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Corporation Tax Act 2010
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Changes over time for: Section 721
Changes to legislation:
Corporation Tax Act 2010, Section 721 is up to date with all changes known to be in force on or before 26 July 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:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 357CHA omitted by 2024 c. 3 Sch. 2 para. 14(7)
- s. 658(1)(d)(e) inserted by 2010 c. 13 Sch. 6 para. 31 (This amendment not applied to legislation.gov.uk. Sch. 6 para. 31 omitted (retrospective to 6.4.2010) by virtue of Finance Act 2012 (c. 14), s. 52(2) (3))
721When things other than ordinary share capital may be taken into account: Chapters 2 to [F15A] U.K.
This section has no associated Explanatory Notes
(1)This section applies for the purposes of Chapters 2 to [F25A ] if conditions A and B are met.
(2)Condition A is that persons (whether company members or not) possess extraordinary rights or powers under any document regulating a company.
(3)Condition B is that because of that fact ownership of the ordinary share capital may not be an appropriate test of whether there has been a major change in the persons for whose benefit the relief may ultimately enure.
(4)In determining whether there has been a change in the ownership of the company for the purposes of Chapter 2, [F32A, 2B, 2C, 2D,] [F42E,] 3, 4 [F5, 5 or 5A ] , any of the following may be taken into account instead of ordinary share capital—
(a)holdings of all kinds of share capital,
(b)holdings of any particular kind of share capital,
(c)voting power, and
(d)any other kind of special power.
Textual Amendments
F1Word in s. 721 heading substituted (with effect in accordance with Sch. 13 para. 3 of the amending Act) by Finance Act 2013 (c. 29), Sch. 13 para. 1(4)(a)
F2Word in s. 721(1) substituted (with effect in accordance with Sch. 13 para. 3 of the amending Act) by Finance Act 2013 (c. 29), Sch. 13 para. 1(4)(b)
F3Words in s. 721(4) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 90
F4Word in s. 721(4) inserted (with effect in accordance with Sch. 8 para. 21 of the amending Act) by Finance Act 2021 (c. 26), Sch. 8 para. 15
F5Words in s. 721(4) substituted (with effect in accordance with Sch. 13 para. 3 of the amending Act) by Finance Act 2013 (c. 29), Sch. 13 para. 1(4)(c)
Modifications etc. (not altering text)
C1Ss. 719-724A modified (with effect in relation to accounting periods commencing on or after 31.12.2023) by Finance (No. 2) Act 2023 (c. 30), ss. 212(5), 264
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