Corporation Tax Act 2010 section 215

Calculation of relievable amount etc where joint disposal of interest in land

Section 215 sets out how to calculate the relievable amount and the amount of corporation tax relief available to a qualifying company when jointly held land is disposed of to charity.

• Where joint owners include an individual, the relievable amount is calculated using the income tax rules in Chapter 3 of Part 8 of ITA 2007, and each qualifying company's share of relief is determined by an agreement between the owners under section 442(5) of ITA 2007.
• Where all owners are companies, the relievable amount is calculated as if they were a single qualifying company making one disposal of the entire interest in the land.
• If any of the corporate owners is not a qualifying company, just and reasonable adjustments must be made to reduce the relievable amount to exclude the non-qualifying owner's share.
• Where all owners are companies, the share of relief given to each qualifying company is determined by an agreement made between those owners that are qualifying companies.