MEMBER FIRM OF
United Kingdom April 26 2010
The Corporation Tax Act 2010 came into force on 1 April 2010. The new Act is part of the Tax Law Rewrite project aimed at making UK tax law clearer and easier to use. Apart from the major rewrite of a signifi cant proportion of UK corporation tax law, the CTA 2010 rewrites some common tax defi nitions often seen in commercial contracts. These include the defi nition of “control” which is commonly used in change of control clauses. The old defi nitions in sections 416 and 840 of ICTA 1988 have been re-enacted as sections 450, 451 and 1124 of CTA 2010. There is no substantive change to the defi nitions but for future contracts the new references should be adopted and precedents reviewed and brought up to date where appropriate.