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Corporation Tax Act 2010
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Changes over time for: Section 398E
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- 08/04/2010- Amendment
- 14/03/2012
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Corporation Tax Act 2010, Section 398E 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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[F1398ERestriction on artificial losses or reductions in profitsU.K.
This section has no associated Explanatory Notes
(1)This section applies if any expenditure incurred by A in carrying on the relevant activity has an unallowable purpose.
(2)In calculating the profits or losses of A for any accounting period for the purposes of corporation tax so much of the expenditure as, on a just and reasonable apportionment, is attributable to the unallowable purpose is to be left out of account.
(3)Expenditure has an unallowable purpose if the main purpose, or one of the main purposes, of A in incurring it is to obtain a relevant tax advantage (“the unallowable purpose”).
(4)A “relevant tax advantage” is—
(a)a reduction in the profits which, for the purposes of corporation tax, are attributable to the carrying on of the relevant activity by A,
(b)the creation of a loss which, for those purposes, is so attributable, or
(c)an increase in losses which, for those purposes, are so attributable.]
Textual Amendments
F1 Ss. 398A-398G and cross-heading inserted (with effect in accordance with Sch. 18 para. 9 of the amending Act) by Finance Act 2010 (c. 13), Sch. 18 para. 6 (with Sch. 18 paras. 11-13)
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