Corporation Tax Act 2009 section 86

Meaning of "urban regeneration company"

Section 86 defines what qualifies as an "urban regeneration company" for the purposes of the tax deduction available under section 82 for contributions made to such bodies.

• An urban regeneration company is any body of persons formally designated as such by a Treasury order, specifically for the purposes of the section 82 deduction for contributions.
• To be designated, the body's sole or main function must be to co-ordinate the regeneration of a specific urban area in the United Kingdom, by creating a development plan for that area and seeking to ensure the plan is carried out.
• The body must also be expected to work together with some or all of the local or other public authorities that exercise functions in relation to the whole or part of the relevant urban area.
• A Treasury designation order may be backdated, but only by up to three months before the date on which the order is made.