[F1496Parties to capital market arrangementsU.K.
(1)The Commissioners may make regulations entitling—
(a)a UK group company which has a liability to corporation tax as a result of this Part and which is a party to a capital market arrangement, and
(b)another UK group company,
to make a joint election transferring the liability to the other UK group company.
(2)The regulations may include provision—
(a)specifying other conditions that must be met for an election to be made,
(b)requiring an election to be made on or before a particular time (for example, before the accounting period for which the liability arises),
(c)authorising or requiring an officer of Revenue and Customs (on the exercise of a discretion or otherwise) to accept or reject an election,
(d)authorising or requiring an officer of Revenue and Customs (on the exercise of a discretion or otherwise) to revoke an election previously in force and dealing with the effect of the revocation, and
(e)dealing with the effect of the transfer of the corporation tax liability on any other liabilities that relate to the transferred corporation tax liability.
(3)In this section “capital market arrangement” has the same meaning as in section 72B(1) of the Insolvency Act 1986 (see paragraph 1 of Schedule 2A to that Act).]
Textual Amendments
F1Pt. 10: the existing Pt. 10 renumbered as Pt. 11 (except for ss. 375, 376 which are repealed), the existing ss. 372-374, 377-382 renumbered as ss. 499-507 and a new Pt. 10 (ss. 372-498) inserted (with effect in accordance with Sch. 5 para. 25(1)-(3) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 1, 10(1)(2)(a)(3) (with Sch. 5 paras. 27, 32-34)