Corporation Tax Act 2010
Part 1Introduction
1Overview of Act
Part 2Calculation of liability in respect of profits
Chapter 1Introduction
2Overview of Part
Chapter 2Rates at which corporation tax on profits charged
3Corporation tax rates
Chapter 3Calculation of amount to which rates applied
4Amount of profits to which corporation tax rates applied
Chapter 4Currency
The currency to be used in tax calculations
5Basic rule: sterling to be used
6UK resident company operating in sterling and preparing accounts in another currency
7UK resident company operating in currency other than sterling and preparing accounts in another currency
8UK resident company preparing accounts in currency other than sterling
9Non-UK resident company preparing return of accounts in currency other than sterling
9A Designated currency of a UK resident investment company
9BPeriod for which an election under section 9A has effect
9CChargeable gains and losses of companies
Translating amounts into other currencies
10The equivalent in another currency of a sterling amount
11Sterling equivalents: basic rule
12Sterling equivalents: carried-back amounts
13Sterling equivalents: carried-forward amounts
Adjustment of sterling losses
14Carried-back amounts
15Carried-forward amounts
Interpretation
16Sections 13(2) and 15(5): profit against which carried-forward amount to be set off
17Interpretation of Chapter
Part 3Companies with small profits
The small profits rate
18Profits charged at the small profits rate
Marginal relief
19Marginal relief
20Company with only ring fence profits
21Company with ring fence profits and other profits
22The ring fence amount
23The remaining amount
The lower limit and the upper limit
24The lower limit and the upper limit
25Associated companies
26Section 25(3): treatment of certain non-trading companies
27Attribution to persons of rights and powers of their associates
28Associated companies: fixed-rate preference shares
29Association through a loan creditor
30Association through a trustee
Supplementary
31Power to obtain information
32Meaning of “augmented profits”
33Interpretation of section 32(2) and (3)
34Close investment-holding companies
Part 4Loss relief
Chapter 1Introduction
35Overview of Part
Chapter 2Trade losses
Introduction
36Introduction to Chapter
Trade loss relief against total profits
37Relief for trade losses against total profits
38Limit on deduction if accounting period falls partly within 12 month period
39Terminal losses: extension of periods for which relief may be given
40Ring fence trades: extension of periods for which relief may be given
41Sections 39 and 40: transfers of trade to obtain relief
42Ring fence trades: further extension of period for relief
43Claim period in case of ring fence or mineral extraction trades
44Trade must be commercial or carried on for statutory functions
Carry forward of trade loss relief
45Carry forward of trade loss against subsequent trade profits
46Use of trade-related interest and dividends if insufficient trade profits
47Registered industrial and provident societies
Restrictions on relief: farming or market gardening
48Farming or market gardening
49Reasonable expectation of profit
50Cessation of trades
51Companies treated as same person as individual
Restrictions on relief: commodity futures
52Dealings in commodity futures
Other restrictions on relief
53Leasing contracts and company reconstructions
54Non-UK resident company: receipts of interest, dividends or royalties
Chapter 3Limited partners and members of limited liability partnerships
Introduction
55Introduction to Chapter
Limited partners
56Restriction on reliefs for limited partners
57Meaning of “contribution to the firm”
58Meaning of “limited partner”
Members of LLPs
59Restriction on relief for members of LLPs
60Meaning of “contribution to the LLP”
61Unrelieved losses brought forward
Chapter 4Property losses
UK property businesses
62Relief for losses made in UK property business
63Company with investment business ceasing to carry on UK property business
64UK property business to be commercial or carried on for statutory functions
65UK furnished holiday lettings business treated as trade
Overseas property businesses
66Relief for losses made in overseas property business
67Overseas property business to be commercial or carried on for statutory functions
67AEEA furnished holiday lettings business treated as trade
Insurance companies
67BExclusion in the case of property businesses of insurance companies
Chapter 5Losses on disposal of shares
Share loss relief against income
68Share loss relief
69Eligibility conditions
70Entitlement to claim
71How relief works
72Limit on deduction if accounting period falls partly within 12 month period
Shares: subscription and disposal
73Subscription for shares
74Disposals of new shares
75Limits on relief
76Disposal of shares forming part of mixed holding
77Section 76: supplementary
Qualifying trading companies: the requirements
78Qualifying trading companies
79The trading requirement
80Ceasing to meet trading requirement because of administration etc
81The control and independence requirement
82The qualifying subsidiaries requirement
83The property managing subsidiaries requirement
84The gross assets requirement
85The unquoted status requirement
86Power to amend requirements by Treasury order
Qualifying trading companies: supplementary
87Relief after an exchange of shares for shares in another company
88Substitution of new shares for old shares
89Deemed time of issue for certain shares
Interpretation
90Interpretation of Chapter
Chapter 6Losses from miscellaneous transactions
91Relief for losses from miscellaneous transactions
Chapter 7Write-off of government investment
92Loss relief to be reduced if government investment is written off
93Groups of companies
94Cases in which government investment is written off
95Meaning of “carry-forward losses”
96Interaction with other tax provisions
Part 5Group relief
Chapter 1Introduction
97Introduction to Part
Chapter 2Surrender of company's losses etc for an accounting period
Introduction
98Overview of Chapter
Basic provisions about surrendering losses and other amounts
99Surrendering of losses and other amounts
100Meaning of “trading loss”
101Meaning of “capital allowance excess”
102Meaning of “UK property business loss”
103Meaning of “management expenses”
104Meaning of “non-trading loss on intangible fixed assets”
Restrictions on losses and other amounts that may be surrendered
105Restriction on surrender of losses etc within section 99(1)(d) to (g)
106Restriction on losses etc surrenderable by UK resident
107Restriction on losses etc surrenderable by non-UK resident
108Meaning of “non-UK profits”
109Restriction on losses etc surrenderable by dual resident
110Restriction on surrender of losses etc from alternative finance arrangements
Chapter 3Surrenders made by non-UK resident company resident or trading in the EEA
Introduction
111Overview of Chapter
112EEA related definitions
Basic provisions about surrendering losses and other amounts
113Steps to determine extent to which loss etc can be surrendered
Conditions that must be met
114The equivalence condition
115The EEA tax loss condition: companies resident in EEA territory
116The EEA tax loss condition: companies not resident in EEA territory
117The qualifying loss condition: general
118The qualifying loss condition: relief for current and previous periods
119The qualifying loss condition: relief for future periods
120The qualifying loss condition: non-UK tax relief in another territory
121The precedence condition
Other rules, assumptions and exclusions
122Assumptions to be made in recalculating EEA amount
123Assumptions as to UK residence
124Assumptions as to places in which activities carried on
125Assumptions as to accounting periods
126Assumptions in relation to capital allowances
127Amounts excluded because of certain arrangements
128Rules for recalculating EEA amount
Chapter 4Claims for group relief
Introduction
129Overview of Chapter
Surrenderable amounts under Chapter 2
130Group relief claims on amounts surrenderable under Chapter 2
131The group condition
132Consortium condition 1
133Consortium conditions 2 and 3
134Meaning of “UK related” company
134ACompanies “established in the EEA”
Surrenderable amounts under Chapter 3
135Group relief claims on amounts surrenderable under Chapter 3
136The EEA group condition
Giving of group relief
137Deduction from total profits
General limitation on amount of group relief to be given
138Limitation on amount of group relief applying to all claims
139Unused part of the surrenderable amounts
140Unrelieved part of claimant company's available total profits
141Sections 139 and 140: supplementary
142Meaning of “the overlapping period”
Limitations on group relief if claim based on consortium condition 1, 2 or 3
143Condition 1: surrendering company owned by consortium
144Condition 1: claimant company owned by consortium
145Conditions 2 and 3: limitations in sections 143 and 144
146Conditions 2 and 3: companies in link company's group
146A Conditions 1 and 2: surrendering company not controlled by claimant company etc
146B Conditions 1 and 3: claimant company not controlled by surrendering company etc
147Conditions 1 and 2: surrenderable amounts including trading loss
148Conditions 1 and 2: surrendering company in group of companies
149Conditions 1 and 3: claimant company in group of companies
Chapter 5Subsidiaries, groups and consortiums
Introduction
150Overview of Chapter
Explanations of terms
151Meaning of “75% subsidiary” and “90% subsidiary”
152Groups of companies
153Companies owned by consortiums and members of consortiums
Arrangements for transfers of companies
154Arrangements for transfer of member of group of companies etc
155Arrangements for transfer of company owned by consortium etc
155ACertain arrangements not within sections 154 and 155
155BCertain mortgage arrangements not within sections 154 and 155
156Sections 154 and 155: supplementary
Chapter 6Equity holders and profits or assets available for distribution
Introduction
157Introduction to Chapter
Equity holders
158Meaning of “equity holder”
159Use of relevant company's assets
160Meaning of “ordinary shares”
161Meaning of “restricted right to dividends”
162Meaning of “normal commercial loan”
163Normal commercial loans: company's results or value of assets
164Sections 160 and 162: supplementary
164ALoan forming part of tier two capital
Company's entitlement to profits or assets available for distribution: basic provisions
165Proportion of profits available for distribution to which company is entitled
166Proportion of assets available for distribution to which company is entitled
167Profits or assets available for distribution and entitlement: supplementary
168Meaning of “the relevant accounting period”
Company's entitlement to profits or assets available for distribution: supplementary
169Application and interpretation of sections 170 to 182
170Shares or securities with limited rights
171Shares or securities with temporary rights
172Company A's proportion if shares etc have temporary rights
173Cases in which option arrangements are in place
174Company A's proportion if option arrangements in place
174ACertain option arrangements not within section 173
174BCertain mortgage arrangements not within section 173
175Cases in which both sections 170 and 172 apply
176Cases in which both sections 170 and 174 apply
177Cases in which both sections 172 and 174 apply
178Cases in which sections 170, 172 and 174 all apply
179Cases in which surrendering or claimant company is non-UK resident
180Company A's proportion if non-UK resident involved
181Assumptions to be applied if non-UK resident company involved
182Assets etc referable to UK trade
Chapter 7Miscellaneous provisions and interpretation of Part
Miscellaneous
183Payments for group relief
184References to “allowance” in CAA 2001
Interpretation
185“Trading company” and “holding company”
186When activities of a company are double taxation exempt
187“Non-UK tax”
188Other definitions
Part 6Charitable donations relief
Chapter 1Nature of relief
189Relief for qualifying charitable donations
190Qualifying charitable donations: meaning
Chapter 2Certain payments to charity
Qualifying payments
191Qualifying payments
192Condition as to repayment
193Associated acquisition etc
194Distributions
195Associated benefits
196Associated benefits: meaning
197Restrictions on associated benefits
198Payments and benefits linked to periods of less than 12 months
Payment attributed to earlier period
199Payment attributed to earlier accounting period
Interpretation
200Company wholly owned by a charity
201Associated persons
202“Charity”
Chapter 3Certain disposals to charity
Amounts treated as qualifying charitable donations
203Certain disposals of investments
204Meaning of qualifying investment
205Meaning of qualifying interest in land
206The relievable amount
207Incidental costs of making disposal
208Consideration
Value of net benefit to charity
209Value of net benefit to charity
210Market value of qualifying investments
210AAcquisition value of qualifying investments
211Meaning of “disposal-related obligation”
212Meaning and amount of “disposal-related liability”
Special provisions about qualifying interests in land
213Certificate required from charity
214Qualifying interests in land held jointly
215Calculation of relievable amount etc where joint disposal of interest in land
216Disqualifying events
Interpretation
217“Charity”
Part 7Community investment tax relief
Chapter 1Introduction
CITR
218Meaning of “CITR”
219Eligibility for CITR
220Form and amount of CITR
220ACarry forward of CITR
220BLimit on State aid
Miscellaneous
221Meaning of “making an investment”
222Determination of “the invested amount”
223Meaning of “the 5 year period” and “the investment date”
224Overview of other Chapters of Part
Chapter 2Qualifying investments
225Qualifying investments: introduction
226Conditions to be met in relation to loans
227Conditions to be met in relation to securities
228Conditions to be met in relation to shares
229Tax relief certificates
230No pre-arranged protection against risks
Chapter 3General conditions
231No control of CDFI by investor
232Investor must have beneficial ownership
233Investor must not be accredited
234No acquisition of share in partnership
235No tax avoidance purpose
Chapter 4Limitations on claims and attribution
Limitations on claims
236Loans: no claim after disposal or excessive repayments or receipts of value
237Securities or shares: no claim after disposal or excessive receipts of value
238No claim after loss of accreditation by the CDFI
239Accreditation of investor
Attribution
240Attribution: general
241Attribution: bonus shares
Chapter 5Withdrawal or reduction of CITR
Introduction
242Introduction to Chapter
Disposals
243Disposal of loan during 5 year period
244Disposal of securities or shares during 5 year period
Repayment of loans
245Repayment of loan capital during 5 year period
Receipts of value
246Value received by investor during 6 year period: loans
247Value received by investor during 6 year period: securities or shares
248Receipts of insignificant value to be added together
249When value is received
250The amount of value received
251Value received if there is more than one investment
252Effect of receipt of value on future claims
253Receipts of value by or from connected persons
CITR not due
254CITR subsequently found not to have been due
Manner of withdrawal or reduction
255Manner of withdrawal or reduction of CITR
Chapter 6Supplementary and general
Alternative finance arrangements
256Meaning of “loan” and “interest”
257Purchase and resale arrangements
258Deposit arrangements
259Profit share agency arrangements
Miscellaneous
260Information to be provided by the investor
261Disclosure
262Nominees
263Application for postponement of tax pending appeal
264Identification of securities or shares on a disposal
Definitions
265Meaning of “issue of securities or shares”
266Meaning of “disposal”
267Construction of references to being “held continuously”
268Meaning of “associate”
269Minor definitions etc
Part 8Oil activities
Chapter 1Introduction
270Overview of Part
Chapter 2Basic definitions
271“Associated companies”
272“Oil extraction activities”
273“Oil rights”
274“Oil-related activities”
275“Ring fence income”
276“Ring fence profits”
277“Ring fence trade”
278Other definitions
Chapter 3Deemed separate trade
279Oil-related activities treated as separate trade
Chapter 4Calculation of profits
Oil valuation
280Disposal to be valued by reference to section 2(5A) of OTA 1975
281Valuation where market value taken into account under section 2 of OTA 1975
282Valuation where disposal not sale at arm's length
283Valuation where excess of nominated proceeds
284Valuation where relevant appropriation but no disposal
285Valuation where appropriation to refining etc
Hire of relevant assets
285ARestriction on hire etc of relevant assets to be brought into account
Loan relationships
286Restriction on debits to be brought into account
287Restriction on credits to be brought into account
287ARestriction where debits or credits relate to decommissioning security settlement
Sale and lease-back
288Sale and lease-back
Regional development grants
289Reduction of expenditure by reference to regional development grant
290Adjustment as a result of regional development grant
Tariff receipts etc
291Tariff receipts etc
Abandonment guarantees
292Expenditure on abandonment guarantees
293Relief for reimbursement expenditure under abandonment guarantees
294Payment under abandonment guarantee not immediately applied
295Amounts excluded from section 293(1)
Abandonment expenditure
296Introduction to section 297
297Relief for expenditure incurred by a participator in meeting defaulter's abandonment expenditure
298Reimbursement by defaulter in respect of certain abandonment expenditure
Receipts arising from decommissioning
298AReceipts arising from decommissioning
Deduction of PRT in calculating income for corporation tax purposes
299Deduction of PRT in calculating income for corporation tax purposes
300Effect of repayment of PRT: general rule
301Effect of repayment of PRT: special rule
Interest on repayment of PRT or APRT
302Interest on repayment of PRT or APRT
Relief
303Management expenses
304Losses
305Group relief
306Capital allowances
Chapter 5Ring fence expenditure supplement
Introduction
307Overview of Chapter
Application and interpretation
308Qualifying companies
309Accounting periods
310The relevant percentage
311Limit on number of accounting periods for which supplement may be claimed
312Qualifying pre-commencement expenditure
313Unrelieved group ring fence profits for accounting periods
314Taxable ring fence profits for an accounting period
Pre-commencement supplement
315Supplement in respect of a pre-commencement accounting period
316The mixed pool of qualifying pre-commencement expenditure and supplement previously allowed
317Reduction in respect of disposal receipts under CAA 2001
318Reduction in respect of unrelieved group ring fence profits
319The reference amount for a pre-commencement period
320Claims for pre-commencement supplement
Post-commencement supplement
321Supplement in respect of a post-commencement period
322Amount of post-commencement supplement for a post-commencement period
323Ring fence losses
324Special rule for straddling periods
325The pool of ring fence losses and the pool of non-qualifying Schedule 19B losses
326The ring fence pool
327Reductions in respect of utilised ring fence losses
328Reductions in respect of unrelieved group ring fence profits
329The reference amount for a post-commencement period
Chapter 6Supplementary charge in respect of ring fence trades
330Supplementary charge in respect of ring fence trades
330ADecommissioning expenditure taken into account in calculating ring fence profits
330BDecommissioning expenditure taken into account for PRT purposes
330CMeaning of “decommissioning expenditure”
331Meaning of “financing costs” etc
332Assessment, recovery and postponement of supplementary charge
Chapter 7REDUCTION OF SUPPLEMENTARY CHARGE FOR ELIGIBLE OIL FIELDS
Reduction of adjusted ring fence profits
333Reduction of adjusted ring fence profits
Pool of field allowances
334Company's pool of field allowances
335Carrying part of pool of field allowances into following period
336Carrying whole of pool of field allowances into following period
Field allowance: when held and unactivated amount
337Licensee to hold field allowance
338Holding a field allowance on acquisition of equity share
339Unactivated amount of field allowance
No change in equity share: activation of allowance
340Introduction to section 341
341Activation of field allowance
Change in equity share: activation of allowance
342Introduction to sections 343 and 344
343Reference periods
344Activation of field allowance
Change in equity share: transfer of field allowance
345Introduction to sections 346 and 347
346Reduction of field allowance if equity disposed of
347Acquisition of field allowance if equity acquired
Miscellaneous
348Adjustments
349Orders
Interpretation
349A“Additionally-developed oil field”
350“New oil field”
351“Authorisation of development of an oil field”
352“Qualifying oil field”
353“Small oil field”
354“Ultra heavy oil field”
355“Ultra high pressure/high temperature oil field”
355A“Large deep water oil field”
355B“Large shallow water gas field”
355C“Deep water gas field”
356“Total field allowance for a new oil field”
356A“Total field allowance for an additionally-developed oil field”
357Other definitions
PART 8ZAOil contractors
CHAPTER 1Introduction
356KOverview of Part
CHAPTER 2Basic definitions
356L“Oil contractor activities” etc
356LA“Relevant asset”
356LB“Associated person”
356LC“Lease”
356LD“Contractor's ring fence profits”
CHAPTER 3Deemed separate trade
356MOil contractor activities treated as separate trade
CHAPTER 4Calculation of profits
Hire of relevant assets
356NRestriction on hire etc of relevant assets to be brought into account
356NARestriction on hire: further provision
Loan relationships
356NBRestriction on debits to be brought into account
356NCRestriction on credits to be brought into account
Relief
356NDManagement expenses
356NELosses
356NFGroup relief
356NGCapital allowances
PART 8AProfits arising from the exploitation of patents etc
CHAPTER 1Reduced corporation tax rate for profits from patents etc
357AElection for special treatment of profits from patents etc
CHAPTER 2Qualifying companies
357BMeaning of “qualifying company”
357BAMeaning of “exclusive licence”
357BBRights to which this Part applies
357BCThe development condition
357BDMeaning of “qualifying development”
357BEThe active ownership condition
CHAPTER 3Relevant IP profits
Steps for calculating relevant IP profits of a trade
357CRelevant IP profits
Total gross income of trade
357CATotal gross income of a trade
357CBFinance income
Relevant IP income
357CCRelevant IP income
357CDNotional royalty
357CEExcluded income
357CFMixed sources of income
Calculating profits of trade
357CGAdjustments in calculating profits of trade
357CHShortfall in R&D expenditure
357CHAShortfall in qualifying expenditure
Routine return figure
357CIRoutine return figure
357CJRoutine deductions
357CKDeductions that are not routine deductions
Election for small claims treatment
357CLCompanies eligible to elect for small claims treatment
357CMSmall claims amount
Marketing assets return figure
357CNMarketing assets return figure
357CONotional marketing royalty
357CPActual marketing royalty
Profits arising before grant of right
357CQProfits arising before grant of right
CHAPTER 4Streaming
357DAlternative method of calculating relevant IP profits: “streaming”
357DARelevant IP profits
357DBMethod of allocation
357DCThe mandatory streaming conditions
CHAPTER 5Relevant IP losses
357ECompany with relevant IP losses: set-off amount
357EAEffect of set-off amount on company with more than one trade
357EBAllocation of set-off amount within a group
357ECCarry-forward of set-off amount
357EDCompany ceasing to carry on trade, etc
357EETransfer of a trade between group members
357EFPayments between group members in consequence of section 357EB
CHAPTER 6Anti-avoidance
Licences conferring exclusive rights
357FLicences conferring exclusive rights
Incorporation of qualifying items
357FAIncorporation of qualifying items
Tax advantage schemes
357FBTax advantage schemes
CHAPTER 7Supplementary
Elections under section 357A
357GMaking of election under section 357A
357GARevocation of election made under section 357A
Partnerships
357GBApplication of this Part in relation to partnerships
Cost-sharing arrangements
357GCApplication of this Part in relation to cost-sharing arrangements
Interpretation
357GDMeaning of “group”
357GEOther interpretation
Part 9Leasing plant or machinery
Chapter 1Introduction
358Introduction to Part
Chapter 2Long funding leases of plant or machinery
Introduction
359Overview of Chapter
Lessors under long funding finance leases
360Lessor under long funding finance lease: rental earnings
361Lessor under long funding finance lease: exceptional items
362Lessor under long funding finance lease making termination payment
Lessors under long funding operating leases
363Lessor under long funding operating lease: periodic deduction
364“Starting value”: general
365“Starting value” where plant or machinery originally unqualifying
366Long funding operating lease: lessor's additional expenditure
367Determination of remaining residual value resulting from lessor's first additional expenditure
368Determination of remaining residual value resulting from lessor's further additional expenditure
369Lessor under long funding operating lease: termination of lease
Cases where sections 360 to 369 do not apply
370Plant or machinery held as trading stock
371Adjustments where sections 360 to 369 subsequently disapplied by section 370
372Lessor also lessee under non-long funding lease
373Other avoidance
374Provision supplementing section 373
375Adjustments where sections 360 to 369 subsequently disapplied by section 373
376Films
Lessees under long funding finance leases
377Lessee under long funding finance lease: limit on deductions
378Lessee under long funding finance lease: termination
Lessees under long funding operating leases
379Lessee under long funding operating lease
380“Starting value” in section 379
Interpretation
381Interpretation of Chapter
Chapter 3Sales of lessors: leasing business carried on by a company alone
Introduction
382Introduction to Chapter
Income and matching expense in different accounting periods
383Income and matching expense in different accounting periods
384Amount of income and expense
385No carry back of loss against the income
386Relief for expense otherwise giving rise to carried forward loss
“Business of leasing plant or machinery”
387“Business of leasing plant or machinery”
388“Relevant plant or machinery value” for condition A in section 387
389Provision supplementing section 388
390Relevant plant or machinery value where relevant company lessee under long funding lease etc
391Relevant company's income for condition B in section 387
“Relevant change in relationship”
392“Relevant change in relationship”
393Qualifying 75% subsidiaries
394Consortium relationships
394ZACompany joining tonnage tax group
“Qualifying change of ownership”
394A“Qualifying change of ownership”
395No qualifying change of ownership in certain intra-group reorganisations
396No qualifying change of ownership where principal company's interest in consortium company unchanged
397Companies owned by consortiums and members of consortiums
398 “Qualifying 75% ... subsidiary” etc
Election out of qualifying change of ownership
398AElection out of qualifying change of ownership
398BThe election
398CSpecial treatment of A's trade or business that includes leasing
398D Restrictions on use of losses etc
398ERestriction on artificial losses or reductions in profits
398FLimit on availability of capital allowances to A
398GTransfers into and out of A
The amount of the income
399The amount of the income: the basic amount
400“PM” in section 399
401Provisions supplementing section 400
402 “PM” where relevant company lessee under long funding lease etc
403“TWDV” in section 399
404Amount to be nil if basic amount negative
405Adjustment to the basic amount: qualifying 75% subsidiaries
406Adjustment to the basic amount: consortium relationships
407Migration
“Associated company”
408“Associated company”
Chapter 4Sales of lessors: leasing business carried on by a company in partnership
Introduction
409Introduction to Chapter
“Business of leasing plant or machinery”
410“Business of leasing plant or machinery”
411“Relevant plant or machinery value” for condition A in section 410
412Provision supplementing section 411
413Relevant plant or machinery value where partnership lessee under long funding lease etc
414Partnership's income for condition B in section 410
“Qualifying change” in company's interest in a business
415“Qualifying change” in company's interest in a business
416Determining the percentage share in the profits or loss of business
Qualifying changes in partner company's interest in business
417Partner company's income and other companies' matching expense
418Amount of income and expense
419Relief for expense otherwise giving rise to carried forward loss
420Exception: companies carrying on business ceasing to share in its profits
421The amount of the income: the basic amount
422Amount to be nil if basic amount negative
423Adjustment to the basic amount
424The amount of expense
Qualifying changes of ownership in relation to partner company
425Partner company's income and matching expense in different accounting periods
426Amount of income and expense
427No carry back of loss against the income
428Relief for expense otherwise giving rise to carried forward loss
429The amount of the income
Interpretation
430“Associated company”
431“Profits” and “loss”
Chapter 5Sales of lessors: anti-avoidance provisions
432Restrictions on relief for Chapter 3 or 4 expenses: introduction
433Restrictions applying to the restricted loss amount
434Introduction to sections 435 and 436
435Disregard of increases and decreases in certain amounts
436Balance sheet amounts determined on assumption company has no liabilities
Chapter 6Sales of lessors: general interpretation
437Interpretation of the sales of lessors Chapters
437ADetermining the ascribed value of plant or machinery
437BSection 437A: supplementary
437CPresent value of a lease
Part 10Close companies
Chapter 1Overview of Part
438Overview of Part
Chapter 2Basic definitions
Meaning of “close company": general
439“Close company”
440Basis of winding up under section 439(3)
441Treatment of some persons as participators or directors for the purposes of section 439(3)
Companies which are not to be close companies
442Particular types of company
443Companies controlled by or on behalf of Crown
444Companies involved with non-close companies
445Section 444: registered pension schemes
446Particular types of quoted company
447Section 446: meaning of “shares beneficially held by the public” etc
Meaning of other expressions in this Part
448“Associate”
449“Associated company”
450“Control”
451Section 450: rights to be attributed etc
452“Director”
453“Loan creditor”
454“Participator”
Chapter 3Charge to tax in case of loan to participator
Charge to tax in case of loan to participator
455Charge to tax in case of loan to participator
Exceptions to the charge to tax under section 455
456Exceptions to the charge under section 455
457Section 456: meaning of “material interest in a company”
Relief in case of repayment or release of loan
458Relief in case of repayment or release of loan
Loan treated as made to participator
459Loan treated as made to participator
Loan treated as made by close company
460Loan treated as made by close company
461Exception to section 460
462Determination of particular questions as a result of section 460
Taxation of debtor on release of loan to trustees of settlement which has ended
463Taxation of debtor on release of loan to trustees of settlement which has ended
464Section 463: other person treated as releasing or writing off debt
CHAPTER 3ACharge to tax: other arrangements
464ACharge to tax: arrangements conferring benefit on participator
464BRelief in case of return payment to company
CHAPTER 3BRepayments and return payments
464CTreatment of certain repayments and return payments
464DSection 464C: supplementary
Chapter 4Power to obtain information
465Power to obtain information
Part 11Charitable companies etc
Chapter 1Introduction
466Overview of Part
467Meaning of “charitable company”
468Meaning of “eligible body”
469Conditions for qualifying as a scientific research association
470Meaning of “research and development” in section 469
Chapter 2Gifts and other payments
Gifts and other payments to charitable companies
471Gifts qualifying for gift aid relief: income tax treated as paid
472Gifts qualifying for gift aid relief: corporation tax liability and exemption
472AGifts under payroll deduction schemes: corporation tax liability and exemption
473Gifts of money from companies: corporation tax liability and exemption
474Payments from other charities: corporation tax liability and exemption
Gifts to eligible bodies
475Gifts qualifying for gift aid relief: income tax treated as paid and exemption
476Gifts of money from companies: exemption
Gifts to scientific research associations
477Gifts of money from companies: exemption
Claims
477AClaims in relation to gift aid relief
Chapter 3Other exemptions
Exemptions
478Exemption for profits etc of charitable trades
479Meaning of “charitable trade”
480Exemption for profits of small-scale trades
481Exemption from charges under provisions to which section 1173 applies
482Condition as to trading and miscellaneous incoming resources
483Exemption for profits from fund-raising events
484Exemption for profits from lotteries
485Exemption for property income etc
486Exemption for investment income and non-trading profits from loan relationships
487Exemption for public revenue dividends
488Exemption for certain miscellaneous income
489Exemption for income from estates in administration
Application of exemptions to certain bodies
490Eligible bodies
491Scientific research associations
Claims
491AClaims in relation to certain reliefs
Chapter 4Restrictions on exemptions
Restrictions on exemptions
492Restrictions on exemptions
493The non-exempt amount
494Attributing income to the non-exempt amount
495How income is attributed to the non-exempt amount
Non-charitable expenditure
496Meaning of “non-charitable expenditure”
497Section 496: supplementary
498Section 496(1)(d): meaning of expenditure
499Section 496(1)(d): accounting period in which certain expenditure treated as incurred
500Section 496(1)(d): payment to body outside the UK
501Section 496(1)(g) and (h): investments and loans
Substantial donor transactions
502Transactions with substantial donors
503Meaning of “relievable gift”
504Non-charitable expenditure in substantial donor transactions
505Adjustment if section 504(1) and (2) applied to single transaction
506Section 504: certain payments and benefits to be ignored
507Transactions: exceptions
508Donors: exceptions
509Connected charities
510Substantial donor transactions: supplementary
Approved charitable investments and loans
511Approved charitable investments
512Securities which are approved charitable investments
513Conditions to be met for some securities
514Approved charitable loans
Carry back of excess non-charitable expenditure
515Excess expenditure treated as non-charitable expenditure of earlier periods
516Rules for attributing excess expenditure to earlier periods
517Adjustments in consequence of section 515
Part 12Real Estate Investment Trusts
Chapter 1Introduction
Introductory
518Introduction to Part
Key concepts
519“Property rental business”
520“UK property rental business” of non-UK companies
521“UK company” and “non-UK company”
522“Residual business”
Chapter 2Requirements for being a UK REIT
Becoming a UK REIT
523Notice for a group of companies to become a UK REIT
524Notice for a company to become a UK REIT
525Notice under section 523 or 524: supplementary
526Duration of status as UK REIT
Being a UK REIT in relation to an accounting period
527Being a UK REIT in relation to an accounting period
528Conditions for company
528AFurther condition relating to shares
528BRelaxation of section 528A condition for accounting periods 1 to 3
529Conditions as to property rental business
530Condition as to distribution of profits
530ACondition as to distribution of profits: increase in profits after delivery of tax return
531Conditions as to balance of business
532Financial statements for group UK REITs
533Financial statements: supplementary
Chapter 3Tax treatment of profits and gains of UK REITs
534Profits
535Gains
Chapter 4Entering the UK REIT regime
536Effects of entry: corporation tax
537Effects of entry: CAA 2001
538Entry charge
539Calculation of the notional amount
540Election to treat notional income as arising in instalments
Chapter 5Assets etc
Ring-fencing of property rental business
541Ring-fencing of property rental business
542Disapplication of certain provisions
Profits: financing-cost ratio
543Profit: financing-cost ratio
544Meaning of “property profits” and “property financing costs”
Cancellation of tax advantage
545Cancellation of tax advantage
546Appeal against notice under section 545
Funds awaiting reinvestment
547Funds awaiting reinvestment
Chapter 6Distributions
Recipients of distributions
548Distributions: liability to tax
549Distributions: supplementary
549ADistributions from one UK REIT to another UK REIT
Attribution of distributions
550Attribution of distributions
Distributions to certain shareholders
551Tax consequences of distribution to holder of excessive rights
552“The section 552 amount”
553Meaning of “holder of excessive rights”
554Regulations: distributions to holders of excessive rights
554A Meaning of “distribution”
Chapter 7Gains etc
Movement of assets
555Assets: change of use
556Disposal of assets
557Movement of assets into ring fence
Demergers
558Demergers: disposal of asset
559Demergers: company leaving group UK REIT
Interpretation
560Interpretation of Chapter
Chapter 8Breach of conditions in Chapter 2
561Notice of breach of relevant Chapter 2 condition
562Breach of condition C in section 528 (conditions for company)
562ABreach of condition D in section 528 (conditions for company)
562BBreach of further condition relating to shares
562CBreach of further condition relating to shares in accounting periods 1, 2 and 3
563Breach of conditions as to property rental business
564Breach of condition as to distribution of profits
565“The section 565 amount”
566Breach of condition B in section 531 in accounting period 1
567Meaning of “the notional amount”
568Breach of balance of business conditions after accounting period 1
569Chapter subject to section 572
Chapter 9Leaving the UK REIT regime
Introduction
570Overview of Chapter
Notice to leave regime
571Termination by notice: group or company
572Termination by notice: officer of Revenue and Customs
573Notice under section 572: tax advantage
573ANotice under section 572: condition D in section 528 not met
573BNotice under section 572: further condition relating to shares not met
574Notice under section 572: serious breach
575Notice under section 572: breach of conditions as to property rental business
576Notice under section 572: breach of conditions as to balance of business
577Notice under section 572: multiple breaches of conditions in Chapter 2
Automatic termination
578Automatic termination for breach of certain conditions in section 528
Effects of cessation
579Effects of cessation: corporation tax
580Effects of cessation: CAA 2001
Early exit
581Early exit by notice
582Early exit
Chapter 10Joint ventures
Introduction
583Overview of Chapter
584Meaning of “joint venture company” and “joint venture group”
585Meaning of “venturing group” and “venturing company”
Notice for Part to apply to joint venture
586Notice for Part to apply: joint venture company
587Notice for Part to apply: joint venture group
Effect and duration of notice
588Effect of notice under section 586
589Effect of notice under section 587
590Duration of notice under section 586 or 587
Specific requirements and modifications
591Conditions as to balance of business
592Joint venture groups: financial statements
593Financial statements under section 532: joint venture groups
594Modifications of Chapter 3
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
595Joint venture company liable for additional charge
596Member of joint venture group liable for additional charge
597Cases where no additional charge due
Supplementary
598Chapter 10: supplementary
Chapter 11Part 12: supplementary
Miscellaneous
599Calculation of profits
599A Amount of distribution consisting of share capital issued in lieu of cash dividend
600Power to make regulations about cases involving related persons
601Availability of group reliefs
602Effect of deemed disposal and reacquisition
603Regulations
Interpretation
604Property rental business: exclusion of listed business
605Property rental business: exclusion of business producing listed income
606Groups
607Meaning of “entry” and “cessation” etc
608References to assets
609Definitions
Part 13Other special types of company etc
Chapter 1Corporate beneficiaries under trusts
Discretionary payments
610Discretionary payments by trustees to companies
Trustees' expenses
611Income tax provisions to apply in relation to trustees' expenses
Chapter 2Authorised investment funds
Introduction
612Overview of Chapter
Open-ended investment companies
613Meaning of “open-ended investment company”
614Applicable corporation tax rate
615Umbrella companies
Authorised unit trusts
616Meaning of “authorised unit trust” and “unit holder”
617Authorised unit trust treated as UK resident company
618Applicable corporation tax rate
619Umbrella schemes
Court investment funds
620Court investment funds
Chapter 3Unauthorised unit trusts
621Treatment of income
622Treatment of capital expenditure
CHAPTER 3AInvestment trusts
622APower to make provision about treatment of transactions
Chapter 4Securitisation companies
623Meaning of “securitisation company”
624Power to make regulations about the taxation of securitisation companies
625Regulations: supplementary
Chapter 5Companies in liquidation or administration
Introduction
626Meaning of “final year”, “penultimate year” etc
627Meaning of “rate of corporation tax” in case of companies with small profits
Companies in liquidation
628Company in liquidation: corporation tax rates
629Company in liquidation: making of assessment to tax
Companies in administration
630Company in administration: corporation tax rates
631Company in administration: making of assessment to tax
Supplementary
632Meaning of rate being “fixed” or “proposed”
633Exemption for interest on overpaid tax in final accounting period
Chapter 6Banks etc in compulsory liquidation
634Overview of Chapter
635Application of Chapter
636Charge to corporation tax on winding up receipts
637Transfer of rights to payment
638Allowable deductions
639Election to carry back
640Relationship of Chapter with other corporation tax provisions
641Interpretation of Chapter
Chapter 7Co-operative housing associations
642Disregard of rent from members and of interest payable
643Exemption for gains on a sale of property
644Approval of housing associations
645Tests to be satisfied by the association
646Delegation of powers to the Regulator of Social Housing
647Claims under section 642 or 643
648Adjustments of liability
649Power to make further provision
Chapter 8Self-build societies
650Meaning of “self-build society”
651Disregard of rent from members
652Exemption for gains on disposals of land to members
653Approval of self-build societies
654Delegation of powers to the Regulator of Social Housing
655Claims under section 651 or 652
656Adjustments of liability
657Power to make further provision
Chapter 9Community amateur sports clubs
Basic concepts
658Meaning of “community amateur sports club” and “registered club”
659Meaning of “open to the whole community”
660Meaning of “organised on an amateur basis”
660AClubs consisting mainly of social members
661Meaning of “eligible sport”, “qualifying purposes” etc
661AThe location condition
661BThe management condition
661CPeriods over which management condition treated as met
Gifts qualifying for gift aid relief
661DTax treatment of gifts qualifying for gift aid relief
Exemptions
662Exemption for UK trading income
663Exemption for UK property income
664Exemption for interest and gift aid income
665Exemption for chargeable gains
Claims
665AClaims in relation to interest and gift aid income
Restrictions on exemptions
666Exemptions reduced if non-qualifying expenditure incurred
667Rules for attributing surplus amount to earlier periods etc
668How income and gains are attributed
Deemed disposal and acquisition of asset
669Asset ceasing to be held for qualifying purposes etc
Decisions and appeals
670Notification of HMRC decision
671Appeals
Part 14Change in company ownership
Chapter 1Introduction
672Overview of Part
Chapter 2Disallowance of trading losses
673Introduction to Chapter
674Disallowance of trading losses
675Disallowance of trading losses: calculation of balancing charges
676Company reconstructions
Chapter 3Company with investment business: restrictions on relief: general provision
Introduction
677Introduction to Chapter
Notional split of accounting period in which change in ownership occurs
678Notional split of accounting period in which change in ownership occurs
Restrictions on relief
679Restriction on debits to be brought into account
680Restriction on the carry forward of non-trading deficit from loan relationships
681Restriction on relief for non-trading loss on intangible fixed assets
682Restriction on the deduction of expenses of management
683Disallowance of UK property business losses
684Disallowance of overseas property business losses
Apportionment of amounts
685Apportionment of amounts
686Meaning of certain expressions in section 685
Adjustment to balancing charges if relief is restricted
687Adjustment to balancing charges if relief is restricted
Meaning of “significant increase in the amount of a company's capital”
688Meaning of “significant increase in the amount of a company's capital”
689Amount A
690Amount B
691Meaning of “amount of capital”
Chapter 4Company with investment business: restrictions on relief: asset transferred within group
Introduction
692Introduction to Chapter
693Meaning of “amount of profits which represents a relevant gain”
694Meaning of “the relevant provisions”
Notional split of accounting period in which change in ownership occurs
695Notional split of accounting period in which change in ownership occurs
Restrictions on relief
696Restriction on debits to be brought into account
697Restriction on the carry forward of non-trading deficit from loan relationships
698Restriction on relief for non-trading loss on intangible fixed assets
699Restrictions on the deduction of expenses of management
700Disallowance of UK property business losses
701Disallowance of overseas property business losses
Apportionment of amounts
702Apportionment of amounts
703Meaning of certain expressions in section 702
Chapter 5Company without investment business: disallowance of property losses
704Company carrying on UK property business
705Company carrying on overseas property business
CHAPTER 5AShell companies: restrictions on relief
Introduction
705AIntroduction to Chapter
705BNotional split of accounting period in which change in ownership occurs
Restrictions on relief
705CRestriction on debits to be brought into account
705DRestriction on carry forward of non-trading deficit from loan relationships
705ERestriction on relief for non-trading loss on intangible fixed assets
Apportionment of amounts
705FApportionment of amounts
705GMeaning of certain expressions in section 705F
Chapter 6Recovery of unpaid corporation tax
General definitions
706Meaning of “linked” person
707Meaning of “control”
708Rights to be attributed for the purposes of section 707
709Meaning of “the relevant period”
Recovery of unpaid corporation tax for accounting period beginning before change
710Recovery of unpaid corporation tax for accounting period beginning before change
711Conditions relating to company's trade or business
712Meaning of “a major change in the nature or conduct of a trade or business”
Recovery of unpaid corporation tax for accounting period ending on or after change
713Recovery of unpaid corporation tax for accounting period ending on or after change
714The expectation condition
715Meaning of “transaction entered into in connection with change in ownership”
Miscellaneous
716Interest
717Effect of payment in pursuance of assessment under section 710 or 713
718Meaning of “associated company”
Chapter 7Meaning of “change in the ownership of a company”
Meaning of “change in the ownership of a company”
719Meaning of “change in the ownership of a company”
720Section 719: supplementary
721When things other than ordinary share capital may be taken into account: Chapters 2 to 5A
722When things other than ordinary share capital may be taken into account: Chapter 6
Changes in indirect ownership
723Changes in indirect ownership
Disregard of change in ownership
724Disregard of change in company ownership
Supplementary provision
725Provision applying for the purposes of Chapters 2 to 5A
726Interpretation of Chapter
Chapter 8Supplementary provision
727Extended time limit for assessment
728Provision of information about ownership of shares etc
729Meaning of “company with investment business”
730Meaning of “relevant non-trading debit”
PART 14ATransfer of deductions
730AOverview
730BInterpretation of Part
730CDisallowance of deductible amounts: relevant claims
730DDisallowance of deductible amounts: profit transfers
Part 15Transactions in securities
Introduction
731Overview of Part
732Meaning of “corporation tax advantage”
Company liable to counteraction of corporation tax advantage
733Company liable to counteraction of corporation tax advantage
734Exception where no tax avoidance object shown
Circumstances in which corporation tax advantages obtained or obtainable
735Abnormal dividends used for exemptions or reliefs (circumstance A)
736Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)
737Receipt of consideration in connection with relevant company distribution (circumstance D)
738Receipt of assets of relevant company (circumstance E)
739Meaning of “relevant company” in sections 737 and 738
740Abnormal dividends: general
741Abnormal dividends: the excessive return condition
742Abnormal dividends: the excessive accrual condition
Procedure for counteraction of corporation tax advantages
743Preliminary notification that section 733 may apply
744Opposed notifications: statutory declarations
745Opposed notifications: determinations by tribunal
746Counteraction notices
747Timing of assessments in section 738 cases
Clearance procedure
748Application for clearance of transactions
749Effect of clearance notification under section 748
Appeals
750Appeals against counteraction notices
Interpretation
751Interpretation of Part
Part 16Factoring of income etc
Chapter 1Transfers of income streams
752Application of Chapter
753Value of transferred income stream treated as income
754Exception: amount otherwise taxed
755Exception: transfer by way of security
756Partnership shares
757Interpretation of Chapter
Chapter 2Finance arrangements
Type 1 arrangements
758Type 1 finance arrangement defined
759Certain tax consequences not to have effect
760Payments treated as borrower's income
761Deemed loan relationship if borrower is a company
762Deemed loan relationship if borrower is partnership with corporate member
Type 2 arrangements
763Type 2 finance arrangement defined
764Relevant change in relation to partnership
765Certain tax consequences not to have effect
766Deemed loan relationship
Type 3 arrangements
767Type 3 finance arrangement defined
768Certain tax consequences not to have effect
769Deemed loan relationship
Exceptions
770Exceptions: preliminary
771Exceptions
772Exceptions: relevant person
773Power to make further exceptions
Supplementary
774Accounts
775Arrangements
776Assets
Chapter 3Loan or credit transactions
777Loan or credit transaction defined
778Certain payments treated as interest
779Tax charged on income transferred
Part 17Manufactured payments and repos
Chapter 1Introduction
780Overview of Part
781Key definitions
Chapter 2Manufactured dividends
782Meaning of “manufactured dividend”
783Treatment of payer of manufactured dividend
784Treatment of recipient of manufactured dividend
785Treatment of payer: Real Estate Investment Trusts
786Treatment of recipient: Real Estate Investment Trusts
787Exemption of manufactured dividends
