Taxation of Chargeable Gains Act 1992 section 2E

References to income tax or Income Tax Acts in case of companies

Section 2E explains how references to income tax or the Income Tax Acts within capital gains tax legislation should be interpreted when they apply to companies rather than individuals.

• Where capital gains tax legislation refers to income tax or the Income Tax Acts, companies should read these as references to corporation tax or the Corporation Tax Acts instead.
• This re-reading rule does not apply to the specific references to income tax found in section 39(2), which deals with the exclusion of expenditure by reference to tax on income.
• Where capital gains tax legislation operates by reference to matters of a particular description, only matters relating to companies (not those confined to individuals) are taken into account for corporation tax purposes.
• The term "CGT enactments" used in this section means all the enactments relating to capital gains tax.