Paragraph 13 Write-off of government investment

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch. para. 34 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 1
Sch. para. 32 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 9
Sch. para. 4 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 12
Sch. para. 36 revoked by Overseas Life Insurance Companies 2006 reg. 43(2) Sch. Pt. 2
Sch. para. 20 revoked by Corporation Tax Act 2010 Sch. 3 Pt. 1
Sch. para. 39 revoked by Corporation Tax Act 2010 Sch. 3 Pt. 1
Sch. para. 32 33 revoked by Corporation Tax Act 2010 Sch. 3 Pt. 2
Sch. para. 33 revoked by Taxation (International and Other Provisions) Act 2010 Sch. 10 Pt. 9

(1)

Section 400^f1 is amended as follows.

(2)

In subsection (2) (a body’s tax losses) for paragraph (b) (expenses of management investment company) substitute—

“(b)

in the case of a company with investment business, within the meaning of Part 4, any such excess as is mentioned in subsection (8) of section 75 which falls to be treated in accordance with subsection (9) of that section;”.

(3)

In paragraph (bb) of that subsection, for sub-paragraph (ii) (losses treated under section 392A(3) as disbursed in the next accounting period) substitute—

“(ii)

under section 392A(3) are to be carried forward to the next accounting period and treated for the purposes of section 75 as if they were expenses of management deductible for that period;”.

(4)

The amendments made by this article also have effect (in addition to their application for the purposes of the periods mentioned in article 1(2)) for the purpose of determining a body’s tax losses for an accounting period which—

(a)

begins before 1st April 2004; and

(b)

ends on or after 31st March 2004.

(5)

In section 400(2)—

(a)

the references in paragraph (b) to subsections (8) and (9) of section 75 include a reference to the old section 75(3), as read with section 43 of the Finance Act 2004, and

(b)

the reference in paragraph (bb)(ii) to section 392A(3) includes a reference to that provision as read with paragraph 12(4) of this Schedule.

Annotations

Footnotes

f1: Section 400 was amended by paragraph 35 of Schedule 2 to the Taxation of Chargeable Gains Act 1992 (c. 12), paragraph 8(5) of Schedule 14 to the Finance Act 1993, paragraph 36 of Schedule 5 to the Finance Act 1998, paragraph 35 of Schedule 2 to the Capital Allowances Act 2001 (c. 2) and paragraph 87 of Part 1 of Schedule 2 to S.I. 1999/1870.