Version Superseded: 17/07/2012
Point in time view as at 01/04/2010. This version of this provision has been superseded.
Corporation Tax Act 2010, Section 538 is up to date with all changes known to be in force on or before 15 June 2025. 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.
(1)An amount of notional income calculated in accordance with section 539 (“the notional amount”) is treated as arising to a company at entry.
(2)The notional amount is treated as arising to the company's residual business.
(3)If the company is a UK company, it is chargeable to corporation tax under the charge to corporation tax on income on the notional amount (which is accordingly charged at the rate mentioned in section 534(3)).
(4)If the company is a non-UK company, it is chargeable to income tax on the notional amount (which is accordingly charged at the basic rate in accordance with section 11 of ITA 2007).
(5)No loss, deficit, expense or allowance may be set off against the notional amount or against tax arising under this section.
(6)This section does not apply if a company—
(a)which was a member of one group UK REIT becomes a member of another group UK REIT, or
(b)which was a company UK REIT becomes a member of a group UK REIT.
(7)This section is subject to section 559 (demergers: company leaving group UK REIT).
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