Corporation Tax Act 2010

Chapter 8 Supplementary provision

727 Extended time limit for assessment

If the operation of any provision in Chapters 2 to 6 depends on circumstances or events at a time or times after (but not more than 3 years after) a change in the ownership of a company, an assessment to give effect to that provision is not out of time if made within 6 years from that time, or the latest of those times.

728 Provision of information about ownership of shares etc

(1) A person (“P”) in whose name any shares, stock or securities of a company are registered must comply with the obligation in subsection (2) if required to do so by notice given by an officer of Revenue and Customs for the purposes of any provision of this Part.

(2) The obligation is—

(a) to state whether or not P is the beneficial owner of those shares, stock or securities, and

(b) if P is not the beneficial owner of any of those shares, stocks or securities, to provide the name and address of the person on whose behalf they are registered.

729 Meaning of “company with investment business”

In this Part “company with investment business” has the meaning given by section 1218 of CTA 2009.

730 Meaning of “relevant non-trading debit”

(1) This section applies for the purposes of sections 679 and 696.

(2) “Relevant non-trading debit” means a non-trading debit within subsection (3), (4) or (5).

(3) A non-trading debit is within this subsection if—

(a) it is determined on an amortised cost basis of accounting,

(b) section 407 or 409 of CTA 2009 (postponement until redemption of debits for connected or close companies’ deeply discounted securities) applies, and

(c) were it not for those sections, the debit would have fallen to be brought into account for the purposes of Part 5 of that Act (loan relationships) for an accounting period ending before or with the change in ownership mentioned in section 679 or 696.

(4) A non-trading debit is within this subsection if—

(a) it is determined on an amortised cost basis of accounting,

(b) section 373 of CTA 2009 (late interest treated as not accruing until paid in some cases) applies, and

(c) were it not for that section, the debit would have fallen to be brought into account for the purposes of Part 5 of that Act for an accounting period ending before or with the change in ownership mentioned in section 679 or 696.

(5) A non-trading debit is within this subsection if—

(a) it is not within subsection (3) or (4),

(b) it is a debit in respect of a debtor relationship of the company mentioned in section 679 or 696,

(c) it is determined on an amortised cost basis of accounting, and

(d) it relates to an amount that accrued before the change in ownership so mentioned.

(6) Expressions used both in this section and in Part 5 of CTA 2009 (loan relationships) have the same meaning as in that Part.