Paragraph 9 Exemption from corporation taxF1

(1)

No liability to corporation tax arises in respect of a relevant compensation payment.

(2)

The following are to be ignored for all other corporation tax purposes—

(a)

the receipt by a company of a relevant compensation payment;

(b)

the making by a company of a relevant onward payment.

(3)

This paragraph has effect—

(a)

in the case of relevant compensation payments falling within paragraph 7(1)(a), (b), (c) or (d), whenever the payments are received;

(b)

in the case of relevant compensation payments falling within paragraph 7(1)(e), where the payments are received on or after such date as is specified in the regulations concerned;

(c)

in the case of relevant onward payments that relate to paragraph 7(1)(a), (b), (c) or (d), whenever the payments are made;

(d)

in the case of relevant onward payments that relate to paragraph 7(1)(e), where the payments are made on or after such date as is specified in the regulations concerned.

(4)

The date specified in regulations as mentioned in sub-paragraph (3)(b) and (d) may be a date before the regulations are made.

Annotations

Textual amendments

F1: Sch. 15 Pt. 2 inserted (22.2.2024) by Finance Act 2024 (c. 3), s. 12(2)