Corporation Tax Act 2009

2009 c. 4 · Enacted 26 March 2009 · Extends to United Kingdom

Contents

1. Part 1: Introduction
2. A1Overview of the Corporation Tax Acts
3. 1Overview of Act
4. Part 2: Charge to corporation tax: basic provisions
5. Chapter 1: The charge to corporation tax
6. Charge to tax on profits
7. 2Charge to corporation tax
8. 3Exclusion of charge to income tax
9. 4Exclusion of charge to capital gains tax
10. General scheme of corporation tax
11. 5Territorial scope of charge
12. 5AArrangements for avoiding tax
13. 5BTrade of dealing in or developing UK land
14. 6Profits accruing in fiduciary or representative capacity
15. 7Profits accruing under trusts
16. 8How tax is charged and assessed
17. Chapter 2: Accounting periods
18. 9Beginning of accounting period
19. 10End of accounting period
20. 11Companies with more than one accounting date
21. 12Companies being wound up
22. Chapter 3: Company residence
23. 13Overview of Chapter
24. 14Companies incorporated in the United Kingdom
25. 15Continuation of residence established under common law
26. 16SEs which transfer registered office to the United Kingdom
27. 17SCEs which transfer registered office to the United Kingdom
28. 18Companies treated as non-UK resident under double taxation arrangements
29. Chapter 3A: UK RESIDENT COMPANIES: PROFITS OF FOREIGN PERMANENT ESTABLISHMENTS
30. Exemption
31. 18AExemption for profits or losses of foreign permanent establishments
32. 18BChargeable gains etc
33. 18CCapital allowances etc
34. 18CAIncome arising from immovable property
35. 18CBProfits and losses from investment business
36. 18DPayments subject to deduction
37. 18EEmployee share acquisitions
38. 18FEffect of election
39. Anti-diversion rule
40. 18GAnti-diversion rule
41. 18HWhat are “diverted profits”?
42. 18HAModification of Chapter 3 of Part 9A of TIOPA 2010
43. 18HBModification of Chapter 4 of Part 9A of TIOPA 2010
44. 18HCModification of Chapter 5 of Part 9A of TIOPA 2010
45. 18HDModification of Chapter 7 of Part 9A of TIOPA 2010
46. 18HEModification of Chapter 9 of Part 9A of TIOPA 2010
47. 18IExemptions from anti-diversion rule
48. 18IAThe excluded territories exemption
49. 18IBThe low profits exemption
50. 18ICThe low profit margin exemption
51. 18IDThe tax exemption
52. Companies with total opening negative amount
53. 18JCompanies with total opening negative amount
54. 18KTotal opening negative amount: “matching”
55. 18LStreaming
56. 18MStreamed opening negative amounts: “matching”
57. 18NResidual opening negative amount: “matching”
58. 18OTransfers of foreign permanent establishment business
59. Special cases
60. 18PExclusions
61. 18QInsurance companies
62. Interpretation
63. 18RMeaning of “full treaty territory”
64. 18SOther interpretation
65. Chapter 4: Non-UK resident companies: chargeable profits
66. Chargeable profits
67. 19Chargeable profits
68. 20Profits attributable to permanent establishment: introduction
69. The separate enterprise principle
70. 21The separate enterprise principle
71. 22Transactions treated as being on arm's length terms Repealed
72. 23Provision of goods or services for permanent establishment Repealed
73. 24Application to insurance companies
74. The separate enterprise principle: application to non-UK resident banks
75. 25Non-UK resident banks: introduction Repealed
76. 26Transfer of financial assets Repealed
77. 27Loans: attribution of financial assets and profits arising Repealed
78. 28Borrowing: permanent establishment acting as agent or intermediary Repealed
79. Rules about deductions
80. 29Allowable deductions Repealed
81. 30Restriction on deductions: costs Repealed
82. 31Restriction on deductions: payments in respect of intangible assets Repealed
83. 32Restriction on deductions: interest or other financing costs Repealed
84. Chapter 5: Supplementary
85. 33Trade includes office
86. Part 3: Trading income
87. Chapter 1: Introduction
88. 34Overview of Part
89. Chapter 2: Income taxed as trade profits
90. Charge to tax on trade profits
91. 35Charge to tax on trade profits
92. Trades and trade profits
93. 36Farming and market gardening
94. 37Commercial occupation of woodlands
95. 38Commercial occupation of land other than woodlands
96. 39Profits of mines, quarries and other concerns
97. 40Credit unions
98. 40APayments to company directors
99. 40BProfessionals in practice: incidental income from an office or employment
100. Starting and ceasing to trade
101. 41Effect of company starting or ceasing to be within charge to corporation tax
102. Trading income and property income
103. 42Tied premises
104. 43Caravan sites where trade carried on
105. 44Surplus business accommodation
106. 45Payments for wayleaves
107. Chapter 3: Trade profits: basic rules
108. 46Generally accepted accounting practice
109. 47Losses calculated on same basis as profits
110. 48Receipts and expenses
111. 49Items treated as receipts and expenses
112. 49AMoney's worth
113. 50Animals kept for trade purposes
114. 51Relationship between rules prohibiting and allowing deductions
115. 52Apportionment etc of profits and losses to accounting period
116. Chapter 4: Trade profits: rules restricting deductions
117. 53Capital expenditure
118. 54Expenses not wholly and exclusively for trade and unconnected losses
119. 55Bad debts
120. 56Car ... hire
121. 57Car ... hire: supplementary
122. 58Hiring cars (but not motor cycles) with low CO2 emissions before 1 April 2013 Repealed
123. 58AShort-term hiring in and long-term hiring out
124. 58BConnected persons: application of section 56
125. 59Patent royalties
126. 60Expenditure on integral features
127. 60ARental rebates
128. Chapter 5: Trade profits: rules allowing deductions
129. Pre-trading expenses
130. 61Pre-trading expenses
131. Tenants under taxed leases
132. 62Tenants under taxed leases: introduction
133. 63Tenants occupying land for purposes of trade treated as incurring expenses
134. 64Limit on deductions if tenant entitled to mineral extraction allowance
135. 65Tenants dealing with land as property employed for purposes of trade
136. 66Restrictions on section 63 expenses: lease premium receipts
137. 67Restrictions on section 63 expenses: lease of part of premises
138. ...
139. 68Replacement and alteration of trade tools Repealed
140. Payments for restrictive undertakings
141. 69Payments for restrictive undertakings
142. Seconded employees
143. 70Employees seconded to charities and educational establishments
144. 71Educational establishments
145. Contributions to agents' expenses
146. 72Payroll deduction schemes: contributions to agents' expenses
147. Counselling and retraining expenses
148. 73Counselling and other outplacement services
149. 74Retraining courses
150. 75Retraining courses: recovery of tax
151. Redundancy payments etc
152. 76Redundancy payments and approved contractual payments
153. 77Payments in respect of employment wholly in employer's trade
154. 78Payments in respect of employment in more than one capacity
155. 79Additional payments
156. 80Application of section 79 in cases involving partnerships
157. 81Payments made by the Government
158. Contributions to local enterprise organisations or urban regeneration companies
159. 82Contributions to local enterprise organisations or urban regeneration companies
160. 83Meaning of “local enterprise organisation”
161. 84Approval of local enterprise agencies
162. 85Supplementary provisions with respect to approvals
163. 86Meaning of “urban regeneration company”
164. Contributions to flood and coastal erosion risk management projects
165. 86AContributions to flood and coastal erosion risk management projects
166. 86BInterpretation of section 86A
167. Scientific research
168. 87Expenses of research and development
169. 88Payments to research associations, universities etc
170. Expenses connected with patents, designs and trade marks
171. 89Expenses connected with patents
172. 90Expenses connected with designs or trade marks
173. Export Credits Guarantee Department
174. 91Payments to Export Credits Guarantee Department
175. Levies under FISMA 2000
176. 92Levies etc under FISMA 2000
177. Limited liability partnerships: salaried members
178. 92ADeductions in relation to salaried members
179. Chapter 6: Trade profits: receipts
180. Capital receipts
181. 93Capital receipts
182. Debts released
183. 94Debts incurred and later released
184. Amounts received following earlier cessation
185. 95Acquisition of trade: receipts from transferor's trade
186. Reverse premiums
187. 96Reverse premiums
188. 97Excluded cases
189. 98Tax treatment of reverse premiums
190. 99Arrangements not at arm's length
191. 100Connected persons and property arrangements
192. Other receipts
193. 101Distribution of assets of mutual concerns
194. 102Industrial development grants
195. 103Sums recovered under insurance policies etc
196. 104Repayments under FISMA 2000
197. Chapter 6A: Trade profits: R&D expenditure credits Repealed
198. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
199. 104ASection 104A Repealed
200. 104AASection 104AA Repealed
201. 104BSection 104B Repealed
202. 104BASection 104BA Repealed
203. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
204. 104CSection 104C Repealed
205. 104DSection 104D Repealed
206. 104ESection 104E Repealed
207. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
208. 104FSection 104F Repealed
209. 104GSection 104G Repealed
210. 104HSection 104H Repealed
211. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
212. 104ISection 104I Repealed
213. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
214. 104JSection 104J Repealed
215. 104KSection 104K Repealed
216. 104LSection 104L Repealed
217. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
218. 104MSection 104M Repealed
219. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
220. 104NSection 104N Repealed
221. 104OSection 104O Repealed
222. 104PSection 104P Repealed
223. 104QSection 104Q Repealed
224. 104RSection 104R Repealed
225. 104SSection 104S Repealed
226. 104TSection 104T Repealed
227. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
228. 104USection 104U Repealed
229. 104VSection 104V Repealed
230. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
231. 104WSection 104W Repealed
232. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
233. 104WASection 104WA Repealed
234. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
235. 104XSection 104X Repealed
236. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
237. 104YSection 104Y Repealed
238. Chapter 7: Trade profits: gifts to charities etc
239. Relief for certain gifts
240. 105Gifts of trading stock to charities etc
241. 106Meaning of “designated educational establishment”
242. 107Gifts of medical supplies and equipment
243. Benefits associated with gifts
244. 108Receipt of benefits by donor or connected person
245. Chapter 8: Trade profits: herd basis rules
