Part 2Charge to corporation tax: basic provisions

Chapter 1The charge to corporation tax

Charge to tax on profits

3Exclusion of charge to income tax

C11

The provisions of the Income Tax Acts relating to the charge to income tax do not apply to income of a company if—

a

the company is UK resident, or

F1b

the company is not UK resident F2and it is chargeable to corporation tax in respect of the income, or would be so chargeable but for an exemption.

2

Subsection (1) does not apply to income accruing to a company in a fiduciary or representative capacity.