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Corporation Tax Act 2010
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Changes over time for: Section 547
Alternative versions:
- 01/04/2010- Amendment
- 17/07/2012- Amendment
- 12/02/2019- Amendment
- 31/12/2023
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Corporation Tax Act 2010, Section 547 is up to date with all changes known to be in force on or before 30 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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547Funds awaiting reinvestmentU.K.
This section has no associated Explanatory Notes
(1)This section applies if a—
(a)company UK REIT or a member of a group UK REIT disposes of an asset used wholly and exclusively for the purposes of property rental business, and
(b)the company UK REIT or any member of the group UK REIT holds the proceeds in cash.
(2)Profits or losses arising from a loan relationship entered into in connection with the proceeds—
(a)are to be ignored for the purposes of section 599 (calculation of profits), and
(b)are to be treated for all tax purposes as arising from a loan relationship entered into in connection with residual business.
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)For the purposes of this section proceeds are held in cash if—
(a)held on deposit (whether or not in sterling),
(b)invested in stocks or bonds of any of the descriptions included in Part 1 of Schedule 11 to FA 1942 (gilts), or
(c)held or invested in such other form as the Commissioners for Her Majesty's Revenue and Customs may specify for the purposes of this section in regulations.
(5)In the case of the disposal of an asset which, for one or more periods of (in total) at least a year, has been used—
(a)partly for the purposes of property rental business of the company, and
(b)partly for the purposes of residual business of the company,
this section applies to such part of the proceeds as may reasonably be attributed to the property rental business (having regard to the extent to which, and the length of the periods during which, the asset was used for the different purposes).
[F2(6)This section also applies to proceeds held in cash by a company on a disposal of an asset so far as section 535A secures that the appropriate proportion of a gain or loss accruing on the disposal is not a chargeable gain or allowable loss.]
Textual Amendments
F1S. 547(3) omitted (with effect in accordance with Sch. 4 para. 32(1) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 4 para. 28
F2S. 547(6) inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 116
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