Corporation Tax: introduction: application of IT exemptions
Provisions of the IT Acts which gave exemption from IT had, prior to Tax Law Rewrite, the same effect for CT, provided this was consistent with the CT Acts. So a company which was exempt from IT on its income because it is a charity was also exempt from CT on its income.
Tax Law Rewrite introduced a different approach, treating corporation tax as a separate code. Income tax principles are no longer applied for CT purposes. There are specific provisions which link a company’s income from holding an office to ITEPA03 provisions (CTA09/S969 (4)).