246. Introduction
247. 109Election for application of herd basis rules
248. 110Meaning of “animal”, “herd”, “production herd” etc
249. 111Other interpretative provisions
250. The herd basis rules
251. 112Initial cost of herd and value of herd
252. 113Addition of animals to herd
253. 114Replacement of animals in herd
254. 115Amount of receipt if old animal slaughtered under disease control order
255. 116Sale of animals from herd
256. 117Sale of whole or substantial part of herd
257. 118Acquisition of new herd begun within 5 years of sale
258. 119Section 118: sale for reasons outside farmer's control
259. 120Replacement of part sold begun within 5 years of sale
260. 121Section 120: sale for reasons outside farmer's control
261. Elections
262. 122Herd basis elections
263. 123Five year gap in which no production herd kept
264. 124Slaughter under disease control order
265. Preventing abuse of the herd basis rules
266. 125Preventing abuse of the herd basis rules
267. Supplementary
268. 126Information if election made Repealed
269. 127Further assessment etc if herd basis rules apply
270. Chapter 8A: COMPENSATION FOR COMPULSORY SLAUGHTER OF ANIMALS
271. 127AApplication of Chapter 8A
272. 127BRight to make claim
273. 127CBook value
274. 127DEffect of claim for spreading of profits
275. 127EAdjustment: cessation of trading
276. 127FTime limits etc for spreading claim
277. 127GInterpretation
278. Chapter 9: Trade profits: other specific trades
279. Dealers in securities etc
280. 128Taxation of amounts taken to reserves
281. 129Conversion etc of securities held as circulating capital
282. Insurers
283. 130Insurers receiving distributions etc
284. 130AInsurers in financial difficulties: write-down orders
285. Building societies
286. 131Incidental costs of issuing qualifying shares
287. Registered societies
288. 132Dividends etc granted by registered societies
289. Credit unions
290. 133Annual payments paid by a credit union
291. Banking companies
292. 133ACompensation payments: restriction of deductions
293. 133BCompanies affected by section 133A: amounts treated as received
294. 133CThe disclosure condition
295. 133DExcluded expenses
296. 133EMeaning of “banking company”
297. 133F“Excluded company”
298. 133GMeaning of “relevant regulated activity”
299. 133HInvestment bank
300. 133IMeaning of “insurance company”
301. 133JMeaning of “customer”
302. 133K“Compensation” and related expressions
303. 133LAssociated companies
304. 133MApplication of sections 133A and 133B in relation to corporate partner
305. 133NPowers to amend
306. Dealers in land etc
307. 134Purchase or sale of woodlands
308. 135Relief in respect of mineral royalties Repealed
309. 136Lease premiums etc: reduction of receipts
310. Mineral exploration and access
311. 137Mineral exploration and access
312. Companies liable to pool betting duty
313. 138Payments by companies liable to pool betting duty Repealed
314. Intermediaries treated as making employment payments
315. 139Deduction for deemed employment payment
316. 140Special rules for partnerships
317. Managed service companies
318. 141Deduction for deemed employment payments
319. Worker's services provided through intermediary to public authority or medium or large client
320. 141AIntermediaries providing worker's services to public authority or medium or large client
321. Waste disposal
322. 142Deduction for site preparation expenditure
323. 143Allocation of site preparation expenditure
324. 144Site preparation expenditure: supplementary
325. 145Site restoration payments
326. Cemeteries and crematoria: interests in land
327. 146Cemeteries and crematoria: introduction
328. 147Deduction for capital expenditure
329. 148Allocation of ancillary capital expenditure
330. 149Exclusion of expenditure met by subsidies
331. Crematoria: niches, memorials and inscriptions
332. 149ANiches, memorials and inscriptions: introduction
333. 149BAllowable deductions: niches
334. 149CAllowable deductions: memorials
335. 149DAllowable deductions: inscriptions
336. 149ECosts of the building
337. Sound recordings
338. 150Revenue nature of expenditure
339. 151Allocation of expenditure
340. 152Interpretation of sections 150 and 151
341. Reserves of marketing authorities etc
342. 153Reserves of marketing authorities and certain other statutory bodies
343. 154Conditions to be met by reserve fund
344. 155Interpretation of sections 153 and 154
345. Chapter 10: Trade profits: changes in trading stock
346. Introduction
347. 156Meaning of “trading stock”
348. Transfers of trading stock between trade and trader
349. 157Trading stock appropriated by trader
350. 158Trading stock supplied by trader
351. Other disposals and acquisitions not made in the course of trade
352. 159Disposals not made in the course of trade
353. 160Acquisitions not made in the course of trade
354. Relationship with transfer pricing rules
355. 161Transfer pricing rules to take precedence
356. Chapter 11: Trade profits: valuation of stock on cessation of trade
357. 162Valuation of trading stock on cessation
358. 163Meaning of “trading stock”
359. 164Basis of valuation of trading stock
360. 165Sale basis of valuation: sale to unconnected person
361. 166Sale basis of valuation: sale to connected person
362. 167Sale basis of valuation: election by connected persons
363. 168Connected persons
364. 169Cost to buyer of stock valued on sale basis of valuation
365. 170Meaning of “sale” and related expressions
366. 171Determination of questions
367. Chapter 12: Deductions from profits: unremittable amounts
368. 172Application of Chapter
369. 173Relief for unremittable amounts
370. 174Restrictions on relief
371. 175Withdrawal of relief
372. Chapter 13: Disposal and acquisition of know-how
373. 176Meaning of “know-how” etc
374. 177Disposal of know-how if trade continues to be carried on
375. 178Disposal of know-how as part of disposal of all or part of a trade
376. 179Seller controlled by buyer etc
377. Chapter 14: Adjustment on change of basis
378. Adjustment on change of basis
379. 180Application of Chapter
380. 181Giving effect to positive and negative adjustments
381. 182Calculation of the adjustment
382. Expenses previously brought into account
383. 183No adjustment for certain expenses previously brought into account
384. Realising or writing off assets
385. 184Cases where adjustment not required until assets realised or written off
386. Mark to market
387. 185Change from realisation basis to mark to market
388. 186Election for spreading if section 185 applies
389. 187Transfer of insurance business
390. Chapter 15: Post-cessation receipts
391. Charge to tax on post-cessation receipts
392. 188Charge to tax on post-cessation receipts
393. 189Extent of charge to tax
394. Meaning of “post-cessation receipts”
395. 190Basic meaning of “post-cessation receipt”
396. 191Other rules about what counts as post-cessation receipts
397. Sums treated as post-cessation receipts
398. 192Debts paid after cessation
399. 193Debts released after cessation
400. 194Transfer of rights if transferee does not carry on trade
401. Sums that are not post-cessation receipts
402. 195Transfer of trading stock
403. Deductions
404. 196Allowable deductions
405. 197Further rules about allowable deductions
406. Election to carry back
407. 198Election to carry back
408. 199Deductions already made are not displaced
409. 200Election given effect in accounting period in which receipt is received
410. Chapter 16: Priority rules
411. 201Provisions which must be given priority over this Part
412. Part 4: Property income
413. Chapter 1: Introduction
414. 202Overview of Part
415. Chapter 2: Property businesses
416. Introduction
417. 203Overview of Chapter
418. 204Meaning of “property business”
419. Basic meaning of UK and overseas property business
420. 205UK property business
421. 206Overseas property business
422. Generating income from land
423. 207Meaning of “generating income from land”
424. 208Activities not for generating income from land
425. Chapter 3: Profits of property businesses: basic rules
426. Charge to tax on profits of a property business
427. 209Charge to tax on profits of a property business
428. Calculation of profits
429. 210Profits of a property business: application of trading income rules
430. 211Loan relationships and derivative contracts
431. 212Items treated as receipts and expenses
432. 213Certain amounts brought into account under Part 3
433. 214Relationship between rules prohibiting and allowing deductions
434. Chapter 4: Profits of property businesses: lease premiums etc
435. Introduction
436. 215Overview of Chapter
437. 216Meaning of “short-term lease”
438. Amounts treated as receipts: leases
439. 217Lease premiums
440. 218Amount treated as lease premium where work required
441. 219Sums payable instead of rent
442. 220Sums payable for surrender of lease
443. 221Sums payable for variation or waiver of terms of lease
444. 221ASums to which sections 217 to 221 do not apply
445. 222Assignments for profit of lease granted at undervalue
446. 223Provisions supplementary to section 222
447. Other amounts treated as receipts
448. 224Sales with right to reconveyance
449. 225Sale and leaseback transactions
450. 226Provisions supplementary to sections 224 and 225
451. Additional calculation rule for reducing certain receipts
452. 227Circumstances in which additional calculation rule applies
453. 228The additional calculation rule
454. 229The additional calculation rule: special cases
455. 230Meaning of “unused amount” and “unreduced amount”
456. Deductions in relation to certain receipts
457. 231Deductions for expenses under section 232
458. 232Tenants under taxed leases treated as incurring expenses
459. 233Restrictions on section 232 expenses: the additional calculation rule
460. 234Restrictions on section 232 expenses: lease of part of premises
461. Limit on effect of additional calculation rule and deductions
462. 235Limit on reductions and deductions
463. Certain administrative provisions
464. 236Payment of tax by instalments
465. 237Statement of accuracy for purposes of section 222
466. 238Claim for repayment of tax payable by virtue of section 224
467. 239Claim for repayment of tax payable by virtue of section 225
468. Determinations affecting liability of more than one person
469. 240Appeals against proposed determinations
470. 241Section 240: supplementary
471. 242Determination by tribunal
472. Effective duration of lease
473. 243Rules for determining effective duration of lease
474. 244Applying the rules in section 243
475. 245Information about effective duration of lease Repealed
476. Other interpretative provisions
477. 246Provisions about premiums
478. 247Interpretation
479. Chapter 5: Profits of property businesses: other rules about receipts and deductions
480. Furnished accommodation: receipts and deductions
481. 248Furnished lettings
482. ...
