The Corporation Tax Act 2010 (c. 4) is an act of the Parliament of the United Kingdom that received royal assent on 3 March 2010.
It was first presented (first reading) in the House of Commons on 19 November 2009 and received its third reading on 4 February 2010. It was first read in the House of Lords on 4 February 2010 and received its second and third readings on 2 March 2010.
Provisions Section 1 of the act gives a summary of the contents of the act, and the changes it made, primarily to the Income and Corporation Taxes Act 1988.
The act consolidated legislation concerning corporation tax.
The act allows for the cash paid to shareholders to reaquire their shares to be treated as capital rather than income under certain conditions, which allows for this to be taxed as capital gains.
An individual is considered to be connected to a company if together with those connected to the individual, the individual controls the company.
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