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Taxes Management Act 1970

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Changes over time for: Cross Heading: Qualifying corporation tax

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[F1Qualifying corporation taxU.K.

Textual Amendments

F1Sch. 3ZB inserted (with effect in accordance with Sch. 49 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 49 para. 6

2(1)The company is liable to pay qualifying corporation tax in respect of the migration accounting period if CT1 is greater than CT2 where—U.K.

  • CT1 is the corporation tax which the company is liable to pay for the accounting period, and

  • CT2 is the corporation tax which the company would be liable to pay for the accounting period if any income, profits, gains, losses or debits arising only by virtue of the exit charge provisions were ignored,

(CT2 will be zero if the company would not be liable to pay any corporation tax for the period).

(2)The amount of qualifying corporation tax which the company is liable to pay is the difference between CT1 and CT2.

(3)“Exit charge provisions” means—

(a)section 185 of the 1992 Act,

F2(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c)section 162 of CTA 2009, where that section applies by virtue of section 41(2)(b) of that Act,

(d)section 333 of that Act,

(e)section 609 of that Act, [F3and]

(f)section 859 of that Act, where that section applies by virtue of section 859(2)(a), F4...

F4(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)References in this Part of this Schedule and Part 3 of this Schedule to qualifying corporation tax are to be read in accordance with this paragraph.]

Textual Amendments

F2Sch. 3ZB para. 2(3)(b) omitted (with effect in accordance with Sch. 8 para. 9(5) of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 8 para. 9(4)(a)

F3Word in Sch. 3ZB para. 2(3)(e) inserted (with effect in accordance with Sch. 8 para. 10(5) of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 10(4)(a)(i)

F4Sch. 3ZB para. 2(3)(g) and preceding word omitted (with effect in accordance with Sch. 8 para. 10(5) of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 8 para. 10(4)(a)(ii)

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