Introduction Overview Section 821: Company chargeable
2442.This section is based on section 776(3) and (8) of ICTA. It is very similar to section 759 of ITA.
2443.Subsection (1) lays down the general rule for determining the company chargeable to corporation tax under this Chapter. Subsections (3) and (5)make exceptions to this general rule.
2444.Subsection (4) backs up subsection (3). But there is no equivalent of subsection (4) to back up subsection (5), because none is needed. This is a change in the law but not in practice. See Change 52 in Annex 1.
2445.As a separate matter, there is no equivalent in this section of section 759(8) of ITA, because there is no corporation tax equivalent of section 1015 of that Act, to which section 759(8) of that Act refers.
2446.The table below summarises the territorial scope of the corporation tax legislation on transactions in land.
2447.This section and section 819 are drafted on this basis.