Corporation Tax Act 2009 section 1035

Supplementary provision for purposes of sections 1033 and 1034

Section 1035 provides supplementary rules explaining how relief under this Chapter is calculated and given, by linking back to the reduction and mechanics provisions that applied to the original relief.

• If the original relief was subject to a reduction under the rules for share acquisitions (section 1012) or share options (section 1020), that same reduction applies to the replacement relief under this Chapter.
• The reduction rules apply even if the original relief was never actually claimed, provided they would have applied had it been claimed.
• Where the original relief arose under Chapter 2 (shares acquired by an employee or other person), the mechanics of how relief is given follow the Chapter 2 method (section 1013(2) to (5)).
• Where the original relief arose under Chapter 3 (employee or other person obtains an option to acquire shares), the mechanics of how relief is given follow the Chapter 3 method (section 1021(2) to (5)).