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HMRC internal manual

Company Taxation Manual

Residence: dual resident companies: legislation

CTA10/S109 sets out what is meant by dual residence and defines the scope of the restriction and type of dual resident company (dual resident investing company) caught by the legislation. With effect from 1 April 1987, no loss or other amount is available for set-off if the company which would have been the surrendering company is a dual resident investing company. CTM34505 lists provisions that deny access to certain other types of reliefs in dealings involving dual resident companies. This is to prevent a dual resident company obtaining double relief for its losses by some other means.

The term dual resident investing company is no longer used in CTA10. However it is retained in TIOPA10 in the context of debt cap and defined at TIOPA10/S275A by reference to CTA10/S109. It is used in this guidance.