Corporation Tax Act 2009

464 Priority of this Part for corporation tax purposes

(1) The amounts which are brought into account in accordance with this Part in respect of any matter are the only amounts which may be brought into account for corporation tax purposes in respect of it.

(2) Subsection (1) is subject to any express provision to the contrary.

(3) For further provisions relating to the rule in this section, see in particular—

(a) section 445(2) (disapplication of section 444 where Schedule 28AA to ICTA applies),

(b) section 465 (exclusion of distributions except in tax avoidance cases),

(c) section 700 (relationship of Part 7 to this Part),

(d) section 400(9A) of ICTA (write-off of government investment),

(e) section 494 of ICTA (petroleum extraction activities: loan relationships),

(f) section 795(4) of ICTA (computation of income subject to foreign tax),

(g) section 811(3) of ICTA (deduction for foreign tax where no credit available),

(h) section 83(2ZA) of FA 1989 (life assurance: receipts to be taken into account), and

(i) paragraph 3(5) of Schedule 12 to F(No.2)A 1992 (banks etc in compulsory liquidation: taxation of certain receipts).

(4) See also the following sections (under which amounts prevented from being brought into account under this Part are treated as if they were so brought into account for the purposes of this section)—

(a) section 327(5) and (6) (disallowance of imported losses etc), and

(b) section 441(4) and (5) (loan relationships for unallowable purposes).