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Foundations for the LPC 2020-2021

Foundations for the LPC 2020-2021 (24th edn)

Clare Firth, Elizabeth Smart, Lucy Crompton, Helen Fox, Frances Seabridge, Susan Wigglesworth, and Jennifer Seymour
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date: 04 October 2022

p. 1258. Corporation taxlocked

p. 1258. Corporation taxlocked

  • Jennifer Seymour, Jennifer SeymourTeaching Associate in Legal Practice, University of Sheffield
  • Clare Firth, Clare FirthSenior Lecturer in Legal Practice, University of Sheffield
  • Lucy Crompton, Lucy CromptonFreelance Legal Academic
  • Helen Fox,
  • Frances Seabridge, Frances SeabridgeTeaching Fellow in Law at Aston University
  • Susan Wigglesworth
  •  and Elizabeth SmartElizabeth SmartHead of Law, Sheffield Hallam University


All companies incorporated in the UK which actively carry on business are liable to pay corporation tax (CT) on their taxable profits. This chapter considers the charge to CT with particular focus on calculating chargeable income profits and allowable deductions; the treatment of company capital gains and capital losses; trading loss relief; capital allowances; and close companies.

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