Section 165 Exemption for dormant companies

(1)

Section 147(3) and (5) do not apply in calculating for any chargeable period the profits and losses of a potentially advantaged person if that person is a company which meets the condition in subsection (2).

(2)

The condition is that—

(a)

the company was dormant throughout the pre-qualifying period, and

(b)

apart from section 147, the company has continued to be dormant at all times since the end of the pre-qualifying period.

(3)

In subsection (2) “the pre-qualifying period” means—

(a)

if there is an accounting period of the company that ends on 31 March 2004, that accounting period, or

(b)

if there is no such accounting period, the period of 3 months ending with that date.

(4)

In this section “dormant” has the meaning given by section 1169 of the Companies Act 2006.

Notes on Part 4

Modifications

C1: Pt. 4 excluded by 2010 c. 4, s. 938N (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 5 para. 2)
C2: Pt. 4 excluded (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 6(2); S.I. 2011/2329, art. 3
C3: Pt. 4 excluded (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 3(2); S.I. 2011/2576, art. 5
C4: Pt. 4 excluded (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 129(11) (with s. 147, Sch. 17)

Notes on Chapter 3

Modifications

C1: Pt. 4 Chs. 1 and 3-6 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 9 paras. 3, 4