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23 August 2011
No possibility of using ‘not carried on a business’ argument?
We have just encountered in practice the problems with CTA 2010, s 26 discussed in the article Cold comfort for corporates.
I am not sure we understand David Jeffery’s comment that the small profit rate can still be claimed even if the conditions in s 26 are not fully met: CTA 2010, s 25(6)(a) states that subsection (3) is subject to s 26.
Doesn’t this mean there is no possibility of using the ‘not carried on a business’ argument? If there is a legitimate way around this we would be very pleased to know.
Marion