483. 248AWear and tear allowance: election Repealed
484. 248BMeaning of “eligible” in relation to a dwelling-house Repealed
485. 248CEffect of wear and tear allowance election Repealed
486. Treatment of receipts on acquisition of business
487. 249Acquisition of business: receipts from transferor's UK property business
488. Reverse premiums as receipts
489. 250Reverse premiums
490. Deduction for replacement of domestic items
491. 250AReplacement domestic items relief
492. Deductions for expenditure on energy-saving items
493. 251Deduction for expenditure on energy-saving items
494. 252Restrictions on relief
495. 253Regulations
496. Deductions for expenditure on sea walls
497. 254Deduction for expenditure on sea walls
498. 255Transfer of interest in premises
499. 256Ending of lease of premises
500. 257Transfer involving person within the charge to income tax
501. Mineral royalties
502. 258Relief in respect of mineral royalties Repealed
503. Apportionments on sale of land
504. 259Nature of item apportioned on sale of estate or interest in land
505. Mutual business
506. 260Mutual business
507. Adjustment on change of basis
508. 261Adjustment on change of basis
509. 262Giving effect to positive and negative adjustments
510. Integral features
511. 263Expenditure on integral features
512. Chapter 6: Commercial letting of furnished holiday accommodation Repealed
513. Introduction Repealed
514. 264Overview of Chapter Repealed
515. Definition Repealed
516. 265Meaning of “commercial letting of furnished holiday accommodation” Repealed
517. 266Meaning of “relevant period” in sections 267 and 268 Repealed
518. 267Meaning of “qualifying holiday accommodation” Repealed
519. 268Under-used holiday accommodation: averaging elections Repealed
520. 268AUnder-used holiday accommodation: letting condition not met Repealed
521. Separate profit calculations Repealed
522. 269Capital allowances and loss relief: UK property business Repealed
523. 269ACapital allowances and loss relief: overseas property business Repealed
524. Chapter 7: Rent receivable in connection with a UK section 39(4) concern
525. Charge to tax on rent receivable in connection with a UK section 39(4) concern
526. 270Charge to tax on rent receivable in connection with a UK section 39(4) concern
527. 271Meaning of “rent receivable in connection with a UK section 39(4) concern”
528. Management expenses of owner of mineral rights
529. 272Deduction for management expenses of owner of mineral rights
530. Mineral royalties
531. 273Relief in respect of mineral royalties Repealed
532. 274Meaning of “mineral lease or agreement” and “mineral royalties” Repealed
533. 275Extended meaning of “mineral royalties” etc in Northern Ireland Repealed
534. 276Power to determine what counts as “mineral royalties” Repealed
535. Chapter 8: Rent receivable for UK electric-line wayleaves
536. Charge to tax on rent receivable for UK electric-line wayleaves
537. 277Charge to tax on rent receivable for a UK electric-line wayleave
538. 278Meaning of “rent receivable for a UK electric-line wayleave”
539. 279Extent of charge to tax
540. Chapter 9: Post-cessation receipts
541. Charge to tax on post-cessation receipts
542. 280Charge to tax on post-cessation receipts
543. 281Extent of charge to tax
544. Meaning of “post-cessation receipts”
545. 282Basic meaning of “post-cessation receipt”
546. 283Other rules about what counts as a “post-cessation receipt”
547. 284Transfer of rights if transferee does not carry on UK property business
548. Deductions
549. 285Allowable deductions
550. Election to carry back
551. 286Election to carry back
552. Chapter 10: Supplementary
553. Priority rules
554. 287Provisions which must be given priority over this Part
555. 288Priority between Chapters within this Part
556. Other supplementary provisions
557. 289Effect of company starting or ceasing to be within charge to corporation tax
558. 290Overseas property businesses and overseas land: adaptation of rules
559. 291Meaning of “lease” and “premises”
560. Part 5: Loan Relationships
561. Chapter 1: Introduction
562. Introduction
563. 292Overview of Part
564. 293Construction of references to profits or losses from loan relationships
565. 294Matters treated as loan relationships
566. How profits and deficits from loan relationships are dealt with
567. 295General rule: profits arising from loan relationships chargeable as income
568. 296Profits and deficits to be calculated using credits and debits given by this Part
569. 297Trading credits and debits to be brought into account under Part 3
570. 298Meaning of trade and purposes of trade
571. 299Charge to tax on non-trading profits
572. 300Method of bringing non-trading deficits into account
573. 301Calculation of non-trading profits and deficits from loan relationships: non-trading credits and debits
574. Chapter 2: Basic definitions
575. 302“Loan relationship”, “creditor relationship”, “debtor relationship”
576. 303“Money debt”
577. 304“Related transaction”
578. 305Payments, interest, rights and liabilities under a loan relationship
579. Chapter 3: The credits and debits to be brought into account: general
580. Introduction
581. 306Overview of Chapter
582. Matters in respect of which amounts are to be brought into account
583. 306AMatters in respect of which amounts to be brought into account
584. General principles about the bringing into account of credits and debits
585. 307General principles about the bringing into account of credits and debits
586. Amounts recognised in determining a company's profit or loss
587. 308Amounts recognised in determining a company's profit or loss
588. 309Companies without GAAP-compliant accounts
589. 310Power to make regulations about recognised amounts
590. 311Amounts not fully recognised for accounting purposes: introduction
591. 312Determination of credits and debits where amounts not fully recognised
592. Accounting bases
593. 313Basis of accounting: “amortised cost basis”, “fair value accounting” and “fair value”
594. 314Power to make regulations about changes from amortised cost basis
595. Adjustments on change of accounting basis
596. 315Introduction to sections 316 and 318
597. 316Change of basis of accounting involving change of value
598. 317Carrying value Repealed
599. 318Change of accounting basis following cessation of loan relationship
600. 319General power to make regulations about changes in accounting policy
601. Rules differing from generally accepted accounting practice
602. 320Credits and debits treated as relating to capital expenditure
603. 320AAmounts recognised in other comprehensive income and not transferred to profit or loss
604. 320BHybrid capital instruments: amounts recognised in equity
605. 321Credits and debits recognised in equity Repealed
606. 321ARestriction on debits resulting from release of loans to participators etc
607. 322Release of debts: cases where credits not required to be brought into account
608. 323Meaning of expressions relating to insolvency etc
609. 323ASubstantial modification: cases where credits not required to be brought into account
610. 323BInsurers in financial difficulties: write-down orders
611. 324Restriction on debits resulting from revaluation
612. 325Restriction on credits resulting from reversal of disallowed debits
613. 326Writing off government investments
614. 327Disallowance of imported losses etc
615. Exchange gains and losses
616. 328Exchange gains and losses
617. 328AArrangements that have a “one-way exchange effect” Repealed
618. 328BMeaning of “relevant exchange gain” and “relevant exchange loss” Repealed
619. 328CMeaning of “test day” Repealed
620. 328DCounterfactual currency movement assumptions Repealed
621. 328ECounterfactual currency movement assumptions: treatment of options Repealed
622. 328FMeaning of “option” Repealed
623. 328GMeaning of “relevant contingent contract” and “operative condition” Repealed
624. 328HOther interpretative provisions Repealed
625. Pre-loan relationship, abortive and pre-trading expenses
626. 329Pre-loan relationship and abortive expenses
627. 330Debits in respect of pre-trading expenditure
628. Pre-commencement debits of property businesses etc of non-UK resident companies
629. 330ZADebits referable to times before UK property business etc carried on
630. Company is not, or has ceased to be, party to loan relationship
631. 330ACompany is not, or has ceased to be, party to loan relationship
632. 330BExclusion of debit where relief allowed to another
633. 330CAvoidance of double charge
634. Company ceasing to be party to loan relationship
635. 331Company ceasing to be party to loan relationship Repealed
636. 332Repo, stock lending and other transactions Repealed
637. Company moving abroad
638. 333Company ceasing to be UK resident
639. 334Non-UK resident company ceasing to hold loan relationship for section 333(2) purposes
640. Chapter 4: Continuity of treatment on transfers within groups or on reorganisations
641. Application of this Chapter
642. 335Introduction to Chapter
643. 336Transfers of loans on group transactions
644. 337Transfers of loans on insurance business transfers
645. 338Meaning of company replacing another as party to loan relationship
646. 339Issues of new securities on certain cross-border reorganisations
647. Continuity of treatment: transfer of loan at notional carrying value
648. 340Group transfers and transfers of insurance business: transfer at notional carrying value
649. 341Transferor using fair value accounting
650. 342Issues of new securities on reorganisations: disposal at notional carrying value
651. 343Receiving company using fair value accounting
652. Transferee leaving group after replacing transferor as party to loan relationship
653. 344Introduction
654. 345Transferee leaving group otherwise than because of exempt distribution
655. 346Transferee leaving group because of exempt distribution
656. Disapplication of Chapter where transferor party to avoidance
657. 347Disapplication of Chapter where transferor party to avoidance Repealed
658. Chapter 5: Connected companies relationships: introduction and general
659. 348Introduction: meaning of “connected companies relationship”
660. 349Application of amortised cost basis to connected companies relationships
661. 350Companies beginning to be connected Repealed
662. 351Companies ceasing to be connected Repealed
663. 352Disregard of related transactions
664. 352AExclusion of credits on reversal of disregarded loss
665. 352BEliminating tax mismatch for loan relationships with qualifying link
666. Chapter 6: Connected companies relationships: impairment losses and releases of debts
667. Introduction
668. 353Introduction to Chapter
669. Exclusion of debits for impaired or released connected companies debts
670. 354Exclusion of debits for impaired or released connected companies debts
671. 355Cessation of connection
672. 356Exception to section 354: swapping debt for equity
673. 357Exception to section 354: insolvent creditors
674. Exclusion of credits for connected companies debts on release or reversal of impairments
675. 358Exclusion of credits on release of connected companies debts: general
676. 359Exclusion of credits on release of connected companies debts during creditor's insolvency
677. 360Exclusion of credits on reversal of impairments of connected companies debts
678. Deemed debt releases on impaired debts becoming held by connected company
679. 361Acquisition of creditor rights by connected company at undervalue
680. 361AThe corporate rescue exception Repealed
681. 361BThe debt-for-debt exception Repealed
682. 361CThe equity-for-debt exception
683. 361DCorporate rescue: debt released shortly after acquisition
684. 362Parties becoming connected where creditor's rights subject to impairment adjustment etc
685. 362ACorporate rescue: debt released shortly after connection arises
686. 363Companies connected for sections 361 to 362A
687. 363AArrangements for avoiding section 361 or 362
688. Chapter 7: Group relief claims involving impaired or released consortium debts
689. 364Introduction to Chapter
690. 365Reduction of impairment loss debits where group relief claimed
691. 366Effect where credit for release brought into account on amortised cost basis
692. 367Reduction of credits exceeding impairment losses
693. 368Reduction of claims where there are earlier net consortium debits
694. 369Carry forward of claims where there are no net consortium debits
695. 370Group accounting periods
696. 371Interpretation
697. Chapter 8: Connected parties relationships: late interest
698. 372Introduction to Chapter
699. 373Late interest treated as not accruing until paid in some cases
700. 374Connection between debtor and person standing in position of creditor Repealed
701. 375Loans to close companies by participators etc
702. 376Interpretation of section 375
703. 377Party to loan relationship having major interest in other party Repealed
704. 378Loans by trustees of occupational pension schemes
705. 379Persons indirectly standing in the position of creditor
706. Chapter 9: Partnerships involving companies
707. 380Partnerships involving companies
708. 381Determinations of credits and debits by company partners: general
709. 382Company partners using fair value accounting
710. 383Lending between partners and the partnership
711. 384Treatment of exchange gains and losses
712. 385Company partners' shares where firm owns deeply discounted securities
713. Chapter 10: Insurance companies
714. Introduction
715. 386Overview of Chapter
716. Treatment of deficit on basic life assurance and general annuity business
717. 387Treatment of deficit on basic life assurance and general annuity business: introduction
718. 388Basic rule: deficit set off against income and gains of deficit period
719. 389Claim to carry back deficit
720. 390Meaning of “available profits”
721. 391Carry forward of surplus deficit to next accounting period
722. Exclusion of loan relationships of members of Lloyd's
723. 392Exclusion of loan relationships of members of Lloyd's
724. ...
725. 393General rules for some debtor relationships Repealed
726. 394Special rules for some debtor relationships Repealed
727. Chapter 11: Other special kinds of company
728. Investment trusts' and venture capital trusts' creditor relationships
729. 395Investment trusts: profits or losses of a capital nature
730. 396Venture capital trusts: profits or losses of a capital nature
731. Credit unions
732. 397Credit unions
733. Chapter 12: Special rules for particular kinds of securities
734. Introduction
735. 398Overview of Chapter
736. Index-linked gilt-edged securities
737. 399Basic rules
738. 400Adjustments for changes in index
739. 400AAdjustments for changes in index: relevant hedging schemes
740. 400BInterpretation of section 400A: economic profits and losses
741. 400CMeaning of “associated with”
742. Other gilt-edged securities
743. 401Gilt strips
744. 402Market value of securities
745. 403Meaning of “strip”
746. 404Restriction on deductions etc relating to FOTRA securities
747. 405Certain non-UK residents with interest on 3½% War Loan 1952 Or After
748. Deeply discounted securities: connected companies and close companies
749. 406Introduction
750. 407Postponement until redemption of debits for connected companies' deeply discounted securities Repealed
751. 408Companies connected for section 407 Repealed
752. 409Postponement until redemption of debits for close companies' deeply discounted securities
753. 410Exceptions to section 409
754. 411Interpretation of section 409
755. 412Persons indirectly standing in the position of creditor
756. Funding bonds
757. 413Issue of funding bonds
758. 414Redemption of funding bonds
759. Derivatives
760. 415Loan relationships with embedded derivatives
761. 416Election for application of sections 415 and 585
762. 417Further provisions about elections under section 416
763. 418Loan relationships involving connected debtor and creditor where debits exceed credits
764. 418ACases involving host contract
765. 419Section 418: supplementary
766. Options etc
767. 420Assumptions where options etc apply
768. Hybrid capital instruments
769. 420AAmounts payable in respect of hybrid capital instruments
770. Chapter 13: European cross-border transfers of business
771. Introduction
772. 421Introduction to Chapter
773. Transfers of loan relationships at notional carrying value
774. 422Transfer of loan relationship at notional carrying value
775. 423Transferor using fair value accounting
776. 424Reorganisations involving loan relationships
777. 425Original holder using fair value accounting
778. Exception for tax avoidance cases
779. 426Tax avoidance etc
780. 427Procedure on application for clearance
781. 428Decision on application for clearance
782. Transparent entities
783. 429Disapplication of Chapter where transparent entities involved
784. Interpretation
785. 430Interpretation
786. Chapter 14: European cross-border mergers
787. Introduction
788. 431Introduction to Chapter
789. 432Meaning of “the transferee” and “transferor”
790. Transfers of loan relationships at notional carrying value
791. 433Transfer of loan relationship at notional carrying value
792. 434Transferor using fair value accounting
793. 435Reorganisations involving loan relationships
794. 436Original holder using fair value accounting
795. Exception for tax avoidance cases
796. 437Tax avoidance etc
797. Transparent entities
798. 438Disapplication of Chapter where transparent entities involved
799. Interpretation
800. 439Interpretation
801. Chapter 15: Tax avoidance
802. Introduction
803. 440Overview of Chapter
804. Unallowable purposes and tax relief schemes
805. 441Loan relationships for unallowable purposes
806. 442Meaning of “unallowable purpose”
807. 443Restriction of relief for interest where tax relief schemes involved Repealed
808. Transactions not at arm's length: general
809. 444Transactions not at arm's length: general
810. 445Disapplication of section 444 where Part 4 of TIOPA 2010 applies
811. 446Bringing into account adjustments made under Part 4 of TIOPA 2010
812. Non-market loans
813. 446ANon-market loans
814. Transactions not at arm's length: exchange gains and losses
815. 447Exchange gains and losses on debtor relationships: loans disregarded under Part 4 of TIOPA 2010 Repealed
816. 448Exchange gains and losses on debtor relationships: equity notes where holder associated with issuer
817. 449Exchange gains and losses on creditor relationships: no corresponding debtor relationship Repealed
818. 450Meaning of “corresponding debtor relationship” Repealed
819. 451Exception to section 449 where loan exceeds arm's length amount Repealed
820. 452Exchange gains and losses where loan not on arm's length terms
821. Connected parties deriving benefit from creditor relationships
822. 453Connected parties deriving benefit from creditor relationships Repealed
823. Tax advantages from resetting interest rates (“reset bonds”)
824. 454Application of fair value accounting: reset bonds etc Repealed
825. Disposals for consideration not fully recognised by accounting practice
826. 455Disposals for consideration not fully recognised by accounting practice Repealed
827. Derecognition
828. 455ADebits arising from derecognition of creditor relationships
829. Counteracting avoidance arrangements
830. 455BCounteracting effect of avoidance arrangements
831. 455CInterpretation of section 455B
832. 455DExamples of results that may indicate exclusion not applicable
833. Chapter 16: Non-trading deficits: pre-1 April 2017 deficits and charities
834. 456Introduction to Chapter
835. 457Basic rule for deficits: carry forward to accounting periods after deficit period
836. 458Claim to carry forward deficit to later accounting periods
837. 459Claim to set off deficit against profits of deficit period or earlier periods
838. 460Time limits and procedure for claims under section 459(1)
839. 461Claim to set off deficit against other profits for the deficit period
840. 462Claim to carry back deficit to earlier accounting periods
841. 463Profits available for relief under section 462
842. Chapter 16A: Non-trading deficits: post 1 April 2017 deficits
843. 463AIntroduction to Chapter
844. 463BClaim to set off deficit against profits of deficit period or earlier periods
845. 463CTime limits for claims under section 463B(1)
846. 463DClaim to set off deficit against profits for the deficit period
847. 463EClaim to carry back deficit to earlier periods
848. 463FProfits available for relief under section 463E
849. 463GCarry forward of unrelieved deficit against total profits
850. 463HCarry forward of unrelieved deficit against non-trading profits
851. 463IRe-application of section 463G if any deficit remains after previous application
852. Chapter 17: Priority rules
853. 464Priority of this Part for corporation tax purposes
854. 465Exclusion of distributions except in tax avoidance cases
855. Chapter 18: General and supplementary provisions
856. Changes in accounting standards
857. 465APower to make regulations where accounting standards change
858. Tax-adjusted carrying value
859. 465B“Tax-adjusted carrying value”
860. Connections between persons
861. 466Companies connected for an accounting period
862. 467Connections where partnerships are involved
863. 468Connection between companies to be ignored in some circumstances
864. 469Creditors who are financial traders
865. 470Section 469: supplementary provisions
866. 471Creditors who are insurance companies carrying on BLAGAB
867. 472Meaning of “control”
868. 473Meaning of “major interest”
869. 474Treatment of connected companies and partnerships for section 473
870. 475Meaning of expressions relating to exchange gains and losses
871. Meaning of “hedging relationship”
872. 475A“Hedging relationship”
873. Meaning of “matched”
874. 475BMeaning of “matched”
875. Meaning of “hybrid capital instrument”
876. 475CMeaning of “hybrid capital instrument”
877. Other general definitions
878. 476Other definitions
879. Part 6: Relationships treated as loan relationships etc
880. Chapter 1: Introduction
881. 477Overview of Part
882. Chapter 2: Relevant non-lending relationships
883. Introduction: meaning of “relevant non-lending relationship” etc
884. 478Relevant non-lending relationships: introduction
885. 479Relevant non-lending relationships not involving discounts
886. 480Relevant non-lending relationships involving discounts
887. Application of Part 5 to relevant non-lending relationships
888. 481Application of Part 5 to relevant non-lending relationships
889. 482Miscellaneous rules about amounts to be brought into account because of this Chapter
890. Meaning of “money debt” and “interest” in this Chapter
891. 483Exchange gains and losses: amounts treated as money debts
892. 484Provision not at arm's length: meaning of “interest” and “money debt”
893. Exclusions
894. 485Exclusion of debts where profits or losses within Part 7 or 8
895. 486Exclusion of exchange gains and losses in respect of tax debts etc
896. Chapter 2A: Disguised interest
897. 486AOverview
898. 486BDisguised interest to be regarded as profit from loan relationship
899. 486CExclusion where return otherwise taxable
900. 486DExclusion where arrangement has no tax avoidance purpose
901. 486EExcluded shares
902. Chapter 2B: Transferred income streams
903. 486FIntroduction to Chapter
904. 486GConsideration to be treated as loan relationship
905. Chapter 3: OEICs, unit trusts and offshore funds
906. Introduction
907. 487Overview of Chapter
908. 488Meaning of “open-ended investment company” etc
909. 489Meaning of “offshore fund” etc
910. Holdings in OEICs, unit trusts and offshore funds treated as creditor relationship rights
911. 490Holdings in OEICs, unit trusts and offshore funds treated as creditor relationship rights
912. 491Holding coming within section 490: opening valuations
913. 492Holding coming within section 490: calculation to undo avoidance
914. The qualifying investments test
915. 493The qualifying investments test
916. 494Meaning of “qualifying investments”
917. 495Qualifying holdings
918. 496Meaning of “hedging relationship”
919. Power to change investments that are qualifying investments
920. 497Power to change investments that are qualifying investments
921. Chapter 4: Building Societies
922. 498Building society dividends and interest
923. Chapter 5: Registered societies
924. 499Registered society payments treated as interest under loan relationship
925. 500Exclusion of interest where failure to make return
926. Chapter 6: Alternative finance arrangements
927. Introduction
928. 501Introduction to Chapter
929. 502Meaning of “financial institution”
930. Arrangements that are alternative finance arrangements
931. 503Purchase and resale arrangements
932. 504Diminishing shared ownership arrangements : initial acquisition