788Statements about manufactured dividends
789Powers about administrative provisions
Chapter 3Manufactured overseas dividends
790Meaning of “manufactured overseas dividend”
791Treatment of payer of manufactured overseas dividend
792Company receiving manufactured overseas dividend from UK resident etc
793Section 792: amount treated as withheld
794Company receiving manufactured overseas dividend from foreign payer
795Exemption of manufactured overseas dividends
Chapter 4Further provision about manufactured payments
Manufactured payments exceeding, or less than, underlying payments
796Manufactured dividends: amounts exceeding underlying payments
797Manufactured overseas dividends: amounts exceeding underlying payments
798Manufactured overseas dividends less than underlying payments
Manufactured payments under arrangements with unallowable purpose
799Manufactured payments under arrangements with unallowable purpose
800Arrangements with an unallowable purpose
801Sections 799 and 800: supplementary
Miscellaneous
802Powers about amounts representative of overseas dividends
803Power to deal with special cases
804Regulation-making powers: general
Chapter 5Stock lending arrangements and repos
Interpretation
805“Stock lending arrangement”
806Section 805: supplementary
807“Creditor repo”, “creditor quasi-repo”, “debtor repo” and “debtor quasi-repo”
Tax credits: stock lending arrangements and repos
808No tax credits for borrower under stock lending arrangement
809No tax credits for lender under creditor repo or creditor quasi-repo
810No tax credits for borrower under debtor repo or debtor quasi-repo
811Arrangements between companies to make distributions
Deemed manufactured payments
812Deemed manufactured payments: stock lending arrangements
Chapter 6Interpretation of Part
813The gross amount of a manufactured overseas dividend etc
814Other interpretation
PART 17AManufactured dividends
814AOverview of Part
814BKey definitions
814CTreatment of payer of manufactured dividend
814DTreatment of recipient of manufactured dividend
Part 18Transactions in land
Introduction
815Introduction to Part
816Meaning of disposing of land
817Priority of other tax provisions
Charge to tax on gains from transactions in land
818Charge to tax on gains from transactions in land
819Gains obtained from land disposals in some circumstances
820Person obtaining gain
821Company chargeable
822Method of calculating gain
Further provisions relevant to the charge
823Transactions, arrangements, sales and realisations relevant for Part
824Tracing value
825Meaning of “another person”
826Valuations and apportionments
Exemptions
827Gain attributable to period before intention to develop formed
828Disposals of shares in companies holding land as trading stock
Recovery of tax
829Cases where consideration receivable by person not assessed
830Certificates of tax paid etc
Clearances and power to obtain information
831Clearance procedure
832Power to obtain information
Interpretation
833Interpretation of Part
Part 19Sale and lease-back etc
Chapter 1Payments connected with transferred land
Introduction
834Overview of Chapter
Application of the Chapter
835Transferor or associate becomes liable for payment of rent
836Transferor or associate becomes liable for payment other than rent
837Relevant corporation tax relief
Relief (other than for certain insurance company expenses): restriction and carrying forward
838Relevant corporation tax relief: deduction not to exceed commercial rent
Insurance company expenses: restriction and carrying forward of relief
839Deduction ... not to exceed commercial rent
840Carrying forward parts of payments
841Aggregation and apportionment of payments
842Payments made for later periods
Interpretation etc
843Exclusion of service charges etc
844Commercial rent: comparison with rent under a lease
845Commercial rent: comparison with payments other than rent
846Lease and rent
847Associated persons
848Land outside the UK
Chapter 2New lease of land after assignment or surrender
Introduction
849Overview of Chapter
Application of the Chapter
850New lease after assignment or surrender
Taxation of consideration
851Taxation of consideration
852Position where new lease does not include all original property
Relief for rent under new lease
853Relief for rent under new lease
New lease treated as ending
854New lease treated as ending
855Position where rent reduces
856Position where lease may be ended
857Position where lease may be varied
858Lease treated as ending: rentcharge
Lease varied to provide for increased rent
859Lease varied to provide for increased rent
Interpretation
860Relevant corporation tax relief
861Linked persons
862Lease, lessee, lessor and rent
Chapter 3Leased trading assets
Introduction
863Overview of Chapter
Application of the Chapter
864Leased trading assets
Relief: restriction and carrying forward
865Tax deduction not to exceed commercial rent
866Long funding finance leases
867Commercial rent
Interpretation
868Lease
869Relevant asset
Chapter 4Leased assets: capital sums
Introduction
870Overview of Chapter
Application of the Chapter
871Application of the Chapter
872Payment under lease
873Sum obtained
Charge to corporation tax
874Charge to corporation tax
875Hire-purchase agreements
876Adjustments where sum obtained before payment made
Obtaining of sum
877Sum obtained in respect of interest
878Sum obtained in respect of lessee's interest
879Disposal of interest to associate
Apportionment
880Apportionment of payments made and of sums obtained
881Manner of apportionment
Interpretation
882Associates
883Capital sum
884Lease
885Relevant asset
886Relevant tax relief
Part 20Tax avoidance involving leasing plant or machinery
Chapter 1Restrictions on use of losses in leasing partnerships
887When restrictions on leasing partnership losses under this Chapter apply
888Restrictions on leasing partnership losses
889Interpretation of Chapter
Chapter 2Capital payments in respect of leases treated as income
890Capital payments in respect of leases treated as income
891Apportionments for leases of plant or machinery and other property
892Deduction where failure to make relevant capital payment expected
893Meaning of “capital payment”, “relevant capital payment” etc
894Other interpretation of Chapter
Part 21Leasing arrangements: finance leases and loans
Chapter 1Introduction
Introduction
895Overview of Part
Meaning of expressions about rent
896Normal rent
897Accountancy rental earnings
898Rental earnings
Chapter 2Finance leases with return in capital form
Introduction
899Arrangements to which this Chapter applies
900Purposes of this Chapter
Leases to which this Chapter applies
901Application of this Chapter
902The conditions referred to in section 901(1)
903Provisions supplementing section 902
904The arrangements and circumstances referred to in section 902(8)
Current lessor taxed by reference to accountancy rental earnings
905Current lessor taxed by reference to accountancy rental earnings
Reduction of taxable rent by cumulative rental excesses
906Reduction of taxable rent by cumulative rental excesses: introduction
907Meaning of “accountancy rental excess” and “cumulative accountancy rental excess”
908Reduction of taxable rent by the cumulative accountancy rental excess
909Meaning of “normal rental excess” and “cumulative normal rental excess”
910Reduction of taxable rent by the cumulative normal rental excess
Relief for bad debts by reduction of cumulative rental excesses
911Relief for bad debts: reduction of cumulative accountancy rental excess
912Recovery of bad debts following reduction under section 911
913Relief for bad debts: reduction of cumulative normal rental excess
914Recovery of bad debts following reduction under section 913
Effect of disposals
915Effect of disposals of leases: general
916Assignments on which neither a gain nor a loss accrues
Capital allowances: clawback of major lump sum
917Effect of capital allowances: introduction
918Cases where expenditure taken into account under Part 2, 5 or 8 of CAA 2001
919Cases where expenditure taken into account under other provisions of CAA 2001
920Capital allowances deductions: waste disposal and cemeteries
921Capital allowances deductions: films
922Contributors to capital expenditure
Schemes to which this Chapter does not at first apply
923Pre-26 November 1996 schemes where this Chapter does not at first apply
924Post-25 November 1996 schemes to which Chapter 3 applied first
Chapter 3Other finance leases
Introduction
925Introduction to Chapter
926Purpose of this Chapter
Current lessor taxed by reference to accountancy rental earnings
927Leases to which this Chapter applies
928Current lessor taxed by reference to accountancy rental earnings
Application of provisions of Chapter 2 for purposes of this Chapter
929Application of provisions of Chapter 2 for purposes of this Chapter
Chapter 4Supplementary provisions
930Pre-26 November 1996 schemes and post-25 November 1996 schemes
931Time apportionment where periods of account do not coincide
932Periods of account and related periods of account and accounting periods
933Connected persons
934Assets which represent the leased asset
935Parent undertakings and consolidated group accounts
936Assessments and adjustments
937Interpretation of Part
Part 21ARisk transfer schemes
Introduction
937AOverview
937BGroup schemes and single company schemes
Basic definitions
937CMeaning of “risk transfer scheme”
937DMeaning of “the scheme rate, index or value”
937EScheme losses and scheme profits
937FRing-fenced scheme losses and relevant scheme profits
Treatment of ring-fenced scheme losses
937GRing-fenced scheme loss: treatment in period in which made
937HRing-fenced scheme loss: treatment in subsequent periods
A company's losses pool and profits pool
937IA company's losses pool and profits pool
General
937JTax capacity assumption
937KMeaning of “associated with”
937LInterpretation of references to economic losses and profits
937MForeign currency accounting
937NMeaning of “scheme”
Power to amend this Part
937OPower to amend this Part in its application to dealers in securities
Part 21BGroup mismatch schemes
938ALosses and profits from group mismatch schemes to be disregarded
938BMeaning of “a group mismatch scheme” and “the scheme group”
938CMeaning of “scheme loss” and “scheme profit”
938D Meaning of “relevant tax advantage” etc and “the scheme period”
938EMeaning of “group”
938FMeaning of references to economic profits and losses
938GTax capacity assumption
938HMeaning of “scheme”
938ISchemes involving repos or quasi-repos
938JSchemes involving finance arrangements
938KTrading income
938LForeign companies and foreign permanent establishments
938MControlled foreign companies
938NPriority
PART 21BATax mismatch schemes
938OLosses and profits from tax mismatch scheme to be disregarded
938PMeaning of “tax mismatch scheme”
938QMeaning of “scheme loss” and “scheme profit”
938RMeaning of “relevant tax advantage” etc and “the scheme period”
938SMeaning of references to economic profits and losses
938TTax capacity assumption
938UMeaning of “scheme”
938VPriority
Part 21CTainted charity donations
Introduction
939AOverview of Part
939BRelievable charity donations
Tainted donations
939C Tainted donations
939DCircumstances in which financial advantage deemed to be obtained
939ECertain financial advantages to be ignored
Removal of reliefs
939F Removal of corporation tax relief in respect of tainted donations etc
Supplementary
939GConnected charities
939HConnected persons
939IMinor definitions
Part 22Miscellaneous provisions
Chapter 1Transfers of trade without a change of ownership
Introduction
940AOverview of Chapter
940BMeaning of “transfer of a trade” and related expressions
Transfers to which Chapter applies
940CTransfers to which Chapter applies
941The ownership condition
942Options that may be applied for the purposes of the ownership condition
943The tax condition
Effect of Chapter in relation to transfers to which it applies
944Modified application of Chapter 2 of Part 4
945Cases in which predecessor retains more liabilities than assets
946Rules for determining “L”
947Rules for determining “A”
948Modified application of CAA 2001
949Dual resident investing companies
950Transfers of trades involving business of leasing plant or machinery
Supplementary
951Part of trade treated as separate trade
952Apportionment if part of trade treated as separate trade
953Application of Chapter to further transfers of a trade
Chapter 2Transfers of trade to obtain balancing allowances
954Transfer of activities on complete cessation of trade
955Transfer of activities on part cessation of trade
956Apportionment if part of trade treated as separate trade
957Chapter 2: supplementary
Chapter 3Transfer of relief within partnerships
958Application
959Arrangements for transfer of relief
960Restrictions on use of reliefs
961Non-trading profits and losses
962Interpretation of Chapter
Chapter 4Surrender of tax refund within group
963Power to surrender tax refund
964Effects of surrender of tax refund
965Interest on tax overpaid or underpaid
966Payments for surrendered tax refunds
Chapter 5Set off of income tax deductions against corporation tax
967Deductions from payments received by UK resident companies
968Deductions from payments received by non-UK resident companies
Chapter 6Collection etc of tax from UK representatives of non-UK resident companies
969Introduction to Chapter
970Obligations and liabilities in relation to corporation tax
971Exceptions
972Interpretation of Chapter
Chapter 7Recovery of unpaid corporation tax due from non-UK resident company
973Introduction to Chapter
974Case in which this Chapter applies
975Meaning of “the relevant period”
976Meaning of “related company”
977Notice requiring payment of unpaid tax
978Time limit for giving notice
979Amount payable in consortium case
980Chapter 7: supplementary
Chapter 8Exemptions
Trade unions and employers' associations
981Exemption for trade unions and eligible employers' associations
982Qualifying income or gains
983Meaning of “trade union” and “eligible employers' association”
Local authorities etc
984Local authorities and local authority associations
Health service bodies
985Health service bodies
986Meaning of “health service body”
987NHS foundation trusts
Police
987A Chief constables etc (England and Wales)
Reserve Bank of India and State Bank of Pakistan
988Issue departments of the Reserve Bank of India and the State Bank of Pakistan
Agricultural societies
989Agricultural societies
Chapter 9Other miscellaneous provisions
European Economic Interest Groupings
990European Economic Interest Groupings
Harbour reorganisation schemes
991Harbour reorganisation schemes: corporation tax
992Harbour reorganisation schemes: capital allowances etc
993Harbour reorganisation schemes: chargeable gains
994Transfer of part of trade
995Interpretation of sections 991 to 994
Groups: use of different accounting practices
996Use of different accounting practices within a group of companies
Part 23Company distributions
Chapter 1Introduction
997Overview of Part
Chapter 2Matters which are distributions
Introduction
998Overview of Chapter
999Priority of negative rules
Meaning of “distribution”
1000Meaning of “distribution”
1001Provisions related to paragraphs A to H in section 1000(1)
Distributions, other than dividends, in respect of shares
1002Exceptions for certain transfers of assets or liabilities between a company and its members
Redeemable share capital
1003Redeemable share capital
Securities issued otherwise than for new consideration
1004Securities issued otherwise than for new consideration
Distributions in respect of non-commercial securities
1005Meaning of “non-commercial securities”
1006Distributions exceeding consideration received for issue of security
1007Securities issued at premium representing new consideration
1008Consideration for issue of security exceeding amount of principal
Exceptions to section 1008
1009Securities reflecting dividends on certain shares etc: exclusion of section 1008
1010Meaning of “qualifying index” in section 1009
1011Meaning of “associated company” in section 1009
1012Hedging arrangements
1013Exception to section 1012
1014Meaning of “hedging arrangements”
Distributions in respect of special securities
1015Meaning of “special securities”
1016Meaning of “equity note” in section 1015
1017Section 1015: other interpretation
1018The principal secured: special securities
1019Relevant alternative finance return
Transfers of assets or liabilities treated as distributions
1020Transfers of assets or liabilities treated as distributions
1021Section 1020: exceptions
Bonus issue following repayment of share capital
1022Bonus issue following repayment of share capital treated as distribution
1023Exceptions to section 1022(3)
Interpretation of references to repayment of share capital
1024Premiums paid on redemption of share capital
1025Share capital issued at a premium representing new consideration
1026Distributions following a bonus issue
1027Cap on amount of distributions affected by section 1026
1027ADistributions following reduction of share capital
1028Certain payments connected with exempt distributions
Chapter 3Matters which are not distributions
Introduction
1029Overview of Chapter
Distributions in a winding up
1030Distribution in respect of share capital in a winding up
Distributions prior to dissolution of company
1030ADistributions in respect of share capital prior to dissolution of company
1030B Section 1030A: effect of company not being dissolved, etc
Distribution as part of a cross-border merger
1031Distribution as part of a cross-border merger
Payments of interest
1032Interest etc paid in respect of certain securities
...
1032APayment in respect of tier two capital
Purchase of own shares
1033Purchase by unquoted trading company of own shares
1034Requirements as to residence
1035Requirement as to period of ownership
1036Determining the period of ownership
1037Requirement as to reduction of seller's interest as shareholder
1038Exclusion of other deductions
1039Requirements where purchasing company is a member of a group
1040Determining whether interests as shareholders in a group are substantially reduced
1041Section 1040: effect of entitlement to profits
1042Other requirements
1043Relaxation of requirements in certain cases
Purchase of own shares: supplementary
1044Advance clearance of payments by Commissioners
1045Advance clearance: supplementary
1046Information and returns
1047Meaning of “group” and “51% subsidiary” in sections 1033 to 1047
1048Sections 1033 to 1047: other interpretation
Stock dividends
1049Stock dividends
1050Application of section 1049 where bonus share capital is converted etc
1051“Bonus share capital” and “in lieu of a cash dividend”
1052Share capital to which section 1049 applies: returns
1053Return periods
Building society payments
1054Building society payments
Industrial and provident society payments
1055Industrial and provident societies: interest and share dividends
1056Dividend or bonus relating to transactions
Payments made by UK agricultural or fishing co-operatives
1057UK agricultural or fishing co-operatives: interest and share dividends
1058Meaning of “UK agricultural or fishing co-operative”
Supplementary provisions
1059Associated persons
1060Associated persons: trustees
1061Associated persons: personal representatives
1062Connected persons
1063Section 1062: supplementary
Chapter 4Special rules for distributions made by certain companies
Close companies
1064Certain expenses of close companies treated as distributions
1065Exception for benefits treated as employment income etc
1066Exception for certain transfers between UK resident companies
1067Companies acting in concert or under arrangements
1068Meaning of “participator” in sections 1064 to 1067
1069Additional persons treated as participators
Companies carrying on a mutual business
1070Companies carrying on a mutual business
Companies not carrying on a business
1071Companies not carrying on a business
Members of a 90% group
1072Members of a 90% group
Chapter 5Demergers
Introduction
1073Key terms etc
1074Purpose of provisions about demergers
Exempt distributions
1075Exempt distributions
1076Transfer of shares in subsidiaries to members
1077Transfer by distributing company and issue of shares by transferee company
1078Division of business in a cross-border transfer
1079“The distributing company”
1080Meaning of “relevant company”
Exemption by virtue of section 1076 or 1077: conditions
1081General conditions
1082Conditions for distributions within section 1076(a)
1083Conditions for distributions within section 1077(1)
1084Cases where condition K does not apply
1085Conditions to be met if the distributing company is a 75% subsidiary
Chargeable payments
1086Chargeable payments connected with exempt distributions
1087Chargeable payments not deductible in calculating profits
1088Meaning of “chargeable payment”
1089Meaning of “chargeable payment”: unquoted companies
1090Meaning of “company concerned in an exempt distribution”
Advance clearance
1091Advance clearance of distributions
1092Advance clearance of payments
1093Requirements relating to applications for clearance
1094Decision of the Commissioners or tribunal
Information and returns
1095Exempt distributions: returns
1096Chargeable payments etc: returns
1097Information about person for whom a payment is received
Supplementary
1098Meaning of “unquoted company”
1099Other definitions etc
Chapter 6Information and returns: further provisions
General duties to provide information
1100Qualifying distributions: right to request a statement
1101Non-qualifying distributions etc: returns and information
1102Non-qualifying distributions etc: additional information
1103Power to modify or replace sections 1101 and 1102
Companies and nominees required to provide tax certificates
1104Company distributing dividend or interest: duty to provide tax certificates
1105Duties of nominees
1106Meaning of “tax certificate” etc
1107Penalties
1108Alternative means of compliance with sections 1104 and 1105
Chapter 7Tax credits
1109Tax credits for certain recipients of exempt qualifying distributions
1110Recovery of overpaid tax credit etc
1111Section 1110: supplementary
Chapter 8Interpretation of Part
1112Arrangements between companies
1113“In respect of shares”
1114“In respect of securities”
1115“New consideration”
1116References to married persons, or civil partners, living together
1117Other interpretation
Part 24Corporation Tax Acts definitions etc
Chapter 1Definitions
1118Introduction to Chapter
1119The definitions
1120“Bank”
1121“Company”
1122“Connected” persons
1123“Connected” persons: supplementary
1124“Control”
1125“Farming” and related expressions
1126“Franked investment income”
1127“Generally accepted accounting practice” and related expressions
1128“Grossing up”
1129“Hire-purchase agreement”
1130“Local authority”
1131“Local authority association”
1132“Offshore installation”
1133Regulations about the meaning of “offshore installation”
1134“Oil and gas exploration and appraisal”
1135“Property investment LLP”
1136“Qualifying distribution”
1137“Recognised stock exchange”
1138“Research and development”
1139“Tax advantage”
1140“Unauthorised unit trust”
Chapter 2Permanent establishments
General
1141Permanent establishments of companies
Circumstances where there is no permanent establishment
1142Agent of independent status
1143Preparatory or auxiliary activities
1144Alternative finance arrangements
Brokers
1145The independent broker conditions
Investment managers
1146The independent investment manager conditions
1147Investment managers: the 20% rule
1148Section 1147: interpretation
1149Application of 20% rule to collective investment schemes
1150Meaning of “investment manager” and “investment transaction”
Lloyd's agents
1151Lloyd's agents
Supplementary
1152Investment managers: disregard of certain chargeable profits
1153Miscellaneous
Chapter 3Subsidiaries
1154Meaning of “51% subsidiary”, “75% subsidiary” and “90% subsidiary”
1155Indirect ownership of ordinary share capital
1156Calculation of amounts owned indirectly: main rules
1157Adding fractions together
Chapter 4Investment trusts
1158Meaning of “investment trust”
1159Approval
1160Calculation of income
1161The income retention condition: exceptions
1162The 15% holding limit: exceptions
1163Basic meaning of “holding in a company”
1164More about the meaning of “holding in a company”
1165Other interpretation
Chapter 5Other Corporation Tax Acts provisions
1166Scotland
1167Sources of income within the charge to corporation tax or income tax
1168Payment of dividends
1169Settlements and trustees
1170Territorial sea of the United Kingdom
1171Orders and regulations
1172Apportionment to different periods
1173Miscellaneous charges
Part 25Definitions for purposes of Act and final provisions
Definitions for the purposes of Act
1174Abbreviated references to Acts
1175Claims and elections
1176Meaning of “connected” persons and “control”
Final provisions
1177Minor and consequential amendments
1178Power to make consequential provision
1179Power to undo changes
1180Transitional provisions and savings
1181Repeals and revocations
1182Index of defined expressions
1183Extent
1184Commencement
1185Short title
Schedules
SCHEDULE 1Minor and consequential amendments
Part 1Income and Corporation Taxes Act 1988
1The Income and Corporation Taxes Act 1988 is amended as...
2Omit section 6(4) (the charge to corporation tax and exclusion...
3Omit section 7 (treatment of certain payments and repayment of...
4Omit section 11(3) and (4) (companies not resident in the...
5Omit sections 13 to 13A (small companies' relief).
6Omit section 14 (qualifying distributions).
7(1) Omit section 24 (which has come to apply only...
8Omit section 56(3)(c) (exemption for transactions in deposits).
9Minor and consequential amendments
10Minor and consequential amendments
11Omit section 116 (arrangements for transferring relief).
12Omit sections 118 to 118ZD (restrictions on relief for losses...
13In section 187(10) (interpretation of sections 185 and 186 etc)...
14Omit Chapter 2 of Part 6 (matters which are distributions)....
15Omit Chapter 3 of Part 6 (matters which are not...
16Omit section 231 (tax credits for certain recipients of qualifying...
17Omit section 231AA (no tax credit for borrower under stock...
18Omit section 231AB (no tax credit for original owner under...
19In section 231B(12) (consequences of certain arrangements to pass on...
20Omit section 234 (information relating to distributions).
21Omit section 234A (information relating to distributions: further provisions).
22Omit Chapter 6 of Part 6 (miscellaneous and supplemental).
23In section 337A (computation of company's profits or income: exclusion...
24Omit section 338 (charges on income deducted from total profits)....
25Omit section 338A (meaning of “charges on income”).
26Omit section 339 (charges on income: donations to charity).
27Omit section 342 (tax on company in liquidation).
28Omit section 342A (tax on companies in administration).
29Omit section 343 (company reconstructions without a change of ownership)....
30Omit section 343ZA (transfers of trade to obtain balancing allowances)....
31Omit section 343A (company reconstructions involving business of leasing plant...
32Omit section 344 (company reconstructions: supplemental).
33In section 369(6) (mortgage interest payable under deduction of tax)...
34Omit Chapter 2 of Part 10 (loss relief).
35Omit section 397 (restriction of loss relief in case of...
36In section 398 (transactions in deposits) for “section 396” substitute...
37Omit section 399 (dealings in commodity futures).
38Omit section 400 (write-off of government investment).
39Omit Chapter 4 of Part 10 (group relief).
40Omit Chapter 1 of Part 11 (close companies: interpretation).
41Omit Chapter 2 of Part 11 (close companies: charges to...
42Minor and consequential amendments
43Minor and consequential amendments
44Minor and consequential amendments
45Minor and consequential amendments
46Minor and consequential amendments
47Minor and consequential amendments
48Minor and consequential amendments
49Minor and consequential amendments
50Minor and consequential amendments
51Minor and consequential amendments
52Omit section 467 (exemption for trade unions and employers' associations)....
53Omit section 468 (authorised unit trusts).
54Omit section 468A (open-ended investment companies).
55Omit section 469 (other unit trusts).
56Omit section 469A (court common investment funds).
57Omit section 477A (building societies: loan relationships).
58Omit section 486 (industrial and provident societies and co-operative associations)....
59Omit section 488 (co-operative housing associations).
60Omit section 489 (self-build societies).
61Omit section 490 (companies carrying on a mutual business or...
62Omit section 492 (treatment of oil extraction activities etc for...
63(1) Omit section 493 (valuation of oil disposed of or...
64Omit sections 494 to 494A (loan relationships etc, sale and...
65(1) Omit section 495 (regional development grants).
66(1) Omit section 496 (tariff receipts and tax-exempt tariffing receipts)....
67Omit section 496B (ring fence expenditure supplement).
68Omit sections 500 to 501B (deduction of PRT, interest on...
69(1) Omit section 502 (interpretation of Chapter 5).
70Omit Chapter 5A of Part 12 (special rules for long...
71Omit section 503 (letting of furnished holiday accommodation).
72Omit section 505 (charitable companies: general).
73Omit section 506 (charitable and non-charitable expenditure).
74Omit section 506A (transactions with substantial donors).
75Omit section 506B (section 506A: exceptions).
76Omit section 506C (sections 506A and 506B: supplemental).
77Omit section 507 (the National Heritage Memorial Fund, the Historic...
78Omit section 508 (scientific research organisations).
79Omit section 510 (agricultural societies).
80Omit section 510A (European Economic Interest Groupings).
81Omit section 511(7) (the Gas Council).
82Omit section 513 (British Airways Board and National Freight Corporation)....
83Omit section 517 (issue departments of Reserve Bank of India...
84Omit section 518 (harbour reorganisation schemes).
85Omit section 519 (local authorities).
86Omit section 519A (health service bodies).
87In section 552A(11) (tax representatives) for “Section 839” substitute “...
88Omit Chapter 5A of Part 13 (share loss relief).
89Omit section 587B (gifts of shares, securities and real property...
90Omit section 587BA (qualifying interests in land held jointly).
91Omit section 587C (supplementary provision for gifts of real property)....
92Omit section 687A (discretionary payments by trustees to companies).
93Omit section 689B (order in which trustees' expenses are to...
94Omit Chapter 1 of Part 17 (cancellation of corporation tax...
95Omit section 736A (manufactured dividends and interest).
96Omit section 736B (deemed manufactured payments in the case of...
97In section 749B(3) (interests in companies) for “Part VI” substitute...
98In section 750(3)(c)(i) (territories with a lower level of taxation)...
99In section 751(6)(b) (accounting periods and creditable tax) for “section...
100In section 755D(10) (“control” and the two “40 per cent”...
101(1) Amend section 756 (interpretation and construction of Chapter 4)...
102Omit sections 767A to 769 (change in ownership of company)....
103Minor and consequential amendments
104(1) Omit sections 774A to 774G (factoring of income receipts...
105Omit sections 776 to 778 (transactions in land).
106(1) Omit sections 779 to 785 (sale and lease-back etc)....
107Omit section 785ZA (restrictions on use of losses: leasing partnerships)....
108Omit section 785ZB (section 785ZA: definitions).
109Omit section 785B (plant and machinery leases: capital receipts to...
110Omit section 785C (section 785B: interpretation).
111Omit section 785D (section 785B: lease of plant and machinery...
112Omit section 785E (section 785B: expectation that relevant capital payment...
113(1) Omit section 786 (transactions associated with loans or credit)....
114In section 806A(2) (eligible unrelieved foreign tax dividends: introductory)—
115Omit section 808 (restriction on deduction of interest or dividends...
116Minor and consequential amendments
117(1) Amend section 826 (interest on tax overpaid) as follows....
118(1) Amend section 828 (orders and regulations made by the...
119Omit section 830(1) (territorial sea of the United Kingdom).
120In section 831(3) (interpretation of ICTA) at the appropriate place...
121Omit section 832 (interpretation of the Corporation Tax Acts).
122Omit section 834 (interpretation of the Corporation Tax Acts).
123Omit section 834A (miscellaneous charges).
124Omit section 834B (meaning of “UK property business” and “overseas...
125Omit section 834C (total profits).
126Omit section 837A (meaning of “research and development”).
127Omit section 837B (meaning of “oil and gas exploration and...
128Omit section 837C (meaning of “offshore installation”).
129Omit section 838 (subsidiaries).
130Omit section 839 (connected persons).
131Omit section 840 (meaning of “control” in certain contexts).
132Omit section 840ZA (meaning of “tax advantage”).
133Omit section 840A (banks).
134Omit section 841 (meaning of “recognised stock exchange” etc).
135Omit section 842 (investment trusts).
136Omit section 842A (local authorities).
137Omit section 842B (meaning of “property investment LLP”).
138In paragraph 5(2) of Schedule 10 (further provisions relating to...
139Omit Schedule 17 (dual resident investing companies).
140Omit Schedule 18 (group relief: equity holders and profits or...
141Omit Schedule 18A (group relief: overseas losses of non-resident companies)....
142(1) Amend Schedule 19B (petroleum extraction activities: exploration expenditure supplement)...
143Omit Schedule 19C (petroleum extraction activities: ring fence expenditure supplement)....
144Omit Schedule 20 (charitable companies: qualifying investments and loans).
145Omit Schedule 23A (manufactured dividends and interest).
146(1) Amend Schedule 24 (assumptions for calculating chargeable profits etc)...
147(1) Amend Schedule 25 (cases where section 747(3) of ICTA...
148(1) Amend Schedule 26 (reliefs against liability for tax in...
149Omit Schedule 28A (change in ownership of company with investment...
Part 2Other enactments
Finance Act 1930
150(1) Section 42 of the Finance Act 1930 (relief from...
Finance Act (Northern Ireland) 1954 (c. 23(N.I.))
151(1) Section 11 of the Finance Act (Northern Ireland) 1954...
Taxes Management Act 1970
152The Taxes Management Act 1970 is amended as follows.
153In section 12AB(5) (partnership return to include partnership statement), in...
154In section 12B(4A) (records to be kept for purposes of...
155In section 59E(11) (further provision as to when corporation tax...
156(1) Amend section 87A (interest on overdue corporation tax etc)...
157(1) Amend section 98 (special returns etc) as follows.
158(1) Amend section 109 (corporation tax on close companies in...
159In section 118(1) (interpretation)— (a) in the definition of “company”...
Oil Taxation Act 1975
160The Oil Taxation Act 1975 is amended as follows.
161(1) Amend section 3 (allowance of expenditure) as follows.
162(1) Amend section 5 (allowance of abortive exploration expenditure) as...
163In section 6(4)(b) (allowance of unrelievable loss from abandoned field)...
164In section 21(2) (citation etc)— (a) at the appropriate place...
165(1) Amend Schedule 3 (petroleum revenue tax: miscellaneous provisions) as...
166(1) Amend Schedule 4 (provisions supplementary to sections 3 and...
167In Schedule 5 (allowance of expenditure) in paragraph 2B(2) for...
Solicitors (Northern Ireland) Order 1976 (S.I. 1976/582 (N.I. 12))
168In paragraph 38(3) of Schedule 1A to the Solicitors (Northern...
Alcoholic Liquor Duties Act 1979
169In section 36B(8) of the Alcoholic Liquor Duties Act 1979...
Finance Act 1980
170The Finance Act 1980 is amended as follows.
171In section 107(7) (transmedian fields) after “meaning of” insert “...
172(1) Amend Schedule 17 (transfers of interests in oil fields)...
Betting and Gaming Duties Act 1981
173The Betting and Gaming Duties Act 1981 is amended as...
174In section 20(6)(a) (expenditure on bingo winnings) for “section 839...
175In section 21(7) (gaming machine licences) for “Section 839 of...
Finance Act 1982
176The Finance Act 1982 is amended as follows.
177In section 134(1) (alternative valuation of ethane used for petrochemical...
178(1) In Schedule 19 (supplementary provisions relating to APRT) omit...
Finance Act 1983
179In Schedule 8 to the Finance Act 1983 (reliefs for...
Oil Taxation Act 1983
180The Oil Taxation Act 1983 is amended as follows.
181In section 6(4A)(b) (amounts which are not chargeable tariff receipts)...
182In section 15(4) (interpretation etc) for “Section 839 of the...
183In paragraph 8(2B)(b) of Schedule 1 (allowable expenditure: use of...
184(1) Amend Schedule 2 (supplemental provisions as to receipts from...
Finance Act 1984
185The Finance Act 1984 is amended as follows.
186In section 113(8) (restriction on PRT reliefs) for “section 838...
187(1) Amend section 115 (information relating to sales at arm's...
Inheritance Tax Act 1984
188The Inheritance Tax Act 1984 is amended as follows.
189(1) Amend section 23 (gifts to charities) as follows.
190In section 96 (preference shares disregarded) for “section 210(4) of...
191In section 102(1) (interpretation), in the definition of “participator”, for...
192In Schedule 3, in the entry for “health service body”,...
Police and Criminal Evidence Act 1984
193In section 14(6) of the Police and Criminal Evidence Act...
Administration of Justice Act 1985 (c. 61)
194In paragraph 36(3) of Schedule 2 to the Administration of...
Finance Act 1986
195The Finance Act 1986 is amended as follows.
196Minor and consequential amendments
197In section 80B(1) (intermediaries: supplementary) for “section 839 of the...
198In section 80D(2)(a) (repurchasers and stock lending: replacement stock on...
199In section 88B(1) (intermediaries: supplementary) for “section 839 of the...
200In section 89AB(2)(a) (section 87: exception for repurchasers and stock...
201In section 90(9)(b) (section 87: other exceptions) for “section 416...
Gas Act 1986
202In section 19E(4) of the Gas Act 1986 (sections 19A...
Finance Act 1987
203The Finance Act 1987 is amended as follows.
204In Schedule 13 (relief for research expenditure) in paragraph 11(2)...
205In Schedule 14 (cross-field allowance) in paragraph 10(2) for “section...
Local Government Finance Act 1988
206The Local Government Finance Act 1988 is amended as follows....
207In section 43(6)(b) (occupied hereditaments: liability) for “Schedule 18 to...
208Minor and consequential amendments
209In section 67(10A) (interpretation: other provisions)— (a) for “Schedule 18...
210In paragraph 7(9) of Schedule 5 (non-domestic rating: exemption) for...
Housing Act 1988
211In section 54(2)(c) of the Housing Act 1988 (tax relief...
Finance Act 1989
212The Finance Act 1989 is amended as follows.
213Minor and consequential amendments
214Minor and consequential amendments
215Omit section 102 (surrender of tax refund etc within group)....
216In paragraph 16(2) of Schedule 5 (employee share ownership trusts)—...
217In Schedule 12 (close companies) omit paragraphs 1, 3 and...
Electricity Act 1989
218In section 58(8) of the Electricity Act 1989 (directions restricting...
Police and Criminal Evidence (Northern Ireland) Order 1989 (S.I. 1989/1341 (N.I. 12))
219In Article 16(6) of the Police and Criminal Evidence (Northern...
Finance Act 1990
220Omit section 25(10) and (12) of the Finance Act 1990...
Finance Act 1991
221The Finance Act 1991 is amended as follows.
222(1) Omit sections 62 to 65 (abandonment guarantees and abandonment...
223In section 104(3) (abandonment guarantees) for “section 839 of the...
224In section 112(7)(b) (apportionment of consideration for stamp duty purposes)...
Taxation of Chargeable Gains Act 1992
225The Taxation of Chargeable Gains Act 1992 is amended as...
226In section 8(1) (company's total profits to include chargeable gains)...
227In section 13(12) (attribution of gains to members of non-resident...
228In section 37 (consideration chargeable to tax on income) after...
229In section 39 (exclusion of expenditure by reference to tax...
230In section 96(10) (payments by and to companies)—
231In section 117(1) (meaning of qualifying corporate bond) for the...
232In section 125(6) (shares in close company transferring assets at...
233In section 125A(1) (effect of share loss relief)—
234In section 135(4) (exchange of securities for those in another...
235In section 140L(1)(c)(i) (interpretation) for “section 832 of the Taxes...
236In section 151BA (CITR: identification of securities of shares on...
237In section 151BB (CITR: rights issues etc) in subsection (5)(b)...
238In section 151C(5) (strips) for “section 840ZA of the Taxes...
239In section 151D(5) (corporate strips) for “section 840ZA of the...
240In section 161 (appropriations to and from stock) after subsection...
241In section 165A(14) (meaning of “holding company” etc), in the...
242(1) Amend section 170 (interpretation) as follows.
243In section 171(2)(da) (transfers within a group: general provisions) for...
244(1) Amend section 179 (company ceasing to be a member...
245In section 184H(5)(b) (meaning of excluded arrangements) for “section 779(1)...
246In section 190(13) (tax recoverable from another group company or...
247(1) Amend section 192 (tax exempt distributions) as follows.
248In section 198(5)(b) (replacement of business assets used in connection...
249In section 212(1)(c) (annual deemed disposal of holdings of unit...
250After section 217C insert— Industrial and provident societies and co-operatives...
251Minor and consequential amendments
252In section 228 (conditions for relief: supplementary) for subsection (10)...
253In section 239(7) (employee trusts) for “in section 417(1) of...
254(1) Amend section 256 (charities) as follows.
255In the title to section 256A (attributing gains to the...
256In the title to section 256B (how gains are attributed...
257After section 256B insert— Attributing gains to the non-exempt amount:...
258(1) Amend section 257 (gifts to charities etc) as follows....
259In section 263B(7) (stock lending arrangements), in the definition of...
260In section 263E(1)(a) (structured finance arrangements) before “(disregard” insert “...
261(1) Amend section 271 (other miscellaneous exemptions) as follows.
262In section 276(2)(d) (the territorial sea and the continental shelf)...
263In section 286(3A)(b) (connected persons: interpretation) for “section 840 of...
264(1) Amend section 288 (interpretation) as follows.
265In paragraph 7(3)(a) of Schedule 3 (assets held on 31...
266(1) Amend Schedule 5 (attribution of gains to settlors with...
267(1) Amend Schedule 5AA (meaning of “scheme of reconstruction”) as...
268In paragraph 19(1) of Schedule 5B (interpretation)—
269(1) Amend Schedule 7AC (exemptions for disposals by companies with...
Finance (No.2) Act 1992(c. 48)
270(1) The Finance (No.2) Act 1992 is amended as follows....
Electricity (Northern Ireland) Order 1992 (S.I. 1992/231 (N.I. 1))
271In Article 62(8) of the Electricity (Northern Ireland) Order 1992...
Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15))
272In Article 22(2)(c) of the Housing (Northern Ireland) Order 1992...
Charities Act 1993
273Minor and consequential amendments
274Minor and consequential amendments
275Minor and consequential amendments
Finance Act 1993
276The Finance Act 1993 is amended as follows.
277Omit sections 92 to 92E (which set out rules about...
278In section 193(6) (tariff receipts) for “section 839 of the...
279In paragraph 5(1) of Schedule 20A (interpretation) in the definition...
Finance Act 1994
280The Finance Act 1994 is amended as follows.
281In section 52A(8) (certain fees to be treated as premiums...
282In section 219(4B) (Lloyd's underwriters: corporations etc: taxation of profits)...
283In section 227A(5) (restriction of group relief) for “section 402(2)...
284In Schedule 6A (premiums liable to tax at the higher...
Value Added Tax Act 1994
285In the following provisions of the Value Added Tax Act...
Finance Act 1995
286The Finance Act 1995 is amended as follows.
287(1) Amend section 151 (lease or tack: associated bodies) as...
288(1) Amend section 152 (open-ended investment companies) as follows.
289In section 154(1) (short rotation coppice) omit the words “the...
290In paragraph 17(6)(a) of Schedule 22 (interpretation) for “section 416...
Finance Act 1996
291The Finance Act 1996 is amended as follows.
292Omit section 175 (transactions in securities).
293In paragraph 11(2D) of Schedule 15 (other adjustments in case...
Broadcasting Act 1996
294(1) Schedule 7 to the Broadcasting Act 1996 (transfer schemes)...
Gas (Northern Ireland) Order 1996 (S.I. 1996/275 (N.I. 2))
295(1) The Gas (Northern Ireland) Order 1996 is amended as...
Finance Act 1997 (c. 16)
296(1) Schedule 12 to the Finance Act 1997 (leasing arrangements:...
Finance Act 1998
297(1) Schedule 18 to the Finance Act 1998 (company tax...
Petroleum Act 1998
298In section 17E(7) of the Petroleum Act 1998 (section 17D:...
Regional Development Agencies Act 1998
299Minor and consequential amendments
Finance Act 1999
300The Finance Act 1999 is amended as follows.
301In section 97 (supplementary provisions) in subsection (2)(a) for “section...
302In section 98(7) (qualifying assets) after paragraph (a) insert—
Commonwealth Development Corporation Act 1999
303(1) Paragraph 6 of Schedule 3 to the Commonwealth Development...
Greater London Authority Act 1999
304The Greater London Authority Act 1999 is amended as follows....
305In section 157(4) (restriction on exercise of certain powers except...
306In section 419(2) (taxation: certain bodies treated as a local...
307(1) Amend paragraph 13 of Schedule 33 (taxation provisions: public-private...
Finance Act 2000
308The Finance Act 2000 is amended as follows.
309Omit section 46 (exemption for small trades etc).
310Omit section 98 (recovery of tax payable by non-resident company)....
311In section 119(9) (transfer of land to connected company) for...
312In section 120(7) (exceptions) for “section 839(3) of the Taxes...
313In section 121(8) (grant of lease to connected company) for...
314(1) Amend Schedule 6 (climate change levy) as follows.
315(1) Amend Schedule 15 (the corporate venturing scheme) as follows....
316(1) Amend Schedule 22 (tonnage tax) as follows.
317Omit Schedule 28 (recovery of tax payable by non-resident company)....
318In Schedule 34 (supplementary provisions) in paragraph 3(4)(b) for “section...
Trustee Act 2000
319In section 19(3) of the Trustee Act 2000 (persons who...
Transport Act 2000
320The Transport Act 2000 is amended as follows.
321(1) Amend Schedule 7 (transfer schemes: tax) as follows.
322(1) Amend Schedule 26 (transfers: tax) as follows.
Capital Allowances Act 2001
323The Capital Allowances Act 2001 is amended as follows.
324In section 38B (general exclusions applying to section 38A) in...
325In section 45F(3) (expenditure on plant and machinery for use...
326In section 56(1A) (amount of allowances and charges) for “section...
327In section 60(1)(c) (meaning of “disposal receipt”) after “or” insert...
328In section 63(2) (cases in which disposal value is nil)—...
329In section 70E(2B) (disposal events and disposal values)—
330In section 70H(1) (lessee: requirement for tax return treating lease...
331In section 70V(4) (tax avoidance involving international leasing) for “section...
332In section 99 (the monetary limit) for subsection (5) substitute—...
333In section 104F(10) (special rate cars: discontinued activity continued by...
334In section 108(1)(b)(i) (effect of disposal to connected person on...
335In section 112(1)(b)(i) (excess allowances: connected persons) for “section 343(1)...
336In section 115(1)(c)(i) (prohibited allowances: connected persons) for “section 343(1)...
337In section 131(7) (effect of postponement)— (a) for “section 403ZB(2)...
338In section 138(2)(b) (limit on amount deferred) for “section 393...
339In section 154(3)(b)(ii) (further registration requirement) for “section 343(2) of...
340In section 155(1)(b)(ii) (change in persons carrying on qualifying activity)...
341In section 156(2)(b) (connected persons) for “section 343(2) of ICTA”...
342In section 158 (members of same group) for “Chapter IV...
343In section 162(2) (ring fence trade a separate qualifying activity)—...
344(1) Amend section 220 (allocation of expenditure to a chargeable...
345In section 228H(1A)(b) (sections 228A to 228G: supplementary) for “section...
346In section 228M(2) (other definitions for the purposes of s.228K)—...
347In section 249(2) (furnished holiday lettings business) for “Section 503...
348In section 253(7) (companies with investment business) for “sections 768B(8)...
349In section 260(7) (special leasing: corporation tax (excess allowance)) in...
350In section 261 (special leasing: life assurance business) in paragraph...
351In section 261A(3) (special leasing: leasing partnerships)—
352In section 267A(3) (restriction on effect of election)—
353In section 355(6) (buildings for miners etc: carry-back of balancing...
354In section 362(2) (meaning of “husbandry”) for “section 154(3) of...
355In section 416B(5) (expenditure incurred by company for purposes of...
356In section 420(b) (meaning of “disposal receipt”) after “or” insert...
357In section 476(1)(b) (disposal value of patent rights) after “or”...
358In section 505(1) (qualifying dwelling-houses: exclusions), in paragraph (a) of...
359After section 560 insert— Transfers of trade without a change...
360In section 561(5) (transfer of division of UK business) for...
361In section 561A(2) (transfer of asset by reason of cross-border...
362In section 575A(1) (section 575: supplementary) in the definition of...
363In section 577(1) (other definitions), in the definition of “dual...
364(1) Amend Schedule A1 (first-year tax credits) as follows.
365(1) Amend Schedule 1 (abbreviations and defined expressions) as follows....
Finance Act 2001
366Minor and consequential amendments
Trustee Act (Northern Ireland) 2001 (c. 14 (N.I.))
367In section 19(3) of the Trustee Act (Northern Ireland) 2001...
Finance Act 2002
368The Finance Act 2002 is amended as follows.
369Omit section 57(1) (community investment tax relief).
370Omit section 58 (relief for community amateur sports clubs).
371In section 63(2)(a) (first year allowances for expenditure wholly for...
372Minor and consequential amendments
373Omit Schedule 16 (community investment tax relief).
374Omit Schedule 18 (relief for community amateur sports clubs).
375In paragraph 8(4) of Schedule 34 (stamp duty: recovery of...
376Minor and consequential amendments
377In Schedule 37 (supplementary provisions) in paragraph 2(4)(b) for “section...
Income Tax (Earnings and Pensions) Act 2003
378The Income Tax (Earnings and Pensions) Act 2003 is amended...
379In section 24(6)(b) (limit on chargeable overseas earnings where duties...
380In section 51(5) (conditions of liability where intermediary is a...
381In section 60(1)(a) (meaning of associate) for “section 417(3) and...
382In section 61(1) (interpretation) in the definition of “associated company”...
383(1) Amend section 68 (meaning of “material interest” in a...
384In section 230(4)(c) (the approved amount for mileage allowance payments)...
385In section 357(2) (business entertainment and gifts: exception where employer's...
386In section 421H(2) (meaning of “employee-controlled” etc) for “same meaning...
387In section 446A(3)(b) (application of Chapter) for “section 402(6) of...
388In section 446K(3)(b) (application of Chapter) for “section 402(6) of...
389In section 459(3) (transfer of intellectual property by controlled company)...
390In section 479(9)(b) (amount of gain realised on occurrence of...
391In section 493(3) (no charge on acquisition of dividend shares)...
392In section 538(4) (share conversions excluded for the purposes of...
393In section 549(4)(a) (application of Chapter) for “same meaning as...
394In section 714(2) (meaning of “donations”), in the definition of...
395(1) Amend Schedule 1 (abbreviations and defined expressions) as follows....
396(1) Amend Schedule 2 (approved share incentive plans) as follows....
397(1) Amend Schedule 3 (approved SAYE option schemes) as follows....
398(1) Amend Schedule 4 (approved CSOP schemes) as follows.
399(1) Amend Schedule 5 (enterprise management incentives) as follows.
Finance Act 2003
400The Finance Act 2003 is amended as follows.
401In section 44(11) (contract and conveyance) for “Section 839 of...
402In section 45(6) (contract and conveyance: effect of transfer of...
403In section 45A(10) (contract providing for conveyance to third party:...
404In section 53(2) (deemed market value where transaction involves connected...
405In section 54(3)(b) (exceptions from deemed market value rule) for...
406In section 73AB(4) (sections 71A to 72A: arrangements to transfer...
407In section 75A(5)(b) (anti-avoidance) for “section 839 of the Taxes...
408In section 101(6) (unit trust schemes) for “Section 469A of...
409In section 108(1) (linked transactions) for “Section 839 of the...
410Omit section 148 (meaning of “permanent establishment”).
411Omit section 150 (non-resident companies: assessment, collection and recovery of...
412Omit section 152 (non-resident companies: transactions carried out through broker,...
413(1) Amend section 195 (companies acquiring their own shares) as...
414In Schedule 4 (stamp duty land tax: chargeable consideration) in...
415In Schedule 6A (relief for certain acquisitions of residential property)...
416(1) Amend Schedule 7 (stamp duty land tax: group relief...
417(1) Amend Schedule 9 (stamp duty land tax: right to...
418(1) Amend Schedule 15 (stamp duty land tax: partnerships) as...
419In Schedule 17A (further provisions relating to leases) in paragraph...
420In Schedule 20 (stamp duty: restriction to instruments relating to...
421Omit Schedule 26 (non-resident companies: transactions through broker, investment manager...
Housing (Northern Ireland) Order 2003 (S.I. 2003/412 (N.I. 2))
422In Article 85(2) of the Housing (Northern Ireland) Order 2003...
Finance Act 2004
423The Finance Act 2004 is amended as follows.
424Omit section 50 (generally accepted accounting practice).
425Omit section 51 (use of different accounting practices within a...
426In section 59(4) (contractors) for “section 343 of the Taxes...
427Omit section 83 (giving through the self-assessment return).
428In section 273(9) (members liable as scheme administrator) for “section...
429In section 307(2)(b) (meaning of “promoter”)— (a) for “section 840A...
430In paragraph 4(2) of Schedule 11 (the compliance test) for...
431(1) Amend Schedule 29A (taxable property held by investment-regulated pension...
432(1) Amend Schedule 36 (pension schemes: transitional provision and savings)...
Energy Act 2004
433The Energy Act 2004 is amended as follows.
434(1) Amend section 27 (tax exemption for NDA activities) as...
435(1) Amend section 28 (taxation of activities of the Nuclear...
436In section 44(2) (extinguishment of BNFL losses for tax purposes)—...
437In paragraph 3 of Schedule 4 (supplemental taxation provisions for...
438(1) Amend Schedule 9 (taxation provisions relating to nuclear transfer...
Companies (Audit, Investigations and Community Enterprise) Act 2004
439(1) Section 54C of the Companies (Audit, Investigations and Community...
Scotland Act 1998 (Transfer of Functions to the Scottish Ministers etc) Order 2004 (S.I. 2004/2030)
440The Scotland Act 1998 (Transfer of Functions to the Scottish...
441Omit article 3 (transfer of functions to the Scottish Ministers)....
442Omit article 5 (modification of ICTA).
443In article 6 (general modifications of enactments etc)—
Income Tax (Trading and Other Income) Act 2005
444The Income Tax (Trading and Other Income) Act 2005 is...
445In section 100(4) (meaning of sale and lease-back arrangement) for...
446In section 108(3) (gifts of trading stock to charities etc)...
447For section 148D (lessor under long funding operating lease: periodic...
448After section 148D insert— Starting value”: general (1) This section is about the meaning of “starting value”...
449For section 148E substitute— Long funding operating lease: lessor's additional...
450After section 148E insert— Determination of remaining residual value resulting...
451For section 148F substitute— Lessor under long funding operating lease:...
452In section 375(1) (interpretation of sections 373 and 374) for...
453In section 388(1) (interpretation of sections 386 and 387) for...
454In section 389(5) (authorised unit trust dividend distributions) for “section...
455In section 401(7) (relief: qualifying distributions after linked non-qualifying distribution)...
456In Chapter 3 of Part 4 after section 401 insert—...
457After section 401A insert— Power to obtain information (1) An officer of Revenue and Customs may, for the...
458(1) Amend section 410 as follows. (2) For subsection (1)...
459After section 410 insert— Conversion etc of bonus share capital...
460(1) Amend section 412 (cash equivalent of share capital) as...
461After section 414 insert— Interpretation of Chapter (1) In this Chapter “bonus share capital” means—
462(1) Amend section 415 (charge to tax under Chapter 6)...
463In section 419(1)(b) (loans and advances to people who die)...
464In section 420(1)(b) (loans and advances to trustees of settlements...
465After section 421 insert— Power to obtain information (1) An officer of Revenue and Customs may, for the...
466(1) Amend section 456 (securities issued to connected persons etc...
467In section 460(2) (minor definitions) for “section 840ZA of ICTA”...
468In section 482(7) (conditions in relation to excepted group life...
469In section 520(4) (the property categories) for “section 842 of...
470In section 643(4) (interpretation) for “section 416 of ICTA” substitute...
471(1) Amend Schedule 2 (transitionals and savings) as follows.
472(1) Amend Schedule 4 (abbreviations and defined expressions) as follows....
Finance Act 2005
473The Finance Act 2005 is amended as follows.
474(1) In section 48B(5) (alternative finance arrangements: alternative finance investment...
475(1) Omit section 54A (treatment of section 47, 49 and...
476Omit section 84 (taxation of securitisation companies).
477In section 102(7)(b) (Pension Protection Fund etc) for “section 832(1)...
Railways Act 2005
478(1) Schedule 10 to the Railways Act 2005 (taxation provisions...
Finance (No. 2) Act 2005 (c. 22)
479In section 17(4) of the Finance (No. 2) Act 2005...
Finance Act 2006
480The Finance Act 2006 is amended as follows.
481Omit section 82 (sale etc of lessor companies etc).
482In section 83(6)(a) (restrictions on use of losses etc: leasing...
483In Part 4 (Real Estate Investment Trusts) omit—
484Omit Schedule 10 (sale etc of lessor companies etc).
485Omit Schedule 16 (Real Estate Investment Trusts: excluded business and...
486Omit Schedule 17 (group Real Estate Investment Trusts: modifications).
Companies Act 2006
487The Companies Act 2006 is amended as follows.
488In section 141(4)(a) (subsidiary acting as authorised dealer in securities)...
489Minor and consequential amendments
490In section 1278(1)(c) (institutions to which information provisions apply) for...
Charities Act 2006 (c. 50)
491Minor and consequential amendments
492Minor and consequential amendments
493Minor and consequential amendments
Income Tax Act 2007
494The Income Tax Act 2007 is amended as follows.
495In section 69(7) (whether trade is same trade) for “has...
496In section 136(2) (disposals of new shares) for “one of...
497In section 139(4) (the control and independence requirement) in the...
498(1) Amend section 151 (interpretation of Chapter) as follows.
499In section 170 (persons interested in capital etc of company)—...
500In section 190 (meaning of “qualifying 90% subsidiary”)—
501In section 199(3)(c) (excluded activities: provision of services or facilities...
502In section 232(4)(a) (acquisition of a trade or trading assets)—...
503In section 257 (minor definitions)— (a) in subsection (1) in...
504In section 301 (meaning of “qualifying 90% subsidiary”)—
505In section 310(3)(c) (excluded activities: provision of services or facilities...
506In section 313 (interpretation)— (a) in subsection (4) for “section...
507In section 332 (minor definitions etc) in the definition of...
508In section 340 (application and criteria for accreditation) after subsection...
509In section 341 (terms and conditions of accreditation) after subsection...
510In section 346 (conditions to be met in relation to...
511(1) Amend section 348 (CITR: tax relief certificates) as follows....
512In section 355 (securities or shares: no claim after disposal...
513(1) Amend section 356 (no claim after loss of accreditation...
514(1) Amend section 361 (disposal of securities or shares during...
515In section 363 (value received by investor during 6 year...
516In section 364 (value received by investor during 6 year...
517In section 365 (receipts of insignificant value to be added...
518In section 368 (value received if more than one investment)...
519In section 369 (effect of receipt of value on future...
520In section 373 (information to be provided by the investor)...
521In section 392(4) (loan to buy interest in close company)—...
522In section 394(5) (meaning of “material interest” in section 393)—...
523In section 395(6) (meaning of “associate” in section 394) in...
524In section 413(5) (overview of Chapter) for the words from...
525In section 426(7) (election by donor: gift treated as made...
526In section 430(1)(d) (“charity” to include exempted bodies) for “Schedule...
527In section 432(2) (meaning of “qualifying investment”), in the definition...
528In section 442(7)(b) (qualifying interests in land held jointly) for...
529In section 443(5) (calculation of relievable amount where joint disposal...
530In section 527(2)(a) for “section 214 of ICTA” substitute “...
531In section 531(2A) (exemption for property income etc) for “section...
532Minor and consequential amendments
533Minor and consequential amendments
534Minor and consequential amendments
535Minor and consequential amendments
536In section 559(3) (securities which are approved charitable investments), in...
537In section 576 (manufactured dividends on UK shares: Real Estate...
538(1) Amend section 577 (statements about manufactured dividends) as follows....
539In section 591(1) (interpretation of other terms used in Chapter)—...
540In section 597(1)(d) (deemed interest: cash collateral under stock lending...
541(1) Amend section 602 (deemed manufactured payments: repos) as follows....
542(1) Amend section 603 (deemed deductions of tax) as follows....
543(1) Amend section 604 (deemed increase in repurchase price: price...
544In section 606 (interpretation of Chapter)— (a) for subsection (2)...
545Minor and consequential amendments
546Minor and consequential amendments
547In section 772(1) (interpretation of Chapter) for “section 776 of...
548In section 809ZA (plant and machinery leases: capital receipts to...
549Omit section 809ZB (section 809ZA: interpretation).
550In section 809ZC(1) (section 809ZA: lease of plant and machinery...
551After section 809ZD insert— Capital payment”, “relevant capital payment” etc...
552In section 809M(3) (meaning of “relevant person”)—
553In section 836(3) (jointly held property) for “section 254 of...
554In section 899(5) (meaning of “qualifying annual payment”) for paragraph...
555In section 918 (manufactured dividends on UK shares: Real Estate...
556(1) Amend section 928 (chargeable payments connected with exempt distributions)...
557In section 936(2) (recipients who are to be paid gross)—...
558In section 953(6) (how a set-off claim works)—
559In section 972(6) (regulations under section 971) for “section 121(2)(c)...
560(1) Amend section 973 (income tax due in respect of...
561(1) Amend section 974 (regulations under section 973) as follows....
562(1) Amend section 989 (definitions) as follows.
563In section 991 (meaning of “bank”) after subsection (4) insert—...
564In section 992(2) (meaning of “company”) for “section 468 of...
565In section 994(1) (meaning of “connected” person: supplementary) in the...
566In section 997(5) (meaning of “international accounting standards”) for “section...
567(1) Amend section 999 (meaning of “local authority”) as follows....
568In section 1000 (meaning of “local authority association”) for subsections...
569In section 1016(2) (table of provisions to which that section...
570In section 1017 (abbreviated references to Acts) at the appropriate...
571(1) Amend Schedule 2 (transitional and savings) as follows.
572In Schedule 4 (index of defined expressions)—
Finance Act 2007
573The Finance Act 2007 is amended as follows.
574Omit section 3 (small companies' rates and fractions for financial...
575In paragraph 5(4)(b) of Schedule 24 (potential lost revenue: normal...
Finance Act 2008
576The Finance Act 2008 is amended as follows.
577In section 6(3) (charge and main rates for financial year...
578Omit section 7 (small companies' rates and fractions for financial...
579In section 165(1) (interpretation) at the appropriate place insert— “CTA...
580(1) Amend Schedule 19 (reduction of basic rate of income...
581(1) Amend Schedule 20 (leases of plant or machinery) as...
582(1) Amend Schedule 36 (information and inspection powers) as follows....
583In paragraph 7(4) of Schedule 41 (potential lost revenue)—
Crossrail Act 2008 (c. 18)
584(1) Schedule 13 to the Crossrail Act 2008 (transfer schemes:...
Charities Act (Northern Ireland) 2008 (c. 12 (N.I.))
585The Charities Act (Northern Ireland) 2008 is amended as follows....
586In section 5(4) for the words from “a club” to...
587(1) Amend section 45 as follows. (2) In subsection (1)—...
Transfer of Housing Corporation Functions (Modifications and Transitional Provisions) Order 2008 (S.I. 2008/2839)
588In paragraph 1 of the Schedule to the Transfer of...
Corporation Tax Act 2009 (c. 4)
589The Corporation Tax Act 2009 is amended as follows.
590In section 20(3) (profits attributable to permanent establishment: introduction) for...
591In section 25(3) (non-UK resident banks: introduction) for “section 840A...
592In section 39(3) (profits of mines, quarries and other concerns)...
593In section 57 (car hire: supplementary)— (a) in subsection (2)(a)...
594In section 87(5) (expenses of research and development) for “section...
595In section 88(1)(a) (payments to research associations, universities etc)—
596In section 97(4) (meaning of sale and lease-back arrangement) for...
597(1) Amend section 105 (gifts of trading stock to charities...
598In section 132(5) (dividends etc granted by industrial and provident...
599In section 168 (connected persons) in paragraph (a) for “section...
600After section 221 insert— Sums to which sections 217 to...
601In section 260(3) (mutual business) for “section 488 of ICTA”...
602In section 264(2) (overview of Chapter) for paragraph (a) substitute—...
603In section 269(2)(b) (capital allowances and loss relief) for “Chapter...
604In section 297(5)(c) (trading credits and debits to be brought...
605In section 326(3) (writing off government investments)—
606In section 345(1)(b) (transferee leaving group otherwise than because of...
607In section 346(1) (transferee leaving group because of exempt distribution)—...
608In section 364(5) (introduction to Chapter) for “section 403C of...
609(1) Amend section 371 (interpretation) as follows.
610(1) Amend section 376 (interpretation of section 375) as follows....
611In section 383(8) (lending between partners and the partnership) for...
612(1) Amend section 390 (meaning of available profits) as follows....
613In section 410(5) (exception to section 409) in the definition...
614In section 411(3) (interpretation of section 409)—
615Minor and consequential amendments
616(1) Amend section 443 (restriction of relief for interest where...
617In section 448(1)(c) (exchange gains and losses on debtor relationships:...
618(1) Amend section 457 (basic rule for deficits: carry forward...
619In section 459(2) (claim to set off deficit against profits...
620(1) Amend section 461 (claim to set off deficit against...
621In section 463(5) (profits available for relief under section 462)—...
622In section 464(3) (priority of Part for corporation tax purposes)—...
623In section 465(3) (exclusion of distributions except in tax avoidance...
624In section 476(1) (other definitions)— (a) in the definition of...
625In section 486F(2)(a) (meaning of “income stream transfer”) for “Part...
626In section 486G(2) (meaning of “relevant receipts”) for “paragraph 1(2)...
627(1) Amend section 488 (meaning of “open-ended investment company etc”)...
628(1) Amend section 493 (the qualifying investments test) as follows....
629In section 495(3)(a)(ii) (qualifying holdings) for “section 468A(3) of ICTA”...
630In section 502(1)(a) (meaning of “financial institution”) for “section 840A...
631In section 518(2)(c) (investment bond arrangements: treatment as securities) for...
632(1) Amend section 519 (investment bond arrangements: other provisions) as...
633In section 520(2)(b) (provision not at arm's length: non-deductibility of...
634In section 521D(5) (excepted shares) for the words from “Chapter...
635In section 539(7) (introduction to Chapter 9 of Part 6)...
636In section 540(3) (manufactured interest treated as interest under loan...
637(1) Amend section 541 (debits for deemed interest under stock...
638In section 606H(11) (other interpretative provisions) for “section 840ZA of...
639In section 629(5) (tax avoidance), in the definition of “tax...
640In section 631(1) (transferee leaving group otherwise than because of...
641In section 632(1) (transferee leaving group because of exempt distribution)—...
642In section 691(6) (meaning of “unallowable purpose”) for “section 840ZA...
643(1) Amend section 710 (other definitions) as follows.
644In section 753(3)(b) (treatment of non-trading losses) for “(see section...
645In section 768 (company cannot be member of more than...
646In section 772 (equity holders and profits or assets available...
