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(1)A person is an excluded person in relation to a tax year if the person meets any of conditions A to H.
(2)Condition A is that—
(a)the person is a firm, and
(b)one or more of the persons who have been partners in the firm at any time during the basis period for the tax year was not an individual at that time.
(3)Condition B is that the person was a limited liability partnership at any time during the basis period for the tax year.
(4)Condition C is that the person is an individual who has been a Lloyd's underwriter at any time during the basis period for the tax year.
(5)Condition D is that the person has made an election under Chapter 8 (trade profits: herd basis rules) that has effect in relation to the tax year.
(6)Condition E is that the person has made a claim under [F2Chapter 16] (claim for averaging of fluctuating profits) in relation to the tax year.
(7)Condition F is that, at any time within the period of 7 years ending immediately before the basis period for the tax year, the person obtained an allowance under Part 3A of CAA 2001 (business premises renovation allowances).
(8)Condition G is that the person has carried on a mineral extraction trade at any time during the basis period for the tax year.
In this subsection “mineral extraction trade” has the same meaning as in Part 5 of CAA 2001 (see section 394(2) of that Act).
(9)Condition H is that—
(a)at any time before the beginning of the basis period for the tax year the person obtained an allowance under Part 6 of CAA 2001 (research and development allowances) in respect of qualifying expenditure incurred by the person, and
(b)the person owns an asset representing the expenditure.
In this subsection “qualifying expenditure” has the same meaning as in Part 6 of CAA 2001.
(10)The Treasury may by order amend this section.
(11)A statutory instrument containing an order under subsection (10) that restricts the circumstances in which an election may be made under section 25A may not be made unless a draft of the instrument containing the order has been laid before, and approved by a resolution of, the House of Commons.]
Textual Amendments
F1Pt. 2 Ch. 3A inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 5
F2Words in s. 31C(6) substituted (with effect in accordance with s. 25(12) of the amending Act) by Finance Act 2016 (c. 24), s. 25(8)
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