933. 504ADiminishing shared ownership arrangements: refinancing
934. 505Deposit arrangements
935. 506Profit share agency arrangements
936. 507Investment bond arrangements
937. 508Provision not at arm's length: exclusion of arrangements from sections 503 to 507
938. Treatment as loan relationships
939. 509Application of Part 5: general
940. 510Application of Part 5 to particular alternative finance arrangements
941. Meaning of “alternative finance return”
942. 511Purchase and resale arrangements
943. 512Diminishing shared ownership arrangements
944. 513Other arrangements
945. Treatment for other tax purposes
946. 514Exclusion of alternative finance return from consideration for sale of assets
947. 515Diminishing shared ownership arrangements : further provision
948. 515ADiminishing shared ownership arrangements: further provision in respect of refinancing
949. 516Treatment of principal under profit sharing agency arrangements
950. 517Treatment of bond-holder under investment bond arrangements
951. 518Investment bond arrangements: treatment as securities
952. 519Investment bond arrangements: other provisions
953. 520Provision not at arm's length: non-deductibility of relevant return
954. Power to extend this Chapter to other arrangements
955. 521Power to extend this Chapter to other arrangements Repealed
956. Chapter 6A: Shares accounted for as liabilities
957. 521AIntroduction to Chapter
958. 521BApplication of Part 5 to certain shares as rights under creditor relationship
959. 521CShares accounted for as liabilities
960. 521DExcepted shares
961. 521EUnallowable purpose
962. 521FShares becoming or ceasing to be shares to which section 521B applies
963. Chapter 7: Shares with guaranteed returns etc
964. Application of Part 5 to certain shares as rights under creditor relationship
965. 522Introduction to Chapter Repealed
966. 523Application of Part 5 to certain shares as rights under creditor relationship Repealed
967. Shares subject to outstanding third party obligations
968. 524Shares subject to outstanding third party obligations Repealed
969. 525Meaning of “interest-like investment” Repealed
970. Non-qualifying shares
971. 526Non-qualifying shares Repealed
972. 527The increasing value condition Repealed
973. 528Regulations about income-producing assets Repealed
974. 529The redemption return condition Repealed
975. 530The redemption return condition: excepted shares Repealed
976. 531The redemption return condition: unallowable purposes Repealed
977. 532The associated transactions condition Repealed
978. 533Power to change conditions for non-qualifying shares Repealed
979. Consequences of section 523 applying or ceasing to apply
980. 534Amounts to be brought into account where section 523 applies Repealed
981. 535Shares ceasing to be shares to which section 523 applies Repealed
982. Chapter 8
983. 536Introduction to Chapter Repealed
984. 537Payments in return for capital contribution to partnership Repealed
985. 538Change of partnership shares Repealed
986. Chapter 9: Manufactured interest etc
987. 539Introduction to Chapter
988. 540Manufactured interest treated as interest under loan relationship
989. 541Debits for deemed interest under stock lending arrangements disallowed
990. Chapter 10: Repos
991. Introduction
992. 542Introduction to Chapter
993. Creditor repos and creditor quasi-repos
994. 543Meaning of creditor repo
995. 544Meaning of creditor quasi-repo
996. 545Ignoring effect on lender etc of sale of securities
997. 546Charge on lender for finance return in respect of the advance
998. 547Repo under arrangement designed to produce quasi-interest: tax avoidance Repealed
999. Debtor repos and debtor quasi-repos
1000. 548Meaning of debtor repo
1001. 549Meaning of debtor quasi-repo
1002. 550Ignoring effect on borrower of sale of securities
1003. 551Relief for borrower for finance charges in respect of the advance
1004. General provisions
1005. 552General provisions about arrangements
1006. 553Persons buying or selling for others
1007. 554Power to modify this Chapter
1008. 555Cases where section 554 applies: non-standard repos
1009. Interpretation
1010. 556Meaning of securities and similar securities
1011. 557Meaning of person receiving an asset
1012. 558Interpretation of accounting expressions
1013. 559Minor definitions
1014. Chapter 11: Investment life insurance contracts
1015. Introduction
1016. 560Introduction to Chapter
1017. 561Meaning of “investment life insurance contract”
1018. Investment life assurance contracts treated as creditor relationships
1019. 562Contract to be loan relationship
1020. 563Increased non-trading credits for BLAGAB and EEA taxed contracts
1021. 564Section 563: interpretation
1022. 565Relevant amount where the relevant company uses fair value accounting
1023. Old accounting period contracts
1024. 566Introduction
1025. 567Gains on deemed surrenders to be brought into account on related transactions
1026. 568Restriction on credits on old contracts: fair value accounting cases
1027. 569Restriction on debits on old contracts: non-fair value accounting cases
1028. Part 7: Derivative contracts
1029. Chapter 1: Introduction
1030. Introduction
1031. 570Overview of Part
1032. How profits and losses from derivative contracts are dealt with
1033. 571General rule: profits chargeable as income
1034. 572Profits and losses to be calculated using credits and debits given by this Part
1035. 573Trading credits and debits to be brought into account under Part 3
1036. 574Non-trading credits and debits to be brought into account under Part 5
1037. Chapter 2: Contracts to which this Part applies
1038. Introduction
1039. 575Overview of Chapter
1040. Meaning of “derivative contract” and other basic definitions
1041. 576“Derivative contract”
1042. 577“Relevant contract”
1043. 578Relevant contracts of a company and being party to such contracts
1044. 579The accounting conditions
1045. 580“Option”
1046. 581“Future”
1047. 582“Contract for differences”
1048. 583“Underlying subject matter”
1049. Cases where companies treated as parties to relevant contracts
1050. 584Hybrid derivatives with embedded derivatives
1051. 585Loan relationships with embedded derivatives
1052. 586Other contracts with embedded derivatives
1053. Other contracts etc treated as derivative contracts
1054. 587Contract relating to holding in OEIC, unit trust or offshore fund
1055. 588Associated transaction treated as derivative contract
1056. Exclusions from derivative contracts
1057. 589Contracts excluded because of underlying subject matter: general
1058. 590Disregard of subordinate or small value underlying subject matter
1059. 591Conditions A to E mentioned in section 589(5)
1060. 592Embedded derivatives treated as meeting condition in section 591 etc
1061. 593Contracts where part of underlying subject matter is excluded property
1062. Chapter 3: Credits and debits to be brought into account: general
1063. Introduction
1064. 594Overview of Chapter
1065. Matters in respect of which amounts are to be brought into account
1066. 594AMatters in respect of which amounts are to be brought into account
1067. General principles
1068. 595General principles about the bringing into account of credits and debits
1069. 596Meaning of “related transaction”
1070. Amounts recognised in determining a company's profit or loss
1071. 597Amounts recognised in determining a company's profit or loss
1072. 598Regulations about recognised amounts
1073. 599Meaning of “amounts recognised for accounting purposes”
1074. 599AAmounts not fully recognised for accounting purposes: introduction
1075. 599BDetermination of credits and debits where amounts not fully recognised
1076. Application of fair value accounting
1077. 600Contract which is or forms part of financial asset or liability
1078. 601Contract relating to holding in OEIC, unit trust or offshore fund
1079. 602Contract becoming one relating to holding in OEIC, unit trust or offshore fund
1080. 603Associated transaction treated as derivative contract
1081. Rules differing from generally accepted accounting practice
1082. 604Credits and debits treated as relating to capital expenditure
1083. 604AAmounts recognised in other comprehensive income and not transferred to profit or loss
1084. 605Credits and debits recognised in equity Repealed
1085. Exchange gains and losses
1086. 606Exchange gains and losses
1087. 606AArrangements that have a “one-way exchange effect” Repealed
1088. 606BMeaning of “relevant exchange gain” and “relevant exchange loss” Repealed
1089. 606CMeaning of “test day” Repealed
1090. 606DCounterfactual currency movement assumptions Repealed
1091. 606ECounterfactual currency movement assumptions: treatment of options Repealed
1092. 606FMeaning of “option” Repealed
1093. 606GMeaning of “relevant contingent contract” and “operative condition” Repealed
1094. 606HOther interpretative provisions Repealed
1095. Miscellaneous
1096. 607Pre-contract or abortive expenses
1097. 607ZADebits referable to times before UK property business etc carried on
1098. 607ACompany is not, or has ceased to be, party to derivative contract
1099. 607BExclusion of debit where relief allowed to another
1100. 607CAvoidance of double charge
1101. 608Company ceasing to be party to derivative contract Repealed
1102. 609Company ceasing to be UK resident
1103. 610Non-UK resident company ceasing to hold derivative contract for section 609(2) purposes
1104. 611Release under statutory insolvency arrangement of liability under derivative contract
1105. Chapter 4: Further provision about credits and debits to be brought into account
1106. Introduction
1107. 612Overview of Chapter
1108. Adjustments on change of accounting basis
1109. 613Introduction to sections 614 and 615
1110. 614Change of basis of accounting involving change of value
1111. 615Change of accounting policy after ceasing to be party to derivative contract
1112. Certain embedded derivatives
1113. 616Disapplication of fair value accounting
1114. 617Election for section 616 not to apply
1115. 618Elections under section 617: groups of companies
1116. Partnerships involving companies
1117. 619Partnerships involving companies
1118. 620Determination of credits and debits by company partners
1119. 621Company partners using fair value accounting
1120. Miscellaneous
1121. 622Contracts ceasing to be derivative contracts
1122. 623Index-linked gilt-edged securities with embedded contracts for differences
1123. Chapter 5: Continuity of treatment on transfers within groups
1124. Introductory
1125. 624Introduction to Chapter
1126. Group member replacing another as party to derivative contract
1127. 625Group member replacing another as party to derivative contract
1128. 626Transactions to which section 625 applies
1129. 627Meaning of company replacing another as party to derivative contract
