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Corporation Tax Act 2010
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Corporation Tax Act 2010, Section 420 is up to date with all changes known to be in force on or before 16 December 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.
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420Exception: companies carrying on business ceasing to share in its profitsU.K.
This section has no associated Explanatory Notes
(1)Section 417 does not apply if conditions A, B and C are met.
(2)Condition A is that at the end of the relevant day none of the companies by which the business was carried on any longer has any share in the profits or loss of the business.
(3)Condition B is that, in consequence of what happens on the relevant day, the disposal value of all the plant and machinery that was used for the purposes of the business and in respect of which capital allowances have been claimed is to be brought into account under section 61 of CAA 2001.
(4)Condition C is that the disposal value to be brought into account in relation to all the plant or machinery is the price that the plant or machinery would fetch in the open market on that day.
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