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Corporation Tax Act 2009
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21The separate enterprise principle
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(1)The profits of the non-UK resident company that are attributable to the permanent establishment are those that the establishment would have made if it were a distinct and separate enterprise which—
(a)engaged in the same or similar activities under the same or similar conditions, and
(b)dealt wholly independently with the non-UK resident company.
(2)In applying subsection (1) assume that—
(a)the permanent establishment has the same credit rating as the non-UK resident company, and
(b)the permanent establishment has such equity and loan capital as it could reasonably be expected to have in the circumstances specified in that subsection.
(3)In sections 22 to 28 the principle in subsection (1) (read with subsection (2)) is called “the separate enterprise principle”.
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