Corporation Tax Act 2010 section 747

Timing of assessments in section 738 cases

Section 747 establishes when corporation tax assessments must be made where a company has gained or could gain a corporation tax advantage through receiving assets of a relevant company when share capital is repaid.

• This section applies where a company is liable to counteraction of a corporation tax advantage arising from the receipt of assets of a relevant company when share capital is repaid.
• Any corporation tax assessment issued under a counteraction notice must relate to the accounting period in which the share capital repayment takes place.
• Repayment of share capital includes any distribution made in respect of shares during a winding up or dissolution of the company.
• The term "shares" is broadly defined to include stock and any other interest that a member holds in a company.