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Corporation Tax Act 2010
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- UK Public General Acts
- 2010 c. 4
- Part 23
- Chapter 4
- Companies not carrying on...
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Changes over time for: Cross Heading: Companies not carrying on a business
Version Superseded: 15/09/2016
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- 01/04/2010- Amendment
- 14/03/2012
Point in time - 15/09/2016- Amendment
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Corporation Tax Act 2010, Cross Heading: Companies not carrying on a business is up to date with all changes known to be in force on or before 26 February 2025. 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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Companies not carrying on a businessU.K.
1071Companies not carrying on a businessU.K.
(1)This section applies if a company meets conditions A, B and C.
(2)Condition A is that the company does not carry on, and has never carried on—
(a)a trade, or
(b)a business of holding investments.
(3)Condition B is that the company does not hold, and has never held, an office.
(4)Condition C is that the company is not established for purposes which include—
(a)carrying on a trade,
(b)carrying on a business of holding investments, or
(c)holding an office.
(5)The provisions of the Corporation Tax Acts relating to distributions apply to distributions made by the company only so far as the distributions are made out of—
(a)profits of the company which are brought into charge to corporation tax, or
(b)franked investment income.
(6)In subsection (5) “profits” means income and chargeable gains.
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