meaning of “amount of capital”
Chapter 4
Company with investment business: restrictions on relief: asset transferred
within group
Introduction
692    Introduction to Chapter
693    Meaning of “amount of profits which represents a relevant gain”
694    Meaning of “the relevant provisions”
Notional split of accounting period in which change in ownership occurs
695    Notional split of accounting period in which change in ownership occurs
Restrictions on relief
696    Restriction on debits to be brought into account
697    Restriction on the carry forward of non-trading deficit from loan relationships
698    Restriction on relief for non-trading loss on intangible fixed assets
699    Restrictions on the deduction of expenses of management
700    Disallowance of UK property business losses
701    Disallowance of overseas property business losses
Apportionment of amounts
702    Apportionment of amounts
703    Meaning of certain expressions in section 702
Chapter 5
Company without investment business: disallowance of property losses
704    Company carrying on UK property business
705    Company carrying on overseas property business
Corporation Tax Bill xxxii
Chapter 6
Recovery of unpaid corporation tax
General definitions
706    Meaning of “linked” person
707    Meaning of “control”
708    Rights to be attributed for the purposes of section 707
709    Meaning of “the relevant period”
Recovery of unpaid corporation tax for accounting period beginning before change
710    Recovery of unpaid corporation tax for accounting period beginning before
change
711    Conditions relating to company’s trade or business
712    Meaning of “a major change in the nature or conduct of a trade or business”
Recovery of unpaid corporation tax for accounting period ending on or after change
713    Recovery of unpaid corporation tax for accounting period ending on or after
change
714    The expectation condition
715    Meaning of “transaction entered into in connection with change in
ownership”
Miscellaneous
716    Interest
717    Effect of payment in pursuance of assessment under section 710 or 713
718    Meaning of “associated company”
Chapter 7
Meaning of “change in the ownership of a company”
Meaning of “change in the ownership of a company”
719    Meaning of “change in the ownership of a company”
720    Section 719: supplementary
721    When things other than ordinary share capital may be taken into account:
Chapters 2 to 5
722    When things other than ordinary share capital may be taken into account:
Chapter 6
Changes in indirect ownership
723    Changes in indirect ownership
Disregard of change in ownership
724    Disregard of change in company ownership
Corporation Tax Bill xxxiii
Supplementary provision
725    Provision applying for the purposes of Chapters 2 to 5
726    Interpretation of Chapter
Chapter 8
Supplementary provision
727    Extended time limit for assessment
728    Provision of information about ownership of shares etc
729    Meaning of “company with investment business”
730    Meaning of “relevant non-trading debit”
Part 15
Transactions in securities
Introduction
731    Overview of Part
732    Meaning of “corporation tax advantage”
Company liable to counteraction of corporation tax advantage
733    Company liable to counteraction of corporation tax advantage
734    Exception where no tax avoidance object shown
Circumstances in which corporation tax advantages obtained or obtainable
735    Abnormal dividends used for exemptions or reliefs (circumstance A)
736    Receipt of consideration representing company’s assets, future receipts or
trading stock (circumstance C)
737    Receipt of consideration in connection with relevant company distribution
(circumstance D)
738    Receipt of assets of relevant company (circumstance E)
739    Meaning of “relevant company” in sections 737 and 738
740    Abnormal dividends: general
741    Abnormal dividends: the excessive return condition
742    Abnormal dividends: the excessive accrual condition
Procedure for counteraction of corporation tax advantages
743    Preliminary notification that section 733 may apply
744    Opposed notifications: statutory declarations
745    Opposed notifications: determinations by tribunal
746    Counteraction notices
747    Timing of assessments in section 738 cases
Clearance procedure
748    Application for clearance of transactions
749    Effect of clearance notification under section 748

© Parliamentary copyright 2009	Revised 19 November 2009

• A-Z index
• Glossary
• Contact us
• Freedom of Information
• Jobs
• Using this website
• Copyright