Corporation Tax Act 2010

Introduction U.K.

111 Overview of Chapter U.K.

(1) This Chapter allows a non-UK resident company that is resident or carrying on a trade in the European Economic Area to surrender losses and other amounts it has for a period.

(2) Section 113 sets out the basic provisions about the surrendering of losses and other amounts.

(3) Sections 114 to 121 set out conditions that must be met if losses and other amounts are to be surrendered (see Step 2 in section 113(2)).

(4) Sections 122 to 128 set out other rules, assumptions and exclusions (see Steps 3 and 5 in section 113(2)).

112 EEA related definitions U.K.

In this Chapter—

• “EEA accounting period” means a period for which an EEA related company has a loss or other amount,

• “EEA amount” has the meaning given under Step 1 of section 113(2),

• “EEA related company” means a non-UK resident company that—

  (a)

  is resident in an EEA territory, or

  (b)

  is not resident in any EEA territory but is carrying on a trade in an EEA territory through a permanent establishment, and

• “EEA territory”, in relation to any time, means a territory outside the United Kingdom that is within the European Economic Area at that time.