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Electricity Act 1989
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Changes to legislation:
Electricity Act 1989, Paragraph 9 is up to date with all changes known to be in force on or before 19 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 4(1)(f) and word inserted by 2023 c. 52 s. 186(3)(b)
- s. 4(1)(ca) inserted by 2023 c. 52 s. 166(2)
- s. 4(1)(da) inserted by 2023 c. 52 s. 205(2)(b)
- s. 4(3H)(3I) inserted by 2023 c. 52 s. 186(4)
- s. 4(3CA) inserted by 2023 c. 52 s. 205(3)
- s. 4(3EA) inserted by 2023 c. 52 s. 205(5)
- s. 6(1)(g) and word inserted by 2023 c. 52 s. 186(7)(b)
- s. 6(1)(ea) inserted by 2023 c. 52 s. 205(8)(b)
- s. 6(2C) inserted by 2023 c. 52 s. 186(8)
- s. 6(2AA) inserted by 2023 c. 52 s. 205(9)
- s. 6(6E) inserted by 2023 c. 52 s. 205(10)
- s. 7(3GA) inserted by 2023 c. 52 s. 186(17)
- s. 7A(11B) inserted by 2023 c. 52 s. 186(18)
- s. 8A(1C) inserted by 2023 c. 52 s. 206(6)
- s. 10NA inserted by 2023 c. 52 s. 207(2)
- s. 11E(2)(d) and word inserted by 2013 c. 32 s. 138(5)(b)(iii)
- s. 11AA inserted by 2018 c. 14 s. 13(3)
- s. 15(2)(aa) inserted by S.I. 2019/93, Sch. 1 para. 3(2)(b) (as substituted) by S.I. 2019/1245 reg. 19 (This amendment not applied to legislation.gov.uk. The affecting statutory instrument has no legal effect. It was made under a procedure which meant that it ceased to have effect 28 days after signing unless it was debated and approved in Parliament within that time. It was not debated and approved within 28 days, so it has expired with no effect.)
- s. 25(8A) inserted by 2023 c. 52 Sch. 14 para. 7(3)
- s. 44A inserted by 1992 c. 43 s. 23
- s. 44A(6)(b)(i) words substituted by 2013 c. 22 Sch. 9 para. 52
- s. 44B(1)(a)(iiia) inserted by 2023 c. 52 Sch. 17 para. 8
- s. 56C(6)(d) and word inserted by 2013 c. 32 s. 138(5)(d)(ii)
- Sch. 5A para. 2(1A) inserted by 2018 c. 14 s. 13(4)
- Sch. 6A para. 9ZA and cross-heading inserted by 2023 c. 52 Sch. 14 para. 8
9(1)Section 400(1) of the 1988 Act (write-off of government investment: restriction of tax losses) shall not have effect by virtue of section 80(1) of this Act; but in the case of any such extinguishment (whether or not it is a case as regards which the said section 400(1) would, but for the foregoing provisions of this sub-paragraph, have effect) the Secretary of State may, with the consent of the Treasury, from time to time, direct that such amount (“amount” including nil) as is specified in the direction shall be set off against the sucessor company’s tax losses as at the end of the accounting period ending last before the date of the direction.E+W+S
(2)In any direction under sub-paragraph (1) above it may further be provided that the balance of tax losses remaining after the set off shall be aggregated with the balance of another successor company’s (or other successor companies’) tax losses remaining after a direction underr that sub-paragraph in respect of that other company (or directions in respect of those other companies) and the losses so aggregated apportioned between the companies in such manner as may be specified in the direction which makes such further provision.
(3)No direction shall be given under sub-paragraph (1) above in relation to a successor company as a time when the company has ceased to be wholly owned by the Crown.
(4)For the purpose of sub-paragraphs (1) and (2) above, a successor company’s tax losses at the end of the accounting period mentioned in the said sub-paragraph (1) are those referred to in paragraphs (a) to (e) of subsection (2) of the said section 400; and subsections (3) and (4) of that section shall have effect in relation to any set off under sub-paragraph (1) above as if—
(a)any reference to subsection (1) of that section were a reference to sub-paragraph (1) above; and
(b)the reference in subsection (4) of that section to the write-off date were a reference to the date of the direction under sub-paragraph (1) above.
(5)Subsection (6) of the said section 400 shall apply in relation to any such extinguishment as is mentioned in sub-pargaraph (1) above as if the reference to the body in question were a reference to the company whose liabilities are so extinguished.
(6)The trade carried on by a company whose liabilities are extinguished by virtue of section 80(1) of this Act shall, if the company’s tax losses are aggregated and apportioned by virtue of sub-pargaraph (2) above, be treated for the purposes of giving any relief under the Corporation Tax Acts in respect of the losses so apportioned as being, and having at all times been, the trade carried on by the successor companies to which the losses are apportioned.
(7)In this paragraph “accounting period” has the same meaning as in the 1988 Act.
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