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Corporation Tax Act 2010
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- UK Public General Acts
- 2010 c. 4
- PART 21BA
- Section 938R
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- 17/07/2013- Amendment
- 31/12/2023
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Corporation Tax Act 2010, Section 938R 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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[F1938RMeaning of “relevant tax advantage” etc and “the scheme period”U.K.
This section has no associated Explanatory Notes
(1)In this Part “relevant tax advantage”, in relation to a scheme, means an economic profit that—
(a)is made by the company over the scheme period,
(b)meets the condition in subsection (3), and
(c)is not negligible.
(2)In this Part “relevant tax disadvantage”, in relation to a scheme, means an economic loss that—
(a)is made by the company over the scheme period,
(b)meets the condition in subsection (3), and
(c)is not negligible.
(3)The condition is that the economic profit or loss arises as a result of asymmetries in the way that the company brings, or does not bring, amounts into account as debits and credits for the purposes of Part 5 or 7 of CTA 2009.
(4)A reference in this section to asymmetries includes, in particular—
(a)asymmetries relating to quantification, and
(b)asymmetries relating to timing.
(5)In this section—
(a)a reference to an economic profit includes an increase in an economic profit and a decrease in an economic loss, and
(b)a reference to an economic loss includes an increase in an economic loss and a decrease in an economic profit.
(6)In this Part “the scheme period”, in relation to a scheme, means the period during which the scheme has effect.]
Textual Amendments
F1Pt. 21BA inserted (with effect in accordance with Sch. 20 para. 6 of the amending Act) by Finance Act 2013 (c. 29), Sch. 20 para. 3
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