Introduction Summary
5.The main purpose of the Corporation Tax Act is to rewrite primary corporation tax legislation so that it is clearer and easier to use but without changing its general effect.
6.This Act contains provisions which affect the calculation of liability such as losses and group relief. It also contains provisions dealing with distributions, avoidance and particular types of companies and activities.
7.The Act reproduces the law on which it is based. It does not generally change the meaning of the law. The minor changes which it does make are within the remit of the Tax Law Rewrite project and the Parliamentary process for the Act. In the main, such minor changes are intended to clarify existing provisions, make them consistent or bring the law into line with well established practice.