1130. Exceptions to section 625
1131. 628Transferor using fair value accounting
1132. 629Tax avoidance Repealed
1133. Transferee leaving group after replacing transferor as party to derivative contract
1134. 630Introduction to sections 631 and 632
1135. 631Transferee leaving group otherwise than because of exempt distribution
1136. 632Transferee leaving group because of exempt distribution
1137. Chapter 6: Special kinds of company
1138. Mutual trading companies
1139. 633Mutual trading companies
1140. Insurance companies
1141. 634Insurance companies
1142. 635Creditor relationships: embedded derivatives which are options
1143. 636Modifications of Chapter 5
1144. Investment and venture capital trusts
1145. 637Investment trusts: profits or losses of a capital nature
1146. 638Venture capital trusts: profits or losses of a capital nature
1147. Chapter 7: Chargeable gains arising in relation to derivative contracts
1148. Introduction
1149. 639Overview of Chapter
1150. Some credits and debits not to be brought into account under Part 5
1151. 640Credits and debits not to be brought into account under Part 5
1152. Some derivative contracts to be taxed on a chargeable gains basis
1153. 641Derivative contracts to be taxed on a chargeable gains basis
1154. 642Exception from section 641
1155. Derivative contracts to which sections 640 and 641 apply
1156. 643Contracts relating to land or certain tangible movable property
1157. 644Income to be left out of account in determining whether section 643 applies
1158. 645Creditor relationships: embedded derivatives which are options
1159. 646Exclusions from section 645
1160. 647Meaning of certain expressions in section 645
1161. 648Creditor relationships: embedded derivatives which are exactly tracking contracts for differences
1162. 649Meaning of certain expressions in section 648
1163. 650Property based total return swaps
1164. Some credits and debits not to be brought into account under Part 3 or 5
1165. 651Credits and debits not to be brought into account under Part 3 or Part 5
1166. Issuers of securities with embedded derivatives: deemed options
1167. 652Introduction to sections 653 to 655
1168. 653Shares issued or transferred as a result of exercise of deemed option
1169. 654Payment instead of disposal on exercise of deemed option
1170. 655Ceasing to be party to debtor relationship when deemed option not exercised
1171. Issuers of securities with embedded derivatives: deemed contracts for differences
1172. 656Introduction to section 658
1173. 657Meaning of “exactly tracking contract” in section 656
1174. 658Chargeable gain or allowable loss treated as accruing
1175. Interpretation
1176. 659Meaning of “relevant credits” and “relevant debits”
1177. Chapter 8: Further provision about chargeable gains and derivative contracts
1178. Company ceasing to be party to certain contracts
1179. 660Contract relating to holding in OEIC, unit trust or offshore fund
1180. 661Contract which becomes derivative contract
1181. Contracts ceasing to be derivative contracts
1182. 662Contracts ceasing to be derivative contracts
1183. Carry back of net losses on certain derivative contracts
1184. 663Contracts to which section 641 applies
1185. 664Meaning of certain expressions in section 663
1186. Issuers of securities with embedded derivatives: equity instruments
1187. 665Introduction to section 666
1188. 666Allowable loss treated as accruing
1189. Treatment of shares acquired in certain circumstances
1190. 667Shares acquired on exercise of non-embedded option
1191. 668Shares acquired on running of future to delivery
1192. 669Meaning of G and L in sections 667 and 668
1193. Treatment of net gains and losses on exercise of option
1194. 670Treatment of net gains and losses on exercise of option
1195. 671Meaning of G, L and CV in section 670
1196. Treatment of net gains and losses on disposal of certain embedded derivatives
1197. 672Treatment of net gains and losses on disposal of certain embedded derivatives
1198. 673Meaning of G, L and CV in section 672
1199. Chapter 9: European cross-border transfers of business
1200. Introduction
1201. 674Introduction to Chapter
1202. Transfers of derivative contracts at notional carrying value
1203. 675Transfer of derivative contract at notional carrying value
1204. 676Transferor using fair value accounting
1205. Exception for tax avoidance cases and clearances
1206. 677Tax avoidance etc
1207. 678Procedure on application for clearance
1208. 679Decision on application for clearance
1209. Transparent entities
1210. 680Disapplication of Chapter where transparent entities involved
1211. Interpretation
1212. 681Interpretation
1213. Chapter 10: European cross-border mergers
1214. Introduction
1215. 682Introduction to Chapter
1216. 683Meaning of “the transferee” and “transferor”
1217. Transfers of derivative contracts at notional carrying value
1218. 684Transfer of derivative contract at notional carrying value
1219. 685Transferor using fair value accounting
1220. Exception for tax avoidance cases and clearances
1221. 686Tax avoidance etc
1222. Transparent entities
1223. 687Disapplication of Chapter where transparent entities involved
1224. Interpretation
1225. 688Interpretation
1226. Chapter 11: Tax avoidance
1227. Introduction
1228. 689Overview of Chapter
1229. Unallowable purposes
1230. 690Derivative contracts for unallowable purposes
1231. 691Meaning of “unallowable purpose”
1232. 692Allowance of accumulated net losses
1233. Transactions not at arm's length
1234. 693Bringing into account adjustments under Part 4 of TIOPA 2010
1235. 694Exchange gains and losses Repealed
1236. 695Transfers of value to connected companies
1237. 695ADisguised distribution arrangements involving derivative contracts
1238. Transactions with non-UK residents
1239. 696Derivative contracts with non-UK residents
1240. 697Exceptions to section 696
1241. Disposals for consideration not fully recognised by accounting practice
1242. 698Disposals for consideration not fully recognised by accounting practice Repealed
1243. Derecognition
1244. 698ADebits arising from derecognition of derivative contracts
1245. Counteracting avoidance arrangements
1246. 698BCounteracting effect of avoidance arrangements
1247. 698CInterpretation of section 698B
1248. 698DExamples of results that may indicate exclusion not applicable
1249. Chapter 12: Priority rules
1250. 699Priority of this Part for corporation tax purposes
1251. 700Relationship of this Part to Part 5: loan relationships
1252. Chapter 13: General and supplementary provisions
1253. Power to amend certain provisions
1254. 701Power to amend some provisions
1255. Changes to accounting standards
1256. 701APower to make regulations where accounting standards change
1257. Other general definitions
1258. 702“Tax-adjusted carrying value”
1259. 703“Chargeable asset”
1260. 704“Creditor relationship” and “debtor relationship”
1261. 705Expressions relating to exchange gains and losses
1262. 706“Excluded body”
1263. 707“Hedging relationship”
1264. 708“Plain vanilla contract”
1265. 709“Securities house”
1266. 710Other definitions
1267. Part 8: Intangible fixed assets
1268. Chapter 1: Introduction
1269. Introductory
1270. 711Overview of Part
1271. Basic definitions
1272. 712“Intangible asset”
1273. 713“Intangible fixed asset”
1274. 714“Royalty”
1275. Goodwill
1276. 715Application of this Part to goodwill
1277. Accounting rules and definitions
1278. 716“Recognised” amounts and “GAAP-compliant accounts”
1279. 717Companies without GAAP-compliant accounts
1280. 718GAAP-compliant accounts: reference to consolidated group accounts
1281. 719Accounting value
1282. Chapter 2: Credits in respect of intangible fixed assets
1283. 720Introduction
1284. 721Receipts recognised as they accrue
1285. 722Receipts in respect of royalties so far as not dealt with under section 721
1286. 723Revaluation
1287. 724Negative goodwill
1288. 725Reversal of previous accounting loss
1289. Chapter 3: Debits in respect of intangible fixed assets
1290. 726Introduction
1291. 727References to expenditure on an asset
1292. 728Expenditure written off as it is incurred
1293. 729Writing down on accounting basis
1294. 730Writing down at fixed rate: election for fixed-rate basis
1295. 731Writing down at fixed rate: calculation
1296. 732Reversal of previous accounting gain
1297. Chapter 4: Realisation of intangible fixed assets
1298. 733Overview of Chapter
1299. 734Meaning of “realisation”
1300. 735Asset written down for tax purposes
1301. 736Asset shown in balance sheet and not written down for tax purposes
1302. 737Apportionment in case of part realisation
1303. 738Asset not shown in balance sheet
1304. 738ARealisation of assets previously subject to Northern Ireland rate
1305. 739Meaning of “proceeds of realisation”
1306. 740Abortive expenditure on realisation
1307. 741Meaning of “chargeable intangible asset” and “chargeable realisation gain”
1308. Chapter 5: Calculation of tax written-down value
1309. 742Asset written down on accounting basis
1310. 743Asset written down at fixed rate
1311. 744Effect of part realisation of asset
1312. Chapter 6: How credits and debits are given effect
1313. Introductory
1314. 745Introduction
1315. 746“Non-trading credits” and “non-trading debits”
1316. Trading etc credits and debits
1317. 747Assets held for purposes of trade
1318. 748Assets held for purposes of property business
1319. 749Assets held for purposes of mines, transport undertakings, etc
1320. 750Assets held for purposes falling within more than one section
1321. Non-trading credits and debits
1322. 751Non-trading gains and losses
1323. 752Charge to tax on non-trading gains on intangible fixed assets
1324. 753Treatment of non-trading losses
1325. Chapter 7: Roll-over relief in case of realisation and reinvestment
1326. When the relief is given
1327. 754The relief: the “old asset” and “other assets”
1328. 755Conditions relating to the old asset and its realisation
1329. 756Conditions relating to expenditure on other assets
1330. 757Claim for relief
1331. How the relief is given
1332. 758How the relief is given: general
1333. 759Determination of appropriate proportion of cost and adjusted cost
1334. 760References to cost of asset where asset affected by change of accounting policy
1335. 761Declaration of provisional entitlement to relief
1336. 762Realisation and reacquisition
1337. 763Disregard of deemed realisations and reacquisitions
1338. Chapter 8: Groups of companies: introduction
1339. Introductory
1340. 764Meaning of “company”, “group” and “subsidiary”
1341. Rules
1342. 765General rule: a company and its 75% subsidiaries form a group
1343. 766Only effective 51% subsidiaries of principal company to be members of group
1344. 767Principal company cannot be 75% subsidiary of another company
