Corporation Tax Act 2010 section 1167

Sources of income within the charge to corporation tax or income tax

Section 1167 clarifies what it means for a source of income to be "within the charge" to corporation tax or income tax, including situations where no income is currently arising.

• A source of income is within the charge to corporation tax or income tax if tax is chargeable on the income arising from it.
• A source is also within the charge even if it produces no income at present, provided tax would be chargeable if income were to arise.
• References elsewhere in the Corporation Tax Acts to a person or to income being "within the charge" to corporation tax or income tax carry the same meaning.
• The equivalent rule for income tax purposes is found in section 1009 of the Income Tax Act 2007.