Paragraph 10

United Kingdom

(1)

For the purposes of the principal section, a company is an associated company of a participator (being itself a company) making an election under that section if—

(a)

throughout that part of the relevant period in which both were in existence one was a 51 per cent. subsidary of the other and the other was not a 51 per cent. subsidary of any company; or

(b)

each of them was, throughout that part of the relevant period in which it was in existence, a 51 per cent, subsidary of a third company which was not itself a 51 per cent. subsidiary of any company.

(2)

In this paragraph “company” means any body corporate and F1Chapter 3 of Part 24 of the Corporation Tax Act 2010 (subsidiaries) applies for the purposes of this paragraph.

(3)

For the purposes of this paragraph the relevant periods ends on the date on which the election in question is made and begins—

(a)

in the case of an election relating to expenditure incurred in the first claim period of the field of origin, on the date on which any part of that field was first determined under Schedule 1 to the principal Act; and

(b)

in the case of an election relating to expenditure incurred in any other claim period of the field of origin, at the beginning of that claim period.

Annotations

Textual amendments

F1: Words in Sch. 14 para. 10(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 205 (with Sch. 2)