1345. 768Company cannot be member of more than one group
1346. 769Continuity of identity of group
1347. 770Continuity where group includes an SE
1348. 771Meaning of “effective 51% subsidiary”
1349. 772Equity holders and profits or assets available for distribution
1350. 773Supplementary provisions
1351. Chapter 9: Application of this Part to groups of companies
1352. Introductory
1353. 774Overview of Chapter
1354. Transfers within a group treated as tax-neutral
1355. 775Transfers within a group
1356. 776Meaning of “tax-neutral” transfer
1357. Roll-over relief under Chapter 7 (realisation and reinvestment)
1358. 777Relief on realisation and reinvestment: application to group member
1359. 778Relief on reinvestment: acquisition of group company: introduction
1360. 779Rules that apply to cases within section 778(1)
1361. Company ceasing to be member of group
1362. 780Deemed realisation and reacquisition at market value
1363. 781Character of credits and debits brought into account as a result of section 780
1364. 782Certain transferees of businesses etc not treated as leaving group
1365. 782ACompany leaving group because of relevant share disposal
1366. 783Certain associated companies leaving group at the same time
1367. 784Groups with a relevant connection
1368. 785Principal company becoming member of another group
1369. 786Character of credits and debits brought into account as a result of section 785
1370. 787Company ceasing to be member of group because of exempt distribution
1371. 788Provisions supplementing sections 780 to 787
1372. 789Merger carried out for genuine commercial reasons
1373. 790Provisions supplementing section 789
1374. 791Application of roll-over relief in relation to degrouping charge
1375. Reallocation of degrouping charge within group and recovery
1376. 792Reallocation of charge within group
1377. 793Further requirements about elections under section 792
1378. 793AEffect of election under section 792
1379. 794Application of roll-over relief in relation to reallocated charge
1380. 795Recovery of charge from another group company or controlling director
1381. 796Interpretation of section 795
1382. 797Recovery under section 795: procedure etc
1383. 798Recovery under section 795: time limit
1384. Disregard of payments between group members for reliefs
1385. 799Disregard of payments between group members for reliefs
1386. Chapter 10: Excluded assets
1387. Introductory
1388. 800Introduction
1389. 801Right to dispose of or acquire excluded asset also excluded
1390. 802Effect of partial exclusion
1391. Assets wholly excluded from this Part
1392. 803Non-commercial purposes etc
1393. 804Assets for which capital allowances previously made
1394. 805Rights over tangible assets
1395. 806Financial assets
1396. 807Rights in companies, trusts etc
1397. 807AAssets representing expenditure on separate creative production trade
1398. 809Oil licences
1399. Assets excluded from this Part except as respects royalties
1400. 810Mutual trade or business
1401. 811Sound recordings
1402. 812Master versions of films
1403. 813Computer software treated as part of cost of related hardware
1404. Assets excluded from this Part to the extent specified
1405. 814Research and development
1406. 815Election to exclude capital expenditure on software
1407. 816Further provision about elections under section 815
1408. 816ARestrictions on goodwill and certain other assets Repealed
1409. Chapter 11: Transfer of business or trade
1410. Introduction
1411. 817Overview of Chapter
1412. Tax-neutral transfers
1413. 818Company reconstruction involving transfer of business
1414. 819European cross-border transfers of business: introduction
1415. 820Transfer of assets on European cross-border transfer of business
1416. 821European cross-border mergers: introduction
1417. 822Transfer of assets on European cross-border merger
1418. 823Interpretation of sections 821 and 822
1419. 824Transfer of business of building society to company
1420. 825Application of sections 780 and 785 where transfer within section 824 occurs
1421. 826Amalgamation of, or transfer of engagements by, certain societies
1422. Transfer of assets to non-UK resident company
1423. 827Claims to postpone charge on transfer
1424. 828Relief on transfer
1425. 829Charge on subsequent realisations
1426. 830Exclusion from section 829 of group transfers
1427. The genuine commercial transaction requirement and clearance
1428. 831The genuine commercial transaction requirement and clearance
1429. 832Procedure on application for clearance
1430. 833Decision on application for clearance
1431. Chapter 12: Related parties
1432. Introductory
1433. 834Overview of Chapter
1434. Meaning of “related party”, “control” and “major interest”
1435. 835“Related party”
1436. 836“Control”
1437. 837“Major interest”
1438. Rights and powers to be taken into account
1439. 838General rule
1440. 839Rights and powers held jointly
1441. 840Partnerships
1442. Meaning of “participator” and “associate”
1443. 841“Participator” and “associate”
1444. Connected persons
1445. 842Introduction
1446. 843Who are connected persons
1447. Chapter 13: Transactions between related parties
1448. Introductory
1449. 844Overview of Chapter
1450. Transfers treated as being at market value
1451. 845Transfer between company and related party treated as at market value
1452. 846Transfers where provision subject to transfer pricing but section 147(3) or (5) does not apply
1453. 847Transfers involving other taxes
1454. 848Tax-neutral transfers
1455. 848AAssets held for purposes of exempt foreign permanent establishments
1456. 849Transfers involving gifts of business assets
1457. 849ADisincorporation relief: transfer values for post-FA 2002 goodwill
1458. Grants treated as being at market value
1459. 849ABGrant of licence or other right treated as at market value
1460. 849ACGrants not at arm's length Repealed
1461. 849ADGrants involving other taxes
1462. ...
1463. 849BCircumstances in which restrictions on debits in respect of goodwill etc apply Repealed
1464. 849CRestrictions in a case within section 849B(4) or (5) Repealed
1465. 849DRestrictions in a case within section 849B(6) Repealed
1466. Other rules
1467. 850Part realisation involving related party acquisition: exclusion of roll-over relief
1468. 851Delayed payment of royalty by company to related party
1469. Chapter 14: Miscellaneous provisions
1470. Grants and other contributions to expenditure
1471. 852Treatment of grants and other contributions to expenditure
1472. 853Grants to be left out of account for tax purposes
1473. Finance leasing
1474. 854Finance leasing etc
1475. 855Further provision about regulations under section 854
1476. Values to be used in special cases
1477. 856Assets acquired or realised together
1478. 857Deemed market value or arm’s length acquisition: adjustment where nil or negligible accounting value
1479. ...
1480. 858Fungible assets Repealed
1481. Assets ceasing to be or becoming chargeable intangible assets
1482. 859Asset ceasing to be chargeable intangible asset: deemed realisation at market value
1483. 860Asset ceasing to be chargeable intangible asset: postponement of gain Repealed
1484. 861Treatment of postponed gain on subsequent realisation Repealed
1485. 862Treatment of postponed gain in other cases Repealed
1486. 863Asset becoming chargeable intangible asset
1487. 863AAsset becoming chargeable intangible asset: EU exit charge
1488. Matters to be ignored
1489. 864Tax avoidance arrangements to be ignored
1490. 865Debits for expenditure not generally deductible for tax purposes
1491. Delayed payments and bad debts
1492. 866Delayed payment of employees' remuneration
1493. 867Provisions supplementing section 866
1494. 868Delayed payment of pension contributions
1495. 869Bad debts etc
1496. ...
1497. 870Assumptions for calculating chargeable profits Repealed
1498. Roll-over relief under TCGA 1992
1499. 870AClaims for relief made under sections 152 and 153 of TCGA 1992
1500. Chapter 15: Adjustments on change of accounting policy
1501. Introductory
1502. 871Introduction to Chapter
1503. Change of policy involving change of value
1504. 872Adjustments in respect of change
1505. 873Effect of application of section 872 in later period and subsequently
1506. Change of policy involving disaggregation
1507. 874Original asset not subject to fixed-rate writing down
1508. 875Effect of application of section 874 in later period and subsequently
1509. 876Original asset subject to fixed-rate writing down
1510. 877Election for fixed-rate writing down in relation to resulting asset
1511. Supplementary
1512. 878Exclusion of credits or debits brought into account under other provisions
1513. 879Subsequent events affecting asset subject to adjustment under this Chapter
1514. Chapter 15A: Debits in respect of goodwill and certain other assets
1515. Introduction
1516. 879AIntroduction
1517. Requirement to write down at a fixed rate
1518. 879BRequirement to write down at a fixed rate
1519. Restrictions on debits: pre-FA 2019 relevant assets
1520. 879CRestrictions on debits: pre-FA 2019 relevant assets
1521. 879DPre-FA 2019 relevant asset: the first case
1522. 879EPre-FA 2019 relevant asset: the second case
1523. 879FPre-FA 2019 relevant asset: the third case
1524. 879GThe preserved status condition etc
1525. 879HPre-FA 2019 relevant asset: the fourth case
1526. Restrictions on debits: no business or no qualifying IP assets acquired
1527. 879IRestrictions on debits: no business or no qualifying IP assets acquired
1528. 879JMeaning of qualifying IP asset
1529. Restrictions on debits: acquisition from individual or firm
1530. 879KRestrictions on debits: acquisition from individual or firm
1531. 879LMeaning of relevant business and third party acquisition
1532. Partial restrictions on debits
1533. 879MWhen the partial restrictions apply: qualifying IP assets
1534. 879NWhen the partial restrictions apply: acquisition from individual or firm
1535. 879OThe partial restrictions on debits
1536. Supplementary
1537. 879PDate of acquisition of relevant asset
1538. Chapter 16: Pre-FA 2002 assets etc
1539. Introduction
1540. 880Overview of Chapter
1541. 881Meaning of “pre-FA 2002 assets”
1542. General rule
1543. 882Application of this Part to assets created or acquired on or after 1 April 2002
1544. When assets are treated as created or acquired
1545. 883Assets treated as created or acquired when expenditure incurred
1546. 884... Goodwill: time of creation
1547. 885Assets representing non-qualifying expenditure: time of creation
1548. 886Assets representing production expenditure on films: time of creation
1549. When expenditure treated as incurred
1550. 887General rule
1551. 888Cases where chargeable gains rule applies
1552. 889Cases where capital allowances general rule applies
1553. ...
