- Latest available (Revised)
- Point in Time (06/04/2010)
- Original (As enacted)
Point in time view as at 06/04/2010.
Corporation Tax Act 2009, Cross Heading: Other receipts is up to date with all changes known to be in force on or before 01 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
(1)This section applies if—
(a)a deduction has been made in calculating the profits of a trade for a payment to a mutual concern for the purposes of its mutual business,
(b)the concern is being or has been wound up or dissolved,
(c)a company (“the recipient”) which is carrying on the trade, or was doing so at the time of the payment, receives money or money's worth representing the concern's assets, and
(d)the assets in question represent profits of the mutual business conducted by the concern.
(2)If the recipient is carrying on the trade at the time the money or money's worth is received, the amount or value of the money or money's worth is brought into account as a receipt in calculating the profits of the trade.
(3)If the recipient—
(a)is not carrying on the trade at the time the money or money's worth is received, but
(b)was doing so at the time of the payment to the mutual concern,
the amount or value of the money or money's worth is treated as a post-cessation receipt (see Chapter 15).
(4)For the purposes of this section money or money's worth represents assets of a mutual concern if it—
(a)forms part of the assets of the concern,
(b)forms part of the consideration for the transfer of the assets of the concern as part of a scheme of amalgamation or reconstruction which involves its winding up, or
(c)consists of the consideration for a transfer or surrender of a right to receive anything falling within paragraph (a) or (b) and does not give rise to a charge to corporation tax on the company receiving it otherwise than as a result of this section.
(5)If a transfer or surrender of a right to receive anything which—
(a)forms part of the assets of a mutual concern, or
(b)forms part of the consideration for the transfer of the assets of a mutual concern,
is not at arm's length, the company making the transfer or surrender is treated as receiving consideration equal to the value of the right.
(6)In this section references to a mutual concern are to a body corporate which has at any time carried on a trade which consists of or includes the conduct of mutual business (whether or not confined to the members of the body corporate).
(7)For the purposes of this section a trade does not consist of or include the conduct of mutual business if all the profits of the trade are chargeable to corporation or income tax.
(1)This section applies if a company carrying on a trade receives a payment by way of a grant under—
(a)section 7 or 8 of the Industrial Development Act 1982 (c. 52), or
(b)Article 7, 9 or 30 of the Industrial Development (Northern Ireland) Order 1982 (S.I. 1982/1083 (N.I. 15)).
(2)The payment is brought into account as a receipt in calculating the profits of the trade unless—
(a)the grant is designated as made towards the cost of specified capital expenditure,
(b)the grant is designated as compensation for the loss of capital assets, or
(c)the grant is for all or part of a corporation tax liability (including one that has already been met).
(1)This section applies if—
(a)a deduction has been made for a loss or expense in calculating the profits of a trade,
(b)a company carrying on the trade recovers a sum under an insurance policy or a contract of indemnity in respect of the loss or expense, and
(c)the sum is not of a revenue nature.
(2)The sum is brought into account as a receipt in calculating the profits of the trade (but only up to the amount of the deduction).
(1)This section applies if—
(a)a company carries on a trade, and
(b)a payment is made to the company as a result of a repayment provision.
(2)The payment is brought into account as a receipt in calculating the profits of the trade.
(3)For the purposes of this section “repayment provision” means—
(a)any provision made by virtue of section 136(7) or 214(1)(e) of FISMA 2000, or
(b)any provision made by scheme rules for fees to be refunded in specified circumstances.
(4)In this section “scheme rules” means the rules referred to in paragraph 14(1) of Schedule 17 to FISMA 2000.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: