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Finance Act 2006
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- 19/07/2006- Amendment
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Valid from 19/07/2006
1(1)Section 402 of ICTA (surrender of relief between members of groups and consortia) is amended as follows.U.K.
(2)In subsection (1) (availability of relief) for the words from the beginning to “set out” substitute—
“(1)Subject to and in accordance with this Chapter and section 492(8)—
(a)relief for trading losses and other amounts eligible for relief from corporation tax, or
(b)losses and other amounts not eligible for relief from corporation tax,
may, in the cases set out”.
(3)For subsection (2) (group claims) substitute—
“(2)In respect of amounts falling within subsection (1)(a) above, group relief shall be available in a case where—
(a)the surrendering company and the claimant company are both members of the same group,
(b)the surrendering company is resident in the United Kingdom or is not so resident but carries on a trade there through a permanent establishment, and
(c)the claimant company is resident in the United Kingdom or is not so resident but carries on a trade there through a permanent establishment,
and, in respect of amounts falling within subsection (1)(b) above, group relief shall be available in a case where the condition in subsection (2A) below is satisfied.
A claim made by virtue of this subsection is referred to as a “group claim”.
(2A)The condition in this subsection is satisfied if the surrendering company is within the charge to tax under the law of any EEA territory and—
(a)the surrendering company is a 75 per cent. subsidiary of the claimant company and the claimant company is resident in the United Kingdom, or
(b)both the surrendering company and the claimant company are 75 per cent. subsidiaries of a third company that is resident in the United Kingdom.
(2B)For the purposes of subsection (2A) above, the surrendering company is within the charge to tax under the law of any EEA territory if—
(a)it is a non-resident company which is resident in any EEA territory, or
(b)it is a non-resident company which is not resident in any EEA territory but which carries on a trade in any EEA territory through a permanent establishment.”.
(4)In subsection (3A) (group relief not available unless both companies satisfy following condition) for “Group relief is not available” substitute “ A consortium claim shall not be made ”.
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