1554. 890Fungible assets: application of section 858 Repealed
1555. 891Realisation and acquisition of fungible assets Repealed
1556. Assets treated as pre-FA 2002 assets
1557. 892Certain assets acquired on transfer of business or transfer within a group
1558. 893Assets whose value derives from pre-FA 2002 assets
1559. 894The preserved status conditions etc
1560. 895Assets acquired in connection with disposals of pre-FA 2002 assets
1561. Application of Part to royalties and telecommunication rights
1562. 896Application to royalties
1563. 897Application to pre-FA 2002 assets consisting of telecommunication rights
1564. Roll-over relief for disposals of pre-FA 2002 assets
1565. 898Relief where assets disposed of on or after 1 April 2002
1566. 899Relief where degrouping charge on asset arises on or after 1 April 2002
1567. 900Meaning of “chargeable asset within TCGA” in sections 898 and 899
1568. Chapter 16A: Debits in respect of assets that were pre-FA 2002 assets etc
1569. Introduction
1570. 900AIntroduction
1571. When an intangible fixed asset is a restricted asset
1572. 900BWhen an intangible fixed asset is a restricted asset: the first case
1573. 900CWhen an intangible fixed asset is a restricted asset: the second case
1574. 900DWhen an intangible fixed asset is a restricted asset: the third case
1575. The special rules
1576. 900ESpecial rule: section 900B case
1577. 900FSpecial rule: section 900C or 900D case
1578. Supplementary provisions
1579. 900GMeaning of “relieving acquisition”
1580. 900HSupplementary provision about when two persons are related
1581. 900IAcquisition of asset in pursuance of an unconditional obligation
1582. Chapter 16B: Fungible assets
1583. 900JFungible assets: general
1584. 900KFungible assets: pre-FA 2002 assets and restricted assets
1585. 900LRealisation of fungible assets: pre-FA 2002 assets and restricted assets
1586. 900MAcquisition of fungible assets: pre-FA 2002 assets and restricted assets
1587. 900NDebits in respect of a single asset comprising restricted assets
1588. 900OInterpretation
1589. Chapter 17: Insurance companies
1590. Effect of application of the I minus E basis: non-trading amounts
1591. 901Effect of application of the I - E basis: non-trading amounts
1592. ...
1593. 902Excluded assets Repealed
1594. 903Elections to exclude capital expenditure on computer software Repealed
1595. Miscellaneous
1596. 904Transfers of life assurance business: transfers of assets treated as tax-neutral Repealed
1597. 905Pre-FA 2002 assets: Lloyd's syndicate capacity
1598. Chapter 18: Priority rules
1599. 906Priority of this Part for corporation tax purposes
1600. Part 9: Intellectual property: know-how and patents
1601. Chapter 1: Introduction
1602. 907Overview of Part
1603. Chapter 2: Disposals of know-how
1604. 908Charge to tax on profits from disposals of know-how
1605. 909Exceptions to charge under section 908
1606. 910Profits charged under section 908
1607. Chapter 3: Sales of patent rights
1608. Introductory
1609. 911Overview of Chapter
1610. Charge to tax
1611. 912Charge to tax on profits from sales of patent rights
1612. 913Profits charged under section 912
1613. Spreading of charge to tax
1614. 914UK resident companies: proceeds of sale not received in instalments
1615. 915UK resident companies: proceeds of sale received in instalments
1616. 916Non-UK resident companies: proceeds of sale not received in instalments
1617. 917Non-UK resident companies: proceeds of sale received in instalments
1618. 918Winding up of a body corporate
1619. Miscellaneous
1620. 919Deduction of tax from payments to non-UK resident companies
1621. 920Adjustments where tax has been deducted
1622. 921Licences connected with patents
1623. 922Rights to acquire future patent rights
1624. 923Sums paid for Crown use etc treated as paid under licence
1625. Chapter 4: Relief from corporation tax on patent income
1626. 924Relief for expenses: patent income
1627. 925How relief is given under section 924
1628. Chapter 5: Supplementary
1629. 926Contributions to expenditure
1630. 927Contributions not made by public bodies nor eligible for tax relief
1631. 928Exchanges
1632. 929Apportionment where property sold together
1633. 930Questions about apportionments affecting two or more persons
1634. 931Meaning of “capital sums” etc
1635. Part 9A: Company distributions
1636. Chapter 1: The charge to tax
1637. 931ACharge to tax on distributions received
1638. Chapter 2: Exemption of distributions received by small companies
1639. 931BExemption from charge to tax
1640. 931CMeaning of “qualifying territory”
1641. 931CAFurther exemption where distribution received from CFC
1642. Chapter 3: Exemption of distributions received by companies that are not small
1643. 931DExemption from charge to tax
1644. Exempt classes
1645. 931EDistributions from controlled companies
1646. 931FDistributions in respect of non-redeemable ordinary shares
1647. 931GDistributions in respect of portfolio holdings
1648. 931HDistributions derived from transactions not designed to reduce tax
1649. 931IDividends in respect of shares accounted for as liabilities
1650. Exempt classes: anti-avoidance
1651. 931JSchemes involving manipulation of controlled company rules
1652. 931KSchemes involving quasi-preference or quasi-redeemable shares
1653. 931LSchemes involving manipulation of portfolio holdings rule
1654. 931MSchemes in the nature of loan relationships
1655. 931NSchemes involving distributions for which deductions are given
1656. 931OSchemes involving payments for distributions
1657. 931PSchemes involving payments not on arm's length terms
1658. 931QSchemes involving diversion of trade income
1659. Chapter 4: Supplementary
1660. Election that distribution should not be exempt
1661. 931RElection that distribution should not be exempt
1662. Chargeable gains
1663. 931RAChargeable gains
1664. Interpretation
1665. 931SMeaning of “small company”
1666. 931TMeaning of “payer”, “recipient” and “relevant person”
1667. 931UMeaning of “ordinary share” and “redeemable”
1668. 931VMeaning of “scheme” and “tax advantage scheme”
1669. Boundary provisions
1670. 931WProvisions which must be given priority over this Part
1671. Part 10: Miscellaneous income
1672. Chapter 1: Introduction
1673. 932Overview of Part
1674. Chapter 2: Dividends of non-UK resident companies
1675. 933Charge to tax on dividends of non-UK resident companies Repealed
1676. Chapter 3: Beneficiaries' income from estates in administration
1677. Introduction
1678. 934Charge to tax on estate income
1679. 935Absolute, limited and discretionary interests
1680. 936Meaning of “UK estate” and “foreign estate”
1681. Types of estate income
1682. 937Absolute interests in residue
1683. 938Meaning of “the administration period”, “the final accounting period” and “the final tax year”
1684. 939Limited interests in residue
1685. 940Discretionary interests in residue
1686. Income charged
1687. 941UK estates
1688. 942Foreign estates
1689. Basic amount of estate income: general calculations rules
1690. 943Absolute interests
1691. 944Limited interests
1692. 945Discretionary interests
1693. 946Applicable rate for grossing up basic amounts of estate income
1694. 947Aggregate income of the estate
1695. Further provisions for calculating estate income relating to absolute interests
1696. 948Assumed income entitlement
1697. 949Residuary income of the estate
1698. 950Shares of residuary income of estate
1699. 951Reduction in share of residuary income of estate
1700. 952Applicable rate for determining assumed income entitlement (UK estates)
1701. Successive interests
1702. 953Introduction
1703. 954Successive absolute interests
1704. 955Assumed income entitlement of holder of absolute interest following limited interest
1705. 956Payments in respect of limited interests followed by absolute interests
1706. 957Holders of limited interests
1707. 958Basic amount of estate income: successive limited interests
1708. 959Apportionments
1709. Relief where foreign estates have borne UK income tax
1710. 960Relief in respect of tax relating to absolute interests
1711. 961Relief in respect of tax relating to limited or discretionary interests
1712. 961AMeaning of “the relevant tax year”
1713. General
1714. 962Income from which basic amounts are treated as paid
1715. 962AIncome from which sums within section 951(1)(b) are treated as paid
1716. 963Income treated as bearing income tax
1717. 964Transfers of assets etc treated as payments
1718. 965Assessments, adjustments and claims after the administration period
1719. 966Power to obtain information from personal representatives and beneficiaries Repealed
1720. 967Statements relating to estate income
1721. ...
1722. 968Meaning of “personal representatives” Repealed
1723. Chapter 4: Income from holding an office
1724. 969Charge to tax on income from holding an office
1725. 970Rule restricting deductions for bad debts
1726. Chapter 5: Distributions from unauthorised unit trusts
1727. 971Overview of Chapter Repealed
1728. 972Charge to tax under this Chapter Repealed
1729. 973Amount of income treated as received Repealed
1730. Chapter 6: Sale of foreign dividend coupons
1731. 974Charge to tax under this Chapter
1732. 975Meaning of “foreign holdings” etc
1733. Chapter 7: