Corporation Tax Act 2010 Explanatory Notes

Corporation Tax Act 2010

2010 CHAPTER 4

Introduction

Part 5: Group relief

Chapter 6: Equity holders and profits or assets available for distribution
Section 168: Meaning of “the relevant accounting period”

678.This section defines some expressions. It is based on paragraph 7 of Schedule 18 to ICTA.

679.The “relevant accounting period” is used for the calculation of a company’s entitlement to profits or assets. Such a calculation is used to determine whether or nota company:

  • is a member of a group; or

  • is owned by a consortium.

680.Subsections (2) and (3) explain how to make the calculations in the cases of non-UK resident companies.

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