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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. Adjustment to the basic amount

Section 423 | Adjustment to the basic amount

From legislation.gov.uk

(1)The amount of the company's income under section 417 is limited to the appropriate percentage of the basic amount.

(2)The appropriate percentage is found by subtracting the company's relevant percentage share at the end of the day on which it is treated as receiving the income from its relevant percentage share at the start of the day.

(3)In this section “relevant percentage share” has the same meaning as it has for the purposes of section 415 (see subsection (2) of that section).

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