Corporation Tax Act 2009 section 977

Charge to tax on annual payments not otherwise charged

Section 977 brings within the corporation tax charge any annual payments received by a company that are not already taxed under another part of the Corporation Tax Acts.

• Annual payments not already subject to corporation tax under other provisions are brought into the charge to corporation tax on income by this section
• Payments that are specifically exempt from corporation tax under other provisions remain exempt and are not caught by this charging rule
• How often payments are made — whether monthly, quarterly, annually, or at any other interval — does not affect whether they count as "annual payments" for these purposes
• The section acts as a sweeper provision, ensuring that annual payments do not escape the tax net simply because no other specific charging rule applies to them