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Associated legal terms

Advance corporation tax

An advance payment of corporation tax made by a company between 1973 and 1999 when it made dividend payments (or any other qualifying distributions) to its shareholders.

Degrouping charge

A degrouping charge currently arises where shares in a subsidiary company are sold whilst that company owns a chargeable asset which it acquired by way of an intra-group transfer in the previous six years; where this is the case, the subsidiary leaving the group crystallises a degrouping charge based on the gain that would have arisen had it sold the asset and reacquired it at market value immediately after the original intra-group transfer.

Major interest

A major interest is a freehold or leasehold estate. A major interest for these purposes does not include a lease with a term of seven years or less. At Budget 2018, the government amended the definition of major interest to confirm that a major interest includes an undivided share in a major interest in a dwelling. This has effect from 29 October 2018, although HMRC is of the view that the legislation as drafted before this amendment enabled them to tax all purchases of undivided shares in land.
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