Section 1139 “Tax advantage”

United Kingdom

(1)

This section has effect for the purposes of the provisions of the Corporation Tax Acts which apply this section.

(2)

“Tax advantage” means—

(a)

a relief from tax or increased relief from tax,

(b)

a repayment of tax or increased repayment of tax,

(c)

the avoidance or reduction of a charge to tax or an assessment to tax, F1...

(d)

the avoidance of a possible assessment to tax F2, F3...

(F4da)

the avoidance or reduction of a charge or assessment to a charge under Part 9A of TIOPA 2010 (controlled foreign companies), F5or

(e)

the avoidance or reduction of a charge or assessment to the bank levy under Schedule 19 to FA 2011 (the bank levy) F6...

(f)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

For the purposes of subsection (2)(c) and (d) it does not matter whether the avoidance or reduction is effected—

(a)

by receipts accruing in such a way that the recipient does not pay or bear tax on them, or

(b)

by a deduction in calculating profits or gains.

F7(3A)

The avoidance or reduction of a charge or assessment to the bank levy as a result of arrangements to which paragraph 47 of Schedule 19 to FA 2011 (bank levy: anti-avoidance) applies is to be ignored for the purposes of subsection (2)(e) to the extent that it results from arrangements, or part of arrangements, to which any of paragraph 47(7) to (12) of that Schedule applies.

F8(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Word in s. 1139(2)(c) omitted (19.7.2011) by virtue of Finance Act 2011 (c. 11), Sch. 19 para. 48(2)(a)
F2: S. 1139(2)(e) and preceding word inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 48(2)(b)
F3: Word in s. 1139(2)(d) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 20 para. 40(a)
F4: S. 1139(2)(da) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 20 para. 40(b)
F5: Word in s. 1139(2) inserted (for accounting periods beginning on or after 1.1.2026) by Finance Act 2026 (c. 11), s. 46(2), Sch. 5 para. 3(4)(a)
F6: S. 1139(2)(f) and word omitted (for accounting periods beginning on or after 1.1.2026) by virtue of Finance Act 2026 (c. 11), s. 46(2), Sch. 5 para. 3(4)(b)
F7: S. 1139(3A) inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 19 para. 48(3)
F8: S. 1139(4) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 48