Paragraph 14 Group relief: meaning of “management expenses” in section 403

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 403ZD (other amounts available by way of group relief)^f1 is amended as follows.

(2)

For subsection (4) (meaning of “management expenses” in section 403) substitute—

“(4)

Management expenses means the aggregate of the amounts deductible under section 75(1) (expenses of management of company with investment business) by the surrendering company for this period.

It does not include an amount deductible by virtue only of section 75(9) or 392A(3) (amounts carried forward from earlier periods).”.

(3)

Omit subsection (5) (which is rendered unnecessary by section 76 no longer applying section 75).

(4)

In section 403ZD(4)—

(a)

the reference to section 75(9) includes a reference to the old section 75(3), as read with section 43 of the Finance Act 2004, and

(b)

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

Annotations

Footnotes

f1: Section 403ZD was substituted for the original section 403 by paragraph 29 of Schedule 5 to the Finance Act 1998 and amended by paragraph 2(2) of Schedule 30 to the Finance Act 2002 (c. 23).