Corporation Tax Act 2010 section 1

Overview of Act

Section 1 provides a high-level roadmap of the entire Corporation Tax Act 2010, summarising what each Part of the Act covers.

• Part 2 deals with calculating corporation tax on profits, including applicable tax rates, how to ascertain taxable profits, and the currency in which profits must be expressed.
• Parts 3A to 7 set out a wide range of reliefs — including relief for companies with small profits, trade losses, property losses, share disposal losses, group relief, carried-forward loss relief, charitable donations, grassroots sport expenditure, and community investment tax relief — while Part 7ZA restricts certain deductions from taxable profits.
• Parts 7A to 13 contain special rules for particular types of business and company, such as banking companies, oil activities, patent exploitation profits, Northern Ireland rate trading profits, close companies, charities, Real Estate Investment Trusts, securitisation companies, and community amateur sports clubs.
• Parts 14 to 25 address anti-avoidance provisions (including rules on changes of ownership, transactions in securities, sale and lease-back, and tainted charitable donations), miscellaneous matters (such as trade transfers, partnership relief, and recovery of tax from non-UK resident companies), the meaning of "distribution", and general definitions used throughout the Corporation Tax Acts.