Corporation Tax Act 2010 section 103

Meaning of "management expenses"

Section 103 defines which management expenses of an investment company qualify for surrender as group relief, and specifies certain amounts that are excluded from that definition.

• Management expenses eligible for group relief are those deductible for the surrender period under the rules for companies with investment business in section 1219 of CTA 2009.
• Management expenses carried forward from an earlier period under section 1223 of CTA 2009 are excluded and cannot be surrendered as group relief.
• Amounts treated as deductible management expenses because a company with investment business ceased carrying on a UK property business (under section 63 of CTA 2010) are also excluded.
• Only current-period management expenses — not brought-forward amounts from prior periods — are available for surrender to fellow group companies.