Corporation Tax Act 2010 (c. 4)

Part 14 U.K. Change in company ownership

Modifications etc. (not altering text)

C1 Pt. 14 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 7 para. 20

C2 Pt. 14 applied (with modifications) (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 1 para. 18 (with ss. 15(1), 16(1), 17)

Chapter 3 U.K. Company with investment business: restrictions on relief: general provision

Meaning of “significant increase in the amount of a company's capital” U.K.

690 Amount B U.K.

(1) In section 688, amount B is the highest 60 day minimum amount for the post-change period.

(2) The highest 60 day minimum amount for the post-change period is found as follows.

• Step 1 Find the daily amounts of the company's capital over the post-change period.

• Step 2 Take the highest of the daily amounts.

• Step 3 Find out whether there was in the post-change period a period of at least 60 days in which there was no daily amount lower than the amount taken.

• Step 4 If there was, the amount taken is the highest 60 day minimum amount for the post-change period. If there was not, take the next highest of the daily amounts and repeat step 3; and so on, until the highest 60 day minimum amount for the post-change period is found.

(3) In this section “the post-change period” means the period of [F1 5] years beginning with the change in ownership.

Textual Amendments

F1 Word in s. 690(3) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 83(1) (with Sch. 4 para. 83(2))