Corporation Tax Act 2010
2010 CHAPTER 4
Introduction
Part 23: Company distributions
Chapter 2: Matters which are distributions
Section 999: Priority of negative rules
2961.This section directs that the Chapter is subject to any express exceptions, and lists some of those that most commonly affect what is to be treated as a distribution. It is based on section 209(1) of ICTA.
2962.The section specifically refers to paragraph 6 of Schedule 12 to FA 1988, which sets out a number of tax matters connected with the transfer of the whole of the business of a building society to a successor company. It was decided to keep this material together rather than take out one small part. The Schedule has, therefore, not been rewritten.
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