- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Corporation Tax Act 2009, Section 916 is up to date with all changes known to be in force on or before 03 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies if a company liable for tax under section 912—
(a)is not UK resident, and
(b)does not receive the proceeds of sale in instalments.
(2)The whole of the amount chargeable is taxed in the accounting period in which the company receives the proceeds (“the period of receipt”).
(3)The company may elect instead that the amount chargeable—
(a)is to be treated as arising rateably in the accounting periods ending 6 years from the start of the period of receipt, and
(b)is taxed accordingly.
(4)An election under subsection (3) must be made within the two-year period beginning at the end of the period of receipt.
(5)The election has effect in relation to accounting periods of the company during which the company is within the charge to corporation tax in respect of any proceeds of the sale not consisting of a capital sum.
(6)Such repayments and assessments are to be made for each of the accounting periods affected as are necessary to give effect to the election.
(7)Subsection (6) is subject to the qualifications in section 920 (adjustments where tax has been deducted).
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