Corporation Tax Act 2010 Explanatory Notes

Section 961: Non-trading profits and losses

2870.This section extends the Chapter so that it applies to non-trading activities carried on in partnership as it applies to trades. It is based on section 116 of ICTA.

2871.Subsection (1) identifies the non-trading profits to which the Chapter applies. They are the profits from the sources listed in section 1173.

2872.Subsection (3) is a rule for “special leasing” allowances within section 259 or 260 of CAA. The partner company’s share of the allowances is not available against the partner company’s other profits.

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