Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

UK corporation tax foreign branch exemption: transitional rules for historic permanent establishment losses (TONA), matching and streaming, anti-avoidance on connected transfers of PE businesses, including large pre-commencement losses

Published by a LexisNexis Tax expert

Practice notes

Why are special rules required to deal with historic losses?

As set out in Practice Note: UK taxation of foreign profits in a UK resident company, a company may utilise losses arising in trades carried on through its permanent establishments (PEs) to lessen UK tax on profits in certain circumstances.

However, where a UK company:

incurs losses in another jurisdiction, and
secures relief in that jurisdiction for those losses (for example, relief in a later year, comparable to the UK carry forward of losses)

in the year the relief is taken, the UK credit for foreign tax would be reduced (and so the amount of UK corporation tax would increase) because the credit is computed only by reference to the profits on which foreign tax is actually suffered (see Practice Note: Effect and limits of credit relief). In this way, under the default tax-with-credit system, the UK in effect claws back the advantage of the overseas loss...

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Jisun Choi

Skadden

Jisun Choi advises a wide range of clients, including multinational corporations in various industries, private equity funds and financial institutions, on international and U.K. corporate tax matters, with a particular transactional focus on mergers and acquisitions and group restructurings, as well as associated financings.Ms. Choi’s practice involves structuring and advising on the tax aspects of:• private and public acquisitions and disposals of businesses, including management buyouts, sales of businesses in administration and auction sales• international group holding structures, including on joint ventures, the use of the U.K. as a holding company jurisdiction, and investment and asset management structures• group reorganisations and restructurings, including de-mergers of businesses and post-acquisition integration planning• capital market transactions, including initial and secondary listings of equity and debt instruments, and return of value to shareholders• banking and derivative transactions, including bank credit facilities and private placement arrangementsIn addition, Ms. Choi has...

Web page updated on 22/05/2026

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