Skip to content
Solved
SearchBrowse
Sign in

Contents

Legislation
Corporation Tax Act 2010

Crossheading Qualifying changes in partner company's interest in business

  • Section 417 Partner company's income and other companies' matching expense
  • Section 418 Amount of income and expense
  • Section 419 Relief for expense otherwise giving rise to carried forward loss
  • Section 420 Exception: companies carrying on business ceasing to share in its profits
  • Section 421 The amount of the income: the basic amount
  • Section 422 Amount to be nil if basic amount negative
  • Section 423 Adjustment to the basic amount
  • Section 424 The amount of expense
  1. Qualifying changes in partner company's interest in business
  2. Exception: companies carrying on business ceasing to share in its profits

Section 420 | Exception: companies carrying on business ceasing to share in its profits

From legislation.gov.uk

(1)Section 417 does not apply if conditions A, B and C are met.

(2)Condition A is that at the end of the relevant day none of the companies by which the business was carried on any longer has any share in the profits or loss of the business.

(3)Condition B is that, in consequence of what happens on the relevant day, the disposal value of all the plant and machinery that was used for the purposes of the business and in respect of which capital allowances have been claimed is to be brought into account under section 61 of CAA 2001.

(4)Condition C is that the disposal value to be brought into account in relation to all the plant or machinery is the price that the plant or machinery would fetch in the open market on that day.

PreviousNext
PrivacyTerms