http://www.legislation.gov.uk/ukpga/2010/4/section/533Corporation Tax Act 2010An Act to restate, with minor changes, certain enactments relating to corporation tax and certain enactments relating to company distributions; and for connected purposes.texttext/xmlenStatute Law Database2026-04-16Expert Participation2026-03-18 Corporation Tax Act 2010s. 658(1)(d)(e)Finance Act 2010Sch. 6 para. 31Sch. 6 para. 35Corporation Tax Act 2010s. 357CHAFinance Act 2024Sch. 2 para. 14(7)Sch. 2 para. 16(2) Part 12Chapter 25331A financial statement under section 532(2)(a) or (c) must specify, in relation to ... the group—aprofits (calculated in accordance with international accounting standards),bexpenses (calculated in accordance with international accounting standards),cprofits before tax excluding gains or losses on property (whether realised or not) calculated in accordance with international accounting standards, ...cathe items specified in section 531(4)(b) to (d), anddassets , including assets within subsection (1ZA), valued—iat the beginning of the accounting period,iiin accordance with international accounting standards,iiiusing fair value where there is a choice, andivignoring liabilities secured against or otherwise relating to the assets.1ZAAssets are within this subsection if they are held solely—ain connection with the items mentioned in section 531(4)(b) and (c), orbas a result of compliance with planning obligations entered into as mentioned in section 531(4)(d).1AThe profits and gains of the UK property rental business of a non-UK member of the group are to be treated as if they were profits and gains of a UK resident member of the group for the purposes of a financial statement under section 532(2)(a).1BSubsection (1C) applies where in the accounting period for which statements are prepared under section 532(2) profits of the group’s property rental business are less than 80% of the sum of—athe profits of property rental business of the group, andbthe profits of residual business of the group.1CIn addition to being specified in relation to the group, the matters mentioned in subsection (1)(a) to (ca) must be specified in a financial statement under section 532(2)(a) or (c) in relation to each member of the group.1DFor the purposes of establishing whether subsection (1C) applies—athe references to profits in subsection (1B) are to profits determined in the same way as profits are determined in accordance with section 531(4);bany expenses relating to both property rental business and residual business are to be apportioned on a just and reasonable basis.1EWhere the effect of subsections (1B) and (1C) is that there is no requirement to specify in a financial statement for an accounting period under section 532(2)(a) or (c) the matters mentioned in subsection (1)(a) to (ca) in relation to each member of a group, it is to be assumed that the group meets condition A in section 531(1) in relation to that accounting period.1FSubsection (1G) applies where, at the beginning of the accounting period for which statements are prepared under section 532(2), the sum of—athe value of the assets relating to property rental business, andbthe value of the assets relating to residual business so far as consisting of cash or relevant UK REIT shares,is less than 80% of the total value of assets held by the group.1GIn addition to being specified in relation to the group, the matters mentioned in subsection (1)(d) must be specified in a financial statement under section 532(2)(a) or (c) in relation to each member of the group.1HFor the purposes of establishing whether subsection (1G) applies, references to assets in subsection (1F) are to the assets excluding—aassets held solely in connection with the items mentioned in section 531(4)(b) and (c), andbassets held solely as a result of compliance with planning obligations entered into as mentioned in section 531(4)(d).1IWhere the effect of subsections (1F) and (1G) is that there is no requirement to specify in a financial statement for an accounting period under section 532(2)(a) or (c) the matters mentioned in subsection (1)(d) in relation to each member of a group, it is to be assumed that the group meets condition B in section 531(5) in relation to that accounting period.2A financial statement under section 532(2)(b) must specify profits (calculated in accordance with section 599) for each member of the group.3If a non-member of the group holds a percentage of the beneficial interest in a member of the group (other than the principal company), the financial statements under section 532(2) must exclude that percentage of profits, expenses, gains, losses, assets and liabilities of the member.4Percentages of beneficial interest for the purposes of subsection (3) are to be determined by reference to beneficial entitlement to profits available for distribution to equity holders.5The Commissioners for Her Majesty's Revenue and Customs may by regulations—amake further provision relating to the content of a financial statement under section 532,bprescribe the form of a financial statement, andcspecify a time before which a financial statement must be submitted to an officer of Revenue and Customs.6Regulations under subsection (5)(a) may in particular—apermit or require apportionment or otherwise prescribe or refer to accounting practice;bprovide for the inclusion or exclusion of specified profits, expenses, gains, losses, assets and liabilities;cmake provision about the treatment of an interest in a business held by a member.S. 533(1A) inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 114S. 533(1ZA) inserted (1.4.2022 in relation to accounting periods (within the meaning of Part 12 of CTA 2010) that begin on or after that date) by Finance Act 2022 (c. 3), Sch. 3 paras. 3(2)(b), 6(1)S. 533(1B)-(1I) inserted (1.4.2022 in relation to accounting periods (within the meaning of Part 12 of CTA 2010) that begin on or after that date) by Finance Act 2022 (c. 3), Sch. 3 paras. 3(2)(c), 6(1)Words in s. 533(1) omitted (1.4.2022 in relation to accounting periods (within the meaning of Part 12 of CTA 2010) that begin on or after that date) by virtue of Finance Act 2022 (c. 3), Sch. 3 paras. 3(2)(a)(i), 6(1)Word in s. 533(1) omitted (1.4.2022 in relation to accounting periods (within the meaning of Part 12 of CTA 2010) that begin on or after that date) by virtue of Finance Act 2022 (c. 3), Sch. 3 paras. 3(2)(a)(ii), 6(1)S. 533(1)(ca) inserted (1.4.2022 in relation to accounting periods (within the meaning of Part 12 of CTA 2010) that begin on or after that date) by Finance Act 2022 (c. 3), Sch. 3 paras. 3(2)(a)(iii), 6(1)Words in s. 533(1)(d) inserted (1.4.2022 in relation to accounting periods (within the meaning of Part 12 of CTA 2010) that begin on or after that date) by Finance Act 2022 (c. 3), Sch. 3 paras. 3(2)(a)(iv), 6(1)