(1)The charge to corporation tax on income applies to income that is not otherwise within the application of that charge under the Corporation Tax Acts.
(2)Subsection (1) does not apply to—
(a)annual payments,
(b)income in respect of which no liability to corporation tax arises because of an exemption, or
(c)deemed income.
(1)No liability to corporation tax arises under this Chapter in respect of income arising from the commercial occupation of woodlands in the United Kingdom.
(2)For this purpose the occupation of woodlands is commercial if the woodlands are managed—
(a)on a commercial basis, and
(b)with a view to the realisation of profits.
(1)No liability to corporation tax arises under this Chapter in respect of a gain arising to a company in the course of dealing in—
(a)financial futures,
(b)traded options, or
(c)financial options.
(2)The reference in subsection (1) to a gain arising in the course of dealing in financial futures includes a gain regarded as so arising under section 143(3) of TCGA 1992 (gains arising from transactions otherwise than in the course of dealing on a recognised futures exchange, involving authorised persons).
(3)In this section—
“financial futures” means financial futures which are for the time being dealt in on a recognised futures exchange,
“financial option” has the meaning given by section 144(8)(c) of TCGA 1992,
“recognised futures exchange” means the London International Financial Futures Exchange and any other futures exchange which is for the time being designated for the purposes of that Act by order made by the Commissioners for Her Majesty's Revenue and Customs under section 288(6) of that Act, and
“traded option” has the meaning given by section 144(8)(b) of that Act.