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Corporation Tax Act 2010

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Corporation Tax Act 2010, Section 357CL is up to date with all changes known to be in force on or before 13 November 2019. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F1357CLCompanies eligible to elect for small claims treatmentU.K.
This section has no associated Explanatory Notes

(1)A company may [F3make an election under this section] for small claims treatment for an accounting period if condition A or B is met in relation to the accounting period.

(2)Condition A is that the aggregate of the amounts of qualifying residual profit of each trade of the company for the accounting period does not exceed £1,000,000.

(3)Condition B is that—

(a)the aggregate of the amounts of qualifying residual profit of each trade of the company for the accounting period does not exceed the relevant maximum, and

(b)the company did not take Step 6 in section 357C(1) or 357DA(1) for the purpose of calculating the relevant IP profits of any trade of the company for any previous accounting period beginning within the relevant 4-year period.

(4)In subsection (3)(b) “the relevant 4-year period” means the period of 4 years ending immediately before the accounting period mentioned in subsection (3)(a).

(5)If [F4no other company is a related 51% group company of the company] in the accounting period, the relevant maximum is £3,000,000.

(6)If [F5one or more other companies are related 51% group companies of the company,] in the accounting period, the relevant maximum is—

where N is the number of [F6those related 51% group] companies in relation to which an election under [F7section 357A(1)] has effect for the accounting period.

(7)For an accounting period of less than 12 months, the relevant maximum is proportionately reduced.

(8)Any amount of qualifying residual profit of a trade of the company that is not greater than nil is to be disregarded for the purposes of this section.

F8(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F1Pt. 8A inserted (with effect in accordance with Sch. 2 paras. 7, 8 of the amending Act) by Finance Act 2012 (c. 14), Sch. 2 para. 1(1)

F3Words in s. 357CL(1) substituted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 9 para. 10(2)

F4Words in s. 357CL(5) substituted (with effect in accordance with Sch. 1 para. 21 of the amending Act) by Finance Act 2014 (c. 26), Sch. 1 para. 13(2)(a)

F5Words in s. 357CL(6) substituted (with effect in accordance with Sch. 1 para. 21 of the amending Act) by Finance Act 2014 (c. 26), Sch. 1 para. 13(2)(b)(i)

F6Words in s. 357CL(6) substituted (with effect in accordance with Sch. 1 para. 21 of the amending Act) by Finance Act 2014 (c. 26), Sch. 1 para. 13(2)(b)(ii)

F7Words in s. 357CL(6) substituted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 9 para. 10(3)

F8S. 357CL(9) omitted (with effect in accordance with Sch. 1 para. 21 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 1 para. 13(2)(c)

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