Corporation Tax Act 2009

Miscellaneous

1283 Interest from tax reserve certificates

No liability to corporation tax arises in respect of interest from tax reserve certificates issued by the Treasury.

1284 Housing grants

(1) No liability to corporation tax arises in respect of a payment if it is made—

(a) under an enactment relating to the giving of financial assistance for the provision, maintenance or improvement of housing accommodation or other residential accommodation, and

(b) by way of grant or other contribution towards expenses.

(2) It does not matter whether—

(a) the payment is made to the person who incurs the expenses, or

(b) the expenses have been, or are to be, incurred.

(3) Subsection (1) does not apply so far as the payment is made towards an expense which is deductible in calculating income for any corporation or income tax purpose.

1285 UK company distributions

(1) Corporation tax is not chargeable on dividends or other distributions of a UK resident company.

(2) Dividends and other distributions of a UK resident company are not taken into account as receipts in any calculation of income for corporation tax purposes.

(3) Subsection (1) does not prevent any dividends or other distributions from being taken into account in the calculation of chargeable gains.

(4) Subsections (1) and (2) are subject to any exceptions made in the Corporation Tax Acts.

(5) For exceptions see in particular—

(a) section 130 (traders receiving distributions etc), and

(b) section 219(4) and (4A) of FA 1994 (Lloyd’s underwriters: taxation of profits).

1286 VAT repayment supplements

No liability to corporation tax arises in respect of a sum paid by way of supplement under section 79 of VATA 1994 (VAT repayment supplements).

1287 Incentives to use electronic communications

No liability to corporation tax arises in respect of anything received by way of incentive under any regulations made in accordance with Schedule 38 to FA 2000 (regulations for providing incentives for electronic communications).