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Corporation Tax Act 2010

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Changes over time for: Section 963

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Point in time view as at 01/04/2010.

Changes to legislation:

Corporation Tax Act 2010, Section 963 is up to date with all changes known to be in force on or before 12 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. Help about Changes to Legislation

963Power to surrender tax refundU.K.

This section has no associated Explanatory Notes

(1)This section enables a company—

(a)which is a member of a group, and

(b)to which a tax refund is due for an accounting period,

to surrender the refund (or any part of it) to another company which is a member of the same group.

(2)The surrender may be made only if—

(a)the company making the surrender (“the surrendering company”) and the company to which the surrender is made (“the recipient company”) give notice to an officer of Revenue and Customs,

(b)the surrendering company and the recipient company are members of the same group throughout the period beginning with the start of the accounting period for which the tax refund is due and ending on the date on which the notice is given, and

(c)the recipient company also has that accounting period as an accounting period.

(3)A notice under subsection (2) must—

(a)be given before the refund is made to the surrendering company,

(b)be given jointly by the surrendering company and the recipient company,

(c)specify the amount to be surrendered, and

(d)be in such form as the Commissioners for Her Majesty's Revenue and Customs may require.

(4)For the purposes of this section “tax refund”, in relation to an accounting period of a company, means—

(a)a repayment of corporation tax paid by the company for the period, or

(b)a repayment of income tax in respect of a payment received by the company in the period.

(5)For the purposes of this section two companies are members of the same group if (and only if) they would be for the purposes of Part 5 (group relief).

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