647In section 773(1) (supplementary provisions) for “section 838 of ICTA”...
648In section 775(4)(b) (transfers within a group) for “section 404...
649In section 777(3)(e) (relief on realisation and reinvestment: application to...
650In section 784 (groups with a relevant connection) for subsection...
651In section 787(5) (company ceasing to be member of group...
652In section 793(4)(b) (further requirements about elections) for “section 404...
653(1) Amend section 796 (interpretation of section 795) as follows....
654In section 814(5) (research and development) for “section 837A of...
655In section 818(4)(b) (company reconstruction involving transfer of business) for...
656In section 826(3)(c) (amalgamation of, or transfer of engagements by,...
657(1) Amend section 841 (“participator” and “associate”) as follows.
658In section 847(5)(a) (transfers involving other taxes) for “section 209...
659In section 931B(b) (exemption of distributions received by small companies)...
660In section 931D(b) (exemption of distributions received by companies that...
661In section 931V(2) (meaning of “scheme” and “tax advantage scheme”)...
662Omit section 968 (meaning of “personal representatives”) (including the italic...
663In section 971(2)(b) (overview of Chapter) for “section 7(2) of...
664In section 974(6) (charge to tax under Chapter 6) for...
665In section 1004(9) (groups, consortiums and commercial associations of companies)...
666In section 1041 (“research and development”) for “section 837A of...
667(1) Amend section 1048 (treatment of deemed trading loss under...
668In section 1049(3) (restriction on consortium relief) for “under section...
669(1) Amend section 1056 (amount of unrelieved trading loss) as...
670In section 1062(2) (restriction on losses carried forward where tax...
671. . . . . . . . . ....
672Minor and consequential amendments
673Minor and consequential amendments
674Minor and consequential amendments
675In section 1116(4)(a) (meaning of “the actual reduction in tax...
676In section 1142(1) (meaning of “qualifying body”)—
677(1) Amend section 1153 (amount of unrelieved loss) as follows....
678(1) Amend section 1158 (restriction on losses carried forward where...
679In section 1179 (other definitions) for the definition of “UK...
680In section 1209(2) (restriction on use of losses while film...
681(1) Amend section 1210 (use of losses in later periods)...
682(1) Amend section 1211 (terminal losses) as follows.
683In section 1219 (expenses of management of a company's investment...
684In section 1220(5)(b) (meaning of “unallowable purpose”) for “section 840ZA...
685In section 1221(1) (amounts treated as expenses of management)—
686(1) Amend section 1223 (carrying forward expenses of management and...
687In section 1225(3) (accounts conforming with GAAP) for “section 1311”...
688In section 1229(6) (claw back of relief) for “section 1311”...
689In section 1248 (expenses in connection with arrangements for securing...
690In section 1256(2) (overview) for “section 116 of ICTA (arrangements...
691(1) Amend section 1262 (allocation of firm's profits or losses...
692Before section 1302 insert— Qualifying charitable donations In calculating a company's income from any source for corporation...
693In section 1306(3)(a) (losses calculated on same basis as miscellaneous...
694(1) Amend section 1307 (apportionment etc of miscellaneous profits and...
695In section 1308(7) (expenditure brought into account in determining value...
696Omit section 1311 (apportionment to different periods) (including the italic...
697In section 1312 (abbreviated references to Acts) insert at the...
698(1) Amend section 1316 (meaning of “connected” persons and “control”)...
699Omit section 1317 (meaning of “farming” and related expressions).
700Omit section 1318 (meaning of grossing up).
701(1) Amend section 1319 (other definitions) as follows.
702Omit section 1320(1) (interpretation: Scotland).
703(1) Amend Schedule 2 (transitionals and savings) as follows.
704(1) Amend Schedule 4 (index of defined expressions) as follows....
Saving Gateway Accounts Act 2009 (c. 8)
705Minor and consequential amendments
Finance Act 2009 (c. 10)
706The Finance Act 2009 is amended as follows.
707In section 7(3) (charge and main rates for financial year...
708In section 8(4) (small companies' rates and fractions for financial...
709Omit section 38 (corporation tax: foreign currency accounting).
710In section 45(6) (power to enable dividends of investment trusts...
711Omit section 90 (supplementary charge: reduction for certain new oil...
712In section 126(1) (interpretation) at the appropriate place insert— “CTA...
713In Schedule 3 (VAT: supplementary charge and orders changing rate)...
714(1) Amend paragraph 3 of Schedule 6 (temporary extension of...
715Omit Schedule 18 (corporation tax: foreign currency accounting).
716(1) Amend Schedule 22 (offshore funds) as follows.
717Omit paragraphs 1 to 6 of Schedule 25 (transfer of...
718(1) Amend Schedule 33 (long funding leases of films) as...
719In Schedule 35 (pensions: special annual allowance charge) in paragraph...
720Omit Schedule 44 (supplementary charge: reduction for certain new oil...
721(1) Amend paragraph 18 of Schedule 46 (duties of senior...
722In Schedule 53 (late payment interest) in paragraph 6 for...
723In Schedule 55 (penalty for failure to make returns etc)...
724(1) Amend Schedule 61 (alternative finance investment bonds) as follows....
SCHEDULE 2Transitionals and savings etc
Part 1General provisions
Continuity of the law: general
1The repeal of provisions and their enactment in a rewritten...
2Paragraph 1 does not apply to any change made by...
3Any subordinate legislation or other thing which—
4(1) Any reference (express or implied) in this Act, another...
5(1) Any reference (express or implied) in any enactment, instrument...
6Paragraphs 1 to 5 have effect instead of section 17(2)...
7Paragraphs 4 and 5 apply only so far as the...
General saving for old transitional provisions and savings
8(1) The repeal by this Act of a transitional or...
Interpretation
9(1) In this Part— “enactment” includes subordinate legislation (within the...
Part 2Changes in the law
10(1) This paragraph applies if, in the case of any...
Part 3Currency
Sterling equivalent of certain losses carried back to an earlier period
11(1) This paragraph applies if— (a) a loss of a...
Adjustment of certain sterling losses carried back to an earlier period
12(1) This paragraph applies if— (a) a loss arises in...
Right of company to elect for alternative provision to apply
13(1) Paragraphs 14, 15 and 16 apply if a company—...
14In relation to an accounting period beginning before 21 July...
15This Schedule has effect in relation to the company as...
16In relation to profits or losses arising in accounting periods...
Part 4Loss relief (other than share loss relief)
Carry forward loss reliefs
17(1) The repeal by this Act of the superseded carry...
Trade loss relief against total profits
18(1) This paragraph applies for the purposes of section 37...
19(1) This paragraph applies for the purposes of section 42...
Transfers of trade to obtain relief
20Section 41 does not have effect in relation to cessations...
Dealings in commodity futures
21Section 52(1)(c) does not cover arrangements made wholly before 6...
Leasing contracts and company reconstructions
22Section 53(1)(a) does not cover contracts entered into before 6...
Reliefs for limited partners not to exceed contribution to the firm
23The relief covered by section 56(4) includes—
Reliefs for members of LLPs not to exceed contribution to the LLP
24(1) The relief covered by section 59(4) includes relief given...
Loss relief against miscellaneous income: Case VI losses under ICTA
25(1) This paragraph applies to any loss made by a...
Write-off of government investment
26Section 92(1) does not cover government investment written off before...
Part 5Losses on disposal of shares
Disposals of new shares
27(1) In relation to new shares issued before 1 April...
Qualifying trading companies
28(1) In relation to shares issued before 17 March 2004,...
The trading requirement
29(1) In relation to shares issued before 6 April 2007,...
Ceasing to meet trading requirement because of administration or receivership
30(1) In relation to shares issued before 17 March 2004,...
The control and independence requirement
31(1) In relation to shares issued before 6 April 2007,...
The qualifying subsidiaries requirement
32Section 82 does not apply in relation to shares issued...
The property managing subsidiaries requirement
33Section 83 does not apply in relation to shares issued...
The gross assets requirement
34(1) In relation to shares issued before 6 April 2006,...
The unquoted status requirement
35(1) In relation to shares issued before 7 March 2001,...
Power to amend requirements by Treasury order
36Section 86 does not apply in relation to shares issued...
Relief after an exchange of shares for shares in another company
37(1) In relation to new shares issued before 1 April...
substitution of new shares for old shares
38Section 88 does not apply in relation to shares issued...
Interpretation of Chapter
39(1) In relation to shares issued before 1 April 2010,...
40In relation to shares issued before 6 April 1998, section...
Meaning of “qualifying 90% subsidiary”
41(1) This paragraph applies in relation to shares issued before...
Meaning of “qualifying subsidiary”
42In relation to shares issued before 17 March 2004, section...
Meaning of “excluded activities”
43(1) In relation to shares issued before 6 April 2008,...
Excluded activities: wholesale and retail distribution
44In relation to shares issued before 6 April 2007, section...
Excluded activities: leasing of ships
45(1) In relation to shares issued before 6 April 2007,...
Excluded activities: receipt of royalties and licence fees
46(1) Sub-paragraph (3) applies, in the circumstances mentioned in sub-paragraph...
47(1) This paragraph applies in relation to shares issued on...
48In relation to shares issued before 6 April 2000, section...
Excluded activities: provision of services or facilities for another business
49In relation to shares issued before 6 April 2007, section...
Meaning of a company being “in administration”
50(1) Sub-paragraph (2) applies in relation to—
Application in relation to corresponding bonus shares
51(1) For the purposes of this Part of this Schedule,...
Part 6Group Relief
52In section 127 “arrangements” covers only— (a) arrangements made on...
53Section 175 has effect in relation to an accounting period...
54Sections 173 to 178 do not have effect where the...
55(1) Sub-paragraph (2) applies in relation to shares issued by...
Part 7Charitable donations relief
Condition as to repayment
56Section 192, and the words “(but see section 192)” in...
Restrictions on associated benefits
57(1) This paragraph applies if— (a) a payment is made...
Enactment of extra-statutory concession
58(1) This paragraph applies if the Enactment of Extra-Statutory Concessions...
Part 8CITR
59(1) Sub-paragraph (2) applies in relation to any time after...
Part 9Oil activities
Regional development grants
60In relation to accounting periods beginning before 1 April 2011—...
Part 10Leasing plant or machinery
Disapplication of Chapter 2 of Part 9
61(1) Chapter 2 of Part 9 (long funding leases of...
Disapplication of sections 360 and 361 and modification of section 360 in some cases
62(1) If at the beginning of 13 December 2007—
Disapplication of provisions about cases where sections 360 to 369 do not apply
63(1) Sections 370 and 371 do not apply if—
64(1) Section 376 (films) does not apply if the inception...
Relief for expenses otherwise carried forward: losses incurred in accounting periods ending before 22 April 2009
65(1) In relation to losses incurred in accounting periods ending...
66(1) In relation to losses incurred in accounting periods ending...
67(1) In relation to losses incurred in accounting periods ending...
Modifications of sales of lessors Chapters in Part 9 where the relevant date is before 22 April 2009
68(1) If the relevant date for the purposes of any...
Part 11Close companies
Exceptions to the charge under section 455
69(1) The reference in section 456(4)(b) to other outstanding loans...
Part 12Charitable companies etc
Transactions in deposits
70The repeal by this Act of section 56(3)(c) of ICTA...
Exemption for investment income
71In relation to distributions paid before 1 July 2009 section...
Exemption for certain miscellaneous income
72(1) In relation to distributions paid before 1 July 2009...
Transactions with substantial donors
73Section 496(1)(e) and (f) and sections 502 to 510 (non-charitable...
74For the purposes of section 502 a person may meet...
75In relation to times before 23 April 2009, section 502(2)(b)...
76Until paragraph 15 of Schedule 9 to the Housing and...
Non-charitable expenditure
77(1) This paragraph applies if, as a result of sections...
Part 13Real Estate Investment Trusts
Notice under section 523 or 524
78(1) This paragraph applies in relation to accounting periods beginning...
Property rental business: excluded business
79(1) In relation to any time before 6 July 2009,...
Part 14Co-operative housing associations and self-build societies
Concurrent exercise of functions
80So far as any function of the Welsh Ministers under...
81So far as any function of the Welsh Ministers under...
Delegation of functions to the Regulator of Social Housing
82Until paragraph 13 of Schedule 9 to the Housing and...
83Until paragraph 14 of Schedule 9 to the Housing and...
Part 15Transactions in securities
Transactions in securities: general
84(1) Part 15 (transactions in securities), so far as relating...
Transactions in securities: meaning of relevant companies for the purposes of sections 737 and 738
85(1) In its application to a transaction in securities that...
Part 16Factoring of income etc
Transfers of income streams
86Chapter 1 of Part 16 does not have effect in...
Application of Chapter 2 of Part 16 (finance arrangements) to pre-6 June 2006 arrangements
87Chapter 2 of Part 16 has no effect in relation...
Application of section 771 (finance arrangements: exceptions)
88(1) In relation to a transfer before 22 April 2009,...
Application of section 779 (income-transfer under loan or credit transaction)
89In relation to a transfer before 22 April 2009, section...
Part 17Manufactured payments and repos
Manufactured dividends and manufactured overseas dividends: distributions paid before 1 July 2009
90Manufactured payments and repos
91Manufactured payments and repos
Manufactured overseas dividends: overseas dividends paid before 22 April 2009
92Manufactured payments and repos
Deemed manufactured payments: stock lending arrangements
93Manufactured payments and repos
94Manufactured payments and repos
Part 18Sale and lease-back etc
New lease of land after assignment or surrender: right to new lease existed pre-22 June 1971
95(1) Sub-paragraphs (2) and (3) apply if—
Part 19Tax avoidance involving leasing plant or machinery
Relevant capital payments: pre-12 March 2008 payments and obligations
96(1) Chapter 2 of Part 20 does not apply as...
Relevant capital payments: leases whose inception is before 22 April 2009
97(1) In relation to payments made under leases whose inception...
Part 20Leasing arrangements: finance leases and loans
Old bad debts
98So far as it applies in relation to a period...
Part 21Transfers of trade without a change in ownership
99Section 945 does not apply if the transfer of the...
100Section 949 does not apply if the transfer of the...
Part 22Use of different accounting practices within a group
101Section 996 does not have effect in relation to periods...
Part 23Company distributions
Amount of principal secured: non-commercial securities
102Section 1006 applies only to securities issued after 5 April...
Meaning of “special securities”
103(1) Securities do not meet Condition A in section 1015...
Amount of principal secured: special securities
104Section 1018(1) applies only to securities issued after 5 April...
Bonus issue following repayment of share capital
105(1) Section 1022(3) (amount paid up on bonus share capital...
Share capital issued as paid up otherwise than by receipt of new consideration
106(1) In relation to share capital issued before 7 April...
Interest etc paid in respect of certain securities
107(1) Section 1032(1) does not apply in the case of...
Stock dividends
108(1) This paragraph applies if— (a) share capital is issued...
109Section 1050 does not apply in relation to a conversion...
Exempt distributions
110Paragraph 8(1) (saving for certain provisions repealed by this Act...
Eligibility for tax credits
111In relation to a distribution paid before 1 July 2009...
Recovery of overpaid tax credits etc
112Section 1110(5) and (6) and section 1111(1) do not apply...
Part 24Corporation Tax Acts definitions etc
113(1) Section 1139 has effect as if in subsection (4)(b)...
114(1) In relation to shares and securities issued before 17...
115If an order under paragraph 13(2) of Schedule 22 to...
SCHEDULE 3Repeals and revocations
Part 1General
Part 2Repeals and revocations having effect for corporation tax purposes only
SCHEDULE 4Index of defined expressions

Corporation Tax Act 2010

2010 c. 4

An Act to restate, with minor changes, certain enactments relating to corporation tax and certain enactments relating to company distributions; and for connected purposes.

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C1

Annotations:
Modifications etc. (not altering text)