Part 1Introduction
1Overview of Act
1
Part 2 is about calculation of the corporation tax chargeable on a company's profits, in particular—
a
the rates at which corporation tax on profits is charged (see Chapter 2),
b
ascertaining the amount of profits to which the rates of tax are applied (see Chapter 3), and
c
the currency in which profits are to be calculated and expressed (see Chapter 4).
2
Parts 3 to 7 make provision for the following reliefs—
a
relief for companies with small profits (see Part 3),
b
relief for trade losses (see Chapters 2 and 3 of Part 4),
c
relief for losses from property businesses (see Chapter 4 of Part 4),
d
relief for losses on a disposal of shares (see Chapter 5 of Part 4),
e
relief for losses from miscellaneous transactions (see Chapter 6 of Part 4),
f
group relief (see Part 5),
g
relief for qualifying charitable donations (see Part 6), and
h
community investment tax relief (see Part 7).
3
Parts 8 to 13 make provision about special types of business and company etc, in particular—
a
oil activities (see Part 8),
b
leasing plant or machinery (see Part 9),
c
close companies (see Part 10),
d
charitable companies etc (see Part 11),
e
Real Estate Investment Trusts (see Part 12),
f
corporate beneficiaries under trusts (see Chapter 1 of Part 13),
g
open-ended investment companies, authorised unit trusts and court investment funds (see Chapter 2 of Part 13),
h
unauthorised unit trusts (see Chapter 3 of Part 13),
i
securitisation companies (see Chapter 4 of Part 13),
j
companies in liquidation or administration (see Chapter 5 of Part 13),
k
banks etc in compulsory liquidation (see Chapter 6 of Part 13),
l
co-operative housing associations and self-build societies (see Chapters 7 and 8 of Part 13), and
m
community amateur sports clubs (see Chapter 9 of Part 13).
4
Parts 14 to F321C contain provisions relating to tax avoidance, in particular with respect to—
a
change in company ownership (see Part 14),
b
transactions in securities (see Part 15),
c
factoring of income (see Part 16),
d
manufactured payments and repos (see Part 17),
e
transactions in land (see Part 18),
f
the sale and lease-back of assets (see Part 19),
g
leasing plant or machinery (see Part 20), F1...
h
other arrangements involving asset leasing (see Part 21) F4...
F2i
risk transfer schemes (see Part 21A).
k
tainted donations made to charities (see Part 21C).
5
Part 22 contains miscellaneous provisions, including provision with respect to—
a
transfers of trade without a change of ownership (see Chapter 1),
b
transfers of trade to obtain balancing allowances (see Chapter 2),
c
transfer of relief within partnerships (see Chapter 3),
d
the surrender of tax refunds within groups of companies (see Chapter 4),
e
the set off of income tax deductions against corporation tax (see Chapter 5),
f
the assessment, collection and recovery of corporation tax from UK representatives of non-UK resident companies (see Chapter 6),
g
the recovery of unpaid corporation tax due from non-UK resident companies (see Chapter 7), and
h
exemptions (see Chapter 8).
6
Part 23 contains provisions about the meaning of “distribution” and certain associated matters.
7
Part 24 contains definitions that apply for the purposes of the Corporation Tax Acts and other general provisions that have effect for the purposes of those Acts.
8
Part 25 contains provisions of general application, including definitions for the purposes of the Act.
9
For abbreviations and defined expressions used in this Act, see section 1174 and Schedule 4.