Corporation Tax Act 2010 section 308

Qualifying companies

Section 308 defines which companies are treated as "qualifying companies" for the purposes of the supplementary charge rules in this Chapter.

• The Chapter applies to companies that carry on a ring fence trade (broadly, UK and UK continental shelf oil and gas extraction activities).
• It also applies to companies that are not yet trading but are engaged in activities with a view to carrying on a ring fence trade.
• Any company falling into either category is referred to throughout the Chapter as a "qualifying company".
• The definition is deliberately wide, capturing both active traders and those at the pre-trading or exploration stage.