Corporation Tax Act 2010 section 622A

Power to make provision about treatment of transactions

Section 622A gives the Treasury the power to make regulations that treat certain types of investment trust transactions as non-trading transactions for corporation tax purposes.

• The Treasury can make regulations specifying that certain investment trust transactions are treated as non-trading for corporation tax purposes
• Regulations may vary according to different circumstances and may include supplementary or transitional provisions
• The first set of regulations requires prior approval by the House of Commons before it can be made
• Any subsequent regulations are subject to annulment by a resolution of the House of Commons