Corporation Tax Act 2010 section 442

Particular types of company

Section 442 identifies three types of company that are automatically excluded from being treated as close companies for corporation tax purposes.

• Non-UK resident companies cannot be treated as close companies
• Registered societies (such as co-operatives and community benefit societies) are excluded from close company status
• Building societies are also excluded from close company status
• This is the first of several provisions that carve out specific categories of company from the close company rules