Corporation Tax Act 2009 section 1

Overview of Act

Section 1 provides a roadmap of the entire Corporation Tax Act 2009, describing the contents and purpose of each of its main Parts.

• Part 2 sets out the basic rules for charging corporation tax on a company's income and chargeable gains (collectively called "profits"), including how tax is assessed by reference to accounting periods, the territorial scope of the charge, and rules for determining company residence.
• The main charging provisions for different types of income are found in Parts 3 to 10, covering trading income, property income, loan relationships, derivative contracts, intangible fixed assets, know-how and patent rights, company distributions, and miscellaneous income, while Parts 5 to 8 also deal with how related deficits or losses are brought into account.
• Parts 11 to 18 provide reliefs for specific types of expenditure (such as employee share schemes, research and development, contaminated land remediation, and film production) and special rules for particular situations (including companies with investment business, partnerships, and unremittable income).
• Parts 19 to 21 contain provisions of general application, covering general exemptions, general calculation rules, and other general provisions including definitions used throughout the Act.