{
  "url": "https://openlegislation.uk/corporation-tax-act-2009/section-1042M",
  "json_url": "https://openlegislation.uk/corporation-tax-act-2009/section-1042M.json",
  "legislation": "ukpga/2009/4",
  "legislation_title": "Corporation Tax Act 2009",
  "legislation_url": "https://openlegislation.uk/corporation-tax-act-2009",
  "path": "section/1042M",
  "kind": "section",
  "number": "1042M",
  "heading": "Priority of discharge",
  "text": "(1) An amount within subsection (2) is to be applied as described in that subsection before any amount within subsection (3) is applied as described in that subsection.\n(2) An amount is within this subsection if it is to be applied under—\n(a) section 1042L(3), or\n(b) section 1042N(3) as it applies in relation to an amount surrendered under section 1042L(2),\nin discharging the liability of a company to pay corporation tax for an accounting period.\n(3) An amount is within this subsection if it is to be (or would but for subsection (1) be) applied under—\n(a) step 4 in section 1042I, or\n(b) section 1042N(3) as it applies in relation to an amount surrendered under step 5 in section 1042I,\nin discharging the same liability as an amount within subsection (2).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Pt. 13 Ch. 1A inserted (with effect in relation to accounting periods beginning on or after 1.4.2024) by Finance Act 2024 (c. 3), Sch. 1 paras. 5, 16 (with Sch. 1 para. 18); S.I. 2024/286, reg. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/4/section/1042M",
    "retrieved_at": "2026-10-29T09:11:19.560467+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}