{
  "url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-18/paragraph-7",
  "json_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988/schedule-18/paragraph-7.json",
  "legislation": "ukpga/1988/1",
  "legislation_title": "Income and Corporation Taxes Act 1988",
  "legislation_url": "https://openlegislation.uk/income-and-corporation-taxes-act-1988",
  "path": "schedule/18/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": null,
  "text": "(1) In this Schedule “the relevant accounting period” means (subject to sub-paragraphs (1A) to (1C) below)—\n(a) in a case falling within subsection (7) of section 413 , the accounting period current at the time in question; and\n(b) in a case falling within section 403C, the accounting period in relation to which the share in the consortium falls to be determined .\n(1A) In this Schedule “the relevant accounting period” means, in the case of a non-resident company which is not within the charge to corporation tax, the accounting period which the company would have on the following assumption.\n(1B) The assumption is that the company became resident in the United Kingdom (and, accordingly, within the charge to corporation tax) at the time when it became a 75 per cent. subsidiary as mentioned in section 402(2A).\n(1C) For the purposes of sub-paragraph (1B) above the reference to the company's being a 75 per cent. subsidiary is to its being such a subsidiary disregarding section 413(7).\n(2) For the purposes of this Schedule, a loan to a company shall be treated as a security, whether or not it is a secured loan, and, if it is a secured loan, regardless of the nature of the security.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 18 para. 7(1) inserted (with effect in accordance with Sch. 1 para. 9 of the amending Act) by Finance Act 2006 (c. 25), Sch. 1 para. 6(3)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 18 para. 7(1)(b) substituted (retrospectively) by Finance Act 2000 (c. 17), s. 100(4)(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 18 para. 7(1A)-(1C) inserted (with effect in accordance with Sch. 1 para. 9 of the amending Act) by Finance Act 2006 (c. 25), Sch. 1 para. 6(4)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "See 1990 s.32(12)(b):references to“section 413(7) to (9)”and to section 413(7)construed as references to 1990 s.31(4)where Sch.18applies to disposals of shares to employee share ownership trusts."
    },
    {
      "type": "C",
      "label": "C2",
      "text": "See 1990 s.32(12)(d). Para 7(1)(b)omitted where Sch.18applies to disposals of shares to employee share ownership trusts."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1988/1/schedule/18/paragraph/7",
    "retrieved_at": "2026-10-29T09:49:54.309394+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."
}