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Corporation Tax Act 2009
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Corporation Tax Act 2009, Section 18F is up to date with all changes known to be in force on or before 08 November 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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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Blanket amendment words substituted by S.I. 2011/1043 art. 3 4
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 322(2A)(zb) inserted by 2016 c. 24 s. 73(5)
- s. 1058B(5)(ea) inserted by 2023 c. 20 Sch. para. 57
- s. 1094(2A)-(2C) inserted by 2012 c. 14 Sch. 3 para. 13(3)
- s. 1106(4A)-(4C) inserted by 2012 c. 14 Sch. 3 para. 14(3)
[F118FEffect of electionU.K.
This section has no associated Explanatory Notes
(1)An election made by a company under section 18A—
(a)(subject to [F2subsections (6) to (8)] ) is irrevocable, and
(b)applies to all accounting periods of the company beginning on or after the relevant day.
[F3(2)The relevant day”, in relation to an election made by a UK resident company, means—
(a)the day on which, at the time of the election, the company's accounting period following that in which the election is made is expected to begin, or
(b)if the election is made before the company's first accounting period, the day on which that accounting period begins.
(2A)“The relevant day”, in relation to an election made by a non-UK resident company, means the day on which the company becomes UK resident.]
(3)Subsection (4) applies if an accounting period of the company (“the straddling period”) begins before, and ends on or after, the relevant day.
(4)It is to be assumed, for the purposes of the Corporation Tax Acts, that the straddling period consists of two separate accounting periods—
(a)the first beginning with the straddling period and ending immediately before the relevant day, and
(b)the second beginning with that day and ending with the straddling period.
(5)Where for those purposes it is necessary to apportion the profits and losses for the straddling period to different parts of the period, that apportionment is to be made on a just and reasonable basis.
(6)[F4An election can be revoked by the company which made it] at any time before the relevant day.
[F5(7)An election made by a UK resident company is revoked if the company ceases to be UK resident.
(8)An election made by a non-UK resident company is revoked if, having become UK resident, the company ceases to be UK resident.]]
Textual Amendments
F1Pt. 2 Ch. 3A inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 13 paras. 4, 31
F2Words in s. 18F(1)(a) substituted (1.1.2013) by Finance Act 2012 (c. 14), Sch. 20 para. 5(2), 55(1)
F3S. 18F(2)(2A) substituted for s. 18F(2) (with effect in accordance with Sch. 20 para. 55(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 20 para. 5(3), 55(1)
F4Words in s. 18F(6) substituted (1.1.2013) by Finance Act 2012 (c. 14), Sch. 20 para. 5(4), 55(1)
F5S. 18F(7)(8) inserted (1.1.2013) by Finance Act 2012 (c. 14), Sch. 20 para. 5(5), 55(1)
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