Corporation Tax Act 2009 section 773

Supplementary provisions

Section 773 provides supplementary rules for determining group relationships for the purposes of the intangible fixed assets regime, covering registered societies and certain statutory public ownership bodies.

• Any share capital of a registered society (such as a co-operative) is treated as ordinary share capital when determining whether it is a 75% subsidiary for group purposes.
• This ensures that registered societies can be brought within group structures under the intangible fixed assets rules, even though their share capital may not technically be ordinary share capital.
• Certain statutory bodies set up to run industries under public ownership — such as those created under the Transport Acts of 1962 and 1968 — can be treated as companies for the purpose of testing whether their subsidiaries form a group with them.
• These supplementary rules extend the reach of the group intangible fixed assets provisions to entities that might otherwise fall outside the standard company and group definitions.