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The Corporation Tax (Treatment of Unrelieved Surplus Advance Corporation Tax) Regulations 1999
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- UK Statutory Instruments
- 1999 No. 358
- Regulation 17
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Restriction on application of regulation 15 on change of ownership of company
17.—(1) This regulation applies where–
(a)there is a change in the ownership of a company (“the relevant company”),
(b)there is an amount of unrelieved surplus ACT which the relevant company, as a subsidiary company, is treated as having paid by virtue of section 240(2), and
(c)within the period of six years beginning three years before the change, there is a major change in the nature or conduct of a trade or business of the company which is for the purposes of regulation 15 the surrendering company in relation to that amount.
(2) The amount of unrelieved surplus ACT referred to in paragraph (1)(b) shall not be set off in accordance with regulation 14 against the relevant company’s liability to corporation tax on profits charged to corporation tax for an accounting period ending after the change of ownership; and for this purpose an accounting period in which the change of ownership occurs shall be treated as if the part ending with the change of ownership, and the part after, were two separate accounting periods.
(3) Paragraphs (5) to (7) of regulation 16 shall apply for the purposes of this regulation as they apply for the purposes of that regulation and as if the reference in paragraph (6) of regulation 16 to the period of three years mentioned in paragraph (1) of that regulation were a reference to the period mentioned in paragraph (1)(c) of this regulation.
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