Corporation Tax Act 2010 section 97

Introduction to Part

Section 97 introduces the concept of "group relief" and sets out the structure of the Part, which allows companies within groups or consortiums to surrender losses and other amounts so that other companies in the group or consortium can claim corporation tax relief.

• Group relief allows a company to surrender losses and other amounts to other companies within its group or consortium for corporation tax relief purposes
• UK companies within the charge to corporation tax, and non-UK resident companies resident or trading in the European Economic Area, may surrender losses and other amounts
• The Part covers how to claim group relief, how it is given, limitations on claims, key definitions such as group membership and consortium ownership, and rules on equity holdings and profit distributions
• Detailed procedural rules for making group relief claims, including provisions for correcting excessive relief, are found in Part 8 of Schedule 18 to the Finance Act 1998