Charge to tax on post-cessation receipts
188Charge to tax on post-cessation receipts
The charge to corporation tax on income applies to post-cessation receipts arising from a trade.
189Extent of charge to tax
(1)A post-cessation receipt is chargeable to tax under this Chapter only so far as it is not otherwise chargeable to corporation or income tax.
(2)Accordingly, a post-cessation receipt arising from a trade is not chargeable to tax under this Chapter so far as it is brought into account in calculating the profits of the trade of any period.
(3)A post-cessation receipt is not chargeable to tax under this Chapter if—
(a)it is received by or on behalf of a non-UK resident company which is beneficially entitled to it, and
(b)it represents income arising outside the United Kingdom.
(4)A post-cessation receipt is not chargeable to tax under this Chapter if it arises from a trade carried on wholly outside the United Kingdom.