Paragraph 13

England, Wales and Scotland

(1)

Neither F1section 838 or 839 (limitation on tax reliefs) nor F2section 865 (leased trading assets: tax deduction not to exceed commercial rent) of the F3Corporation Tax Act 2010F4, nor any of sections 681AD, 681AE and 681CC of the Income Tax Act 2007 (which make corresponding provision), shall apply to any payment which falls to made under a PPP agreement.

(2)

F5Chapter 4 of Part 19 of F6the Corporation Tax Act 2010 and Chapter 4 of Part 12A of the Income Tax Act 2007 (assets leased to traders and others) shall not apply to, or by reason of, any such payment.

Annotations

Textual amendments

F1: Words in Sch. 33 para. 13(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 307(2)(a) (with Sch. 2)
F2: Words in Sch. 33 para. 13(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 307(2)(b) (with Sch. 2)
F3: Words in Sch. 33 para. 13(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 307(2)(c) (with Sch. 2)
F4: Words in Sch. 33 para. 13(1) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 250(2) (with Sch. 9 paras. 1-9, 22)
F5: Words in Sch. 33 para. 13(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 307(3) (with Sch. 2)
F6: Words in Sch. 33 para. 13(2) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 250(3) (with Sch. 9 paras. 1-9, 22)