Corporation Tax Act 2010 section 626

Meaning of "final year", "penultimate year" etc

Section 626 defines key terms used in the chapter dealing with the taxation of companies that are being wound up or are in administration.

• The "final year" is the financial year in which a company's winding up is completed or, for a company in administration, in which the dissolution event occurs.
• The "penultimate year" is the last financial year immediately before the company's final year, whether the company is being wound up or is in administration.
• A "dissolution event" for a company in administration means the administrator sending a notice under paragraph 84(1) of Schedule B1 to the Insolvency Act 1986, moving the company from administration to dissolution, or any equivalent act if the company entered administration under different legislation.
• "Profits" means income and chargeable gains, unless the context requires a different interpretation.