Income Tax Act 2007 section 837A

Overview of Chapter

Section 837A provides an overview of the Chapter dealing with the income tax treatment of receipts received by certain types of companies that are being wound up.

• This Chapter establishes that receipts of certain types of companies in liquidation are charged to income tax
• The section acts as an introductory overview to the Chapter's provisions on taxing winding-up receipts
• Corporation tax treatment of similar receipts is dealt with separately under Chapter 6 of Part 13 of CTA 2010
• The distinction between income tax and corporation tax treatment depends on the nature of the company being wound up