The Secretary of State1 may direct a principal council2 which controls an airport to form a company to operate the airport as a commercial undertaking3, if the annual turnover4 of that airport exceeds £1 million for at least two of the last three financial years prior to the direction5. Where such a company has been formed, the principal council must prepare a scheme providing for the transfer to the company of any property, rights or liabilities which it appears to the council to be appropriate to transfer to that company, and must submit the scheme to the Secretary of
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Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to the gains and losses of intangible fixed assets. Note, however, that certain intangible fixed assets are excluded from the regime, see Practice Note: Excluded intangible fixed
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