Corporation Tax Act 2009

1 Overview of Act U.K.

(1) Part 2 of this Act contains basic provisions about the charge to corporation tax including—

(a) the imposition of the charge to corporation tax on the income and chargeable gains of companies (referred to collectively as “profits”), (see section 2),

(b) the exclusion of income and chargeable gains subject to corporation tax from income tax and capital gains tax (see sections 3 and 4),

(c) provision about the territorial scope of the charge to corporation tax (see section 5 and [F1 Chapters 3A and 4]),

(d) provision about how corporation tax is charged and assessed, in particular its charging and assessment by reference to accounting periods (see section 8),

(e) provision about accounting periods (see Chapter 2), and

(f) rules for determining the residence of companies (see Chapter 3).

(2) Under section 2(4) the charge to corporation tax on income has effect in accordance with the provisions of the Corporation Tax Acts that deal with its application, the main provisions of this Act that do so being—

(a) Part 3 (trading income),

(b) Part 4 (property income),

(c) Parts 5 and 6 (profits arising from loan relationships),

(d) Part 7 (profits arising from derivative contracts),

(e) Part 8 (gains in respect of intangible fixed assets),

(f) Part 9 (profits arising from disposals of know-how and sales of patent rights),

[F2 (fa) Part 9A (company distributions),] and

(g) Part 10 (miscellaneous income).

(3) Part 7 also applies the charge to corporation tax on chargeable gains to certain profits arising from derivative contracts.

(4) Parts 5 to 8 also deal with how deficits or losses arising from, or in respect of, the matters to which they relate are brought into account for corporation tax purposes.

(5) The following Parts provide relief for particular types of expenditure—

(a) Part 11 (relief for particular employee share acquisition schemes),

(b) Part 12 (other relief for employee share acquisitions),

(c) Part 13 (additional relief for expenditure on research and development),

(d) Part 14 (remediation of contaminated land), and

(e) Part 15 (film production).

(6) The following Parts contain special rules for particular cases—

(a) Part 15 (film production),

(b) Part 16 (companies with investment business),

(c) Part 17 (partnerships), and

(d) Part 18 (unremittable income).

(7) The following Parts contain provisions of general application—

(a) Part 19 (general exemptions),

(b) Part 20 (general calculation rules), and

(c) Part 21 (other general provisions, including definitions for the purposes of the Act).

(8) For abbreviations and defined expressions used in this Act, see section 1312 and Schedule 4.

Textual Amendments

F1 Words in s. 1(1)(c) substituted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 13 paras. 2, 31

F2 S. 1(2)(fa) inserted (with effect in accordance with Sch. 14 para. 31 of the commencing Act) by Finance Act 2009 (c. 10), Sch. 14 para. 21