Paragraph 7
England, Wales and Scotland
Any payment made by a relevant body to a company in pursuance of a PPP agreement shall be deemed for the purposes of the Corporation Tax Acts—
in the case of the relevant body, to be an expense of a revenue, rather than a capital, nature (and deductible accordingly in computing profits under F1Part 3 of the Corporation Tax Act 2009); and
in the case of the company, to be a receipt of a trade carried on by the company (and taxable accordingly under F2Part 3 of the Corporation Tax Act 2009).
Annotations
Textual amendments
- F1
Words in Sch. 33 para. 7(a) 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. 296(a) (with Sch. 9 paras. 1-9, 22)
- F2
Words in Sch. 33 para. 7(b) 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. 296(b) (with Sch. 9 paras. 1-9, 22)