Part 2Charge to corporation tax: basic provisions

Chapter 1The charge to corporation tax

Charge to tax on profits

3Exclusion of charge to income tax

(1)

The provisions of the Income Tax Acts relating to the charge to income tax do not apply to income of a company if—

(a)

the company is UK resident, or

F1(b)

the company is not UK resident F2and it is chargeable to corporation tax in respect of the income, or would be so chargeable but F3is not as a result of—

(i)

an exemption, or

(ii)

the application of sections 1142 to 1144 of CTA 2010 (circumstances in which a company is not regarded as having a permanent establishment).

(2)

Subsection (1) does not apply to income accruing to a company in a fiduciary or representative capacity.