Corporation Tax Act 2009 section 793

Further requirements about elections under section 792

Section 793 sets out the eligibility conditions, restrictions, and procedural requirements for making an election to reallocate a tax charge on intangible fixed assets within a group of companies.

• Company B (the company to which the charge is reallocated) must have a qualifying UK tax presence at the relevant time — either UK resident, trading through a UK permanent establishment, dealing in or developing UK land, or carrying on a UK property business
• Company B must not be shielded from corporation tax on the relevant income or gains by a double taxation treaty
• The election cannot be made if Company B is an incorporated friendly society qualifying for tax exemption or a dual resident investing company
• The election must be submitted in writing to HMRC no later than two years after the end of Company A's accounting period in which the relevant time falls