Section 1217LB Transactions not entered into for genuine commercial reasonsF1C1
A transaction is to be ignored for the purpose of determining a relief mentioned in subsection (2) so far as the transaction is attributable to arrangements (other than tax avoidance arrangements) entered into otherwise than for genuine commercial reasons.
The reliefs mentioned in subsection (1) are—
any additional deduction which a company may make under this Part, and
any theatre tax credit to be given to a company.
In this section “arrangements” and “tax avoidance arrangements” have the same meaning as in section 1217LA.
Annotations
Textual amendments
- F1
Pt. 15C inserted (17.7.2014 for specified purposes and with effect in accordance with Sch. 4 para. 16 of the amending Act, 22.8.2014 in so far as not already in force) by Finance Act 2014 (c. 26), Sch. 4 paras. 1, 16; S.I. 2014/2228, art. 2
Modifications
- C1
S. 1217LB modified by 2010 c. 4, s. 357UE (as inserted (with effect in accordance with s. 5 of the amending Act) by Corporation Tax (Northern Ireland) Act 2015 (c. 21), s. 1)
Notes on Part 15C
Modifications
- C1
Pt. 15C modified (with application in accordance with s. 17(1)(4) of the amending Act) by Finance Act 2022 (c. 3), s. 17(1)(4)