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Finance (No. 2) Act 1987
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Changes over time for: Paragraph 4
Version Superseded: 06/04/1992
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- 01/02/1991- Amendment
- 01/02/1991
Point in time - 06/04/1992- Amendment
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4(1)Section 278 of the Taxes Act (company ceasing to be member of a group) shall be amended as follows.
(2)In subsection (3) at the beginning of the words following paragraph (b) there shall be inserted “then, subject to subsection (3A) below”, and after that subsection there shall be inserted the following subsection—
“(3A)Any chargeable gain or allowable loss which, apart from this subsection, would accrue to the chargeable company on the sale referred to in subsection (3) above shall be treated as accruing to the chargeable company as follows—
(a)for the purposes for which the assumptions in section [F1409(2) of the Taxes Act 1988] apply, it shall be assumed to accrue in the notional or actual accounting period which ends when the company ceases to be a member of the group; and
(b)subject to paragraph (a) above, it shall be treated as accruing immediately before the company ceases to be a member of the group.”
(3)In subsection (5)—
(a)the words “of the”, in the first place where they occur, shall be omitted;
(b)for the words “the date when it becomes payable” there shall be substituted “the date determined under subsection (5A) below”;
(c)for the words “the time when the tax became payable” there shall be substituted “the said date”; and
(d)for the words “a sum” onwards there shall be substituted “from the chargeable company a sum equal to that amount together with any interest paid by the company concerned under section 87A of the Taxes Management Act 1970 on that amount”.
(4)After subsection (5) there shall be inserted the following subsection—
“(5A)The date referred to in subsection (5) above is whichever is the later of—
(a)the date when the tax becomes due and payable by the company; and
(b)the date when the assessment was made on the chargeable company.”
(5)In subsection (6) the words from the beginning to “group, and” shall be omitted.
(6)This paragraph has effect where the accounting period in which the chargeable company ceases to be a member of the group ends after the appointed day.
Textual Amendments
F1Income and Corporation Taxes Act 1988, Sch. 29 para. 32
Modifications etc. (not altering text)
C1As provided for in section 95. And see Finance Act 1989, s. 138(7) for application of appointed day to the coming into effect of Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 278(3E)—company ceasing to be a member of a group.
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