Corporation Tax Act 2010

Corporation Tax Act 2010
Dates
Parliament of the United Kingdom
Long title	An Act to restate, with minor changes, certain enactments relating to corporation tax and certain enactments relating to company distributions; and for connected purposes.
Citation	2010 c. 4
Introduced by	Alistair Darling (Chancellor of the Exchequer) and Lord Davies ^[1]
Territorial extent	England and Wales Scotland Northern Ireland
Royal Assent	3 March 2010
Commencement	3 March 2010
Status: Current legislation
History of passage through Parliament
Text of statute as originally enacted
Text of the Corporation Tax Act 2010 as in force today (including any amendments) within the United Kingdom, from the UK Statute Law Database

The Corporation Tax Act 2010 (c.4) is an Act of the Parliament of the United Kingdom that received Royal Assent on 3 March 2010.

It was first presented (first reading) in the House of Commons on 19 November 2009 and received its third reading on 4 February 2010.^[2] It was first read in the House of Lords on 4 February 2010 and received its second and third readings on 2 March 2010.^[2]

Overview

Section 1 of the Act gives a summary of the contents of the 2010 Act, and the changes it made, primarily to the Income and Corporation Taxes Act 1988.

“

1 Overview of Act

(1) Part 2 is about calculation of the corporation tax chargeable on a company's profits, in particular—

(a) the rates at which corporation tax on profits is charged (see Chapter 2),

(b) ascertaining the amount of profits to which the rates of tax are applied (see Chapter 3), and

(2) Parts 3 to 7 make provision for the following reliefs—

(a) relief for companies with small profits (see Part 3),

(b) relief for trade losses (see Chapters 2 and 3 of Part 4),

(d) relief for losses on a disposal of shares (see Chapter 5 of Part 4),

(e) relief for losses from miscellaneous transactions (see Chapter 6 of Part 4),

(f) group relief (see Part 5),

(g) relief for qualifying charitable donations (see Part 6), and

(h) community investment tax relief (see Part 7).

(3) Parts 8 to 13 make provision about special types of business and company etc, in particular—

(a) oil activities (see Part 8),

(b) leasing plant or machinery (see Part 9),

(d) charitable companies etc (see Part 11),

(e) real estate investment trusts (see Part 12),

(f) corporate beneficiaries under trusts (see Chapter 1 of Part 13),

(g) open-ended investment companies, authorised unit trusts and court investment funds (see Chapter 2 of Part 13),

(h) unauthorised unit trusts (see Chapter 3 of Part 13),

(i) securitisation companies (see Chapter 4 of Part 13),

(j) companies in liquidation or administration (see Chapter 5 of Part 13),

(k) banks etc in compulsory liquidation (see Chapter 6 of Part 13),

(l) co-operative housing associations and self-build societies (see Chapters 7 and 8 of Part 13), and

(m) community amateur sports clubs (see Chapter 9 of Part 13).

(4) Parts 14 to 21 contain provisions relating to tax avoidance, in particular with respect to—

(a) change in company ownership (see Part 14),

(b) transactions in securities (see Part 15),

(d) manufactured payments and repos (see Part 17),

(e) transactions in land (see Part 18),

(f) the sale and lease-back of assets (see Part 19),

(g) leasing plant or machinery (see Part 20), and

(h) other arrangements involving asset leasing (see Part 21).

(5) Part 22 contains miscellaneous provisions, including provision with respect to—

(a) transfers of trade without a change of ownership (see Chapter 1),

(b) transfers of trade to obtain balancing allowances (see Chapter 2),

(d) the surrender of tax refunds within groups of companies (see Chapter 4),

(e) the set off of income tax deductions against corporation tax (see Chapter 5),

(f) the assessment, collection and recovery of corporation tax from UK representatives of non-UK resident companies (see Chapter 6),

(g) the recovery of unpaid corporation tax due from non-UK resident companies (see Chapter 7), and

(h) exemptions (see Chapter 8).

(6) Part 23 contains provisions about the meaning of “distribution” and certain associated matters.

(7) Part 24 contains definitions that apply for the purposes of the Corporation Tax Acts and other general provisions that have effect for the purposes of those Acts.

(8) Part 25 contains provisions of general application, including definitions for the purposes of the Act.

(9) For abbreviations and defined expressions used in this Act, see section 1174 and Schedule 4.

”

References

↑ "Bills before Parliament - Corporation Tax Bill 2009-10". Parliament of the United Kingdom. Retrieved March 8, 2010.
1 2 "Bills before Parliament - Corporation Tax Bill 2009-10 - Bill stages". Parliament of the United Kingdom. Retrieved March 8, 2010.

External links

Corporation Tax Act 2010 on legislation.gov.uk

United Kingdom legislation

Pre-Parliamentary legislation	List of English statutes Charter of Liberties Magna Carta

Acts of Parliament by states preceding the Kingdom of Great Britain	Acts of the Parliament of England to 1483 1485–1601 1603–1641 Interregnum (1642–1660) 1660–1699 1700–1706 Acts of the Parliament of Scotland Acts of the Parliament of Ireland to 1700 1701–1800

Acts of Parliament of the Kingdom of Great Britain	1707–1719 1720–1739 1740–1759 1760–1779 1780–1800

Acts of Parliament of the United Kingdom of Great Britain and Ireland and the United Kingdom of Great Britain and Northern Ireland	1801–1819 1820–1839 1840–1859 1860–1879 1880–1899 1900–1919 1920–1939 1940–1959 1960–1979 1980–1999 2000 to date Halsbury's Statutes UK Statute Law Database Short titles

Church of England measures	List Church of England Assembly (Powers) Act 1919

Legislation of devolved institutions	Acts of the Scottish Parliament Acts and Measures of the National Assembly for Wales Acts of the Northern Ireland Assembly Acts of the Parliament of Northern Ireland Orders in Council for Northern Ireland

Orders-in-Council	Order in Council

Secondary legislation	United Kingdom Statutory Instruments Scottish Statutory Instruments Act of Sederunt, Act of Adjournal

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