Section 2F | Interaction of capital gains tax and corporation tax ^F1

(1)This Act as it has effect in accordance with this Chapter is not to be affected in its operation by the fact that capital gains tax and corporation tax are distinct taxes.

(2)But this Act is, so far as it is consistent with the Corporation Tax Acts, to apply in relation to capital gains tax and corporation tax on gains as if they were one tax.

(3)Accordingly, a matter which in a case involving two individuals is relevant to both of them in relation to capital gains tax is in a similar case involving an individual and a company—

(a)relevant to the individual in relation to capital gains tax, and

(b)relevant to the company in relation to corporation tax.