Corporation Tax Act 2010 section 732

Meaning of "corporation tax advantage"

Section 732 defines what constitutes a "corporation tax advantage" for the purposes of Part 15 of the Act, which deals with transactions in securities.

• A corporation tax advantage includes obtaining relief, increased relief, repayment or increased repayment of corporation tax
• It also covers avoiding or reducing a charge to corporation tax or an assessment to corporation tax
• Avoiding even a possible assessment to corporation tax counts as a corporation tax advantage
• The method by which the avoidance or reduction is achieved is irrelevant — whether through receiving income in a non-taxable way or through deductions in computing profits