What does section 1095 of the Corporation Tax Act 2009 do?

Section 1095 establishes the formal procedural requirements that a company must follow when making an election under section 1092 of the Corporation Tax Act 2009. It ensures there is a clear and defined process for electing a specific tax treatment. The provision originates from paragraph 15 of Schedule 13 to the Finance Act 2002.

What happens if a company does not follow the procedure in section 1095?

If a company fails to follow the correct procedural requirements specified in section 1095 when making an election under section 1092, the election will not be valid. This means the intended tax treatment will not apply, and the default tax treatment will govern the company's position instead.

Where does section 1095 of the Corporation Tax Act 2009 originate from?

Section 1095 is derived from paragraph 15 of Schedule 13 to the Finance Act 2002. It was carried forward into the Corporation Tax Act 2009 as part of the United Kingdom tax law rewrite programme and was subsequently amended by the Finance Act 2012 through Schedule 3, paragraph 26.

How must a company make an election under section 1092?

A company wishing to elect for the tax treatment available under section 1092 must submit the election in the prescribed manner and within any applicable time limits as set out in section 1095. Simply assuming the treatment applies without making a formal compliant election is insufficient for the election to be effective.

Corporation Tax Act 2009 section 1095

Elections under section 1092

Section 1095 sets out the procedural requirements for making an election under section 1092, which allows companies to elect for a particular tax treatment.

An election under section 1092 must follow specific procedural rules set out in this section.
The section is derived from paragraph 15 of Schedule 13 to the Finance Act 2002.
It was subsequently amended by the Finance Act 2012 (Schedule 3, paragraph 26).
Companies wishing to make such an election must ensure they comply with the prescribed procedure to ensure the election is valid.

Access full legislation.And much more.

By becoming a member, your team gets full access to Tax World research tools and source-backed tax resources.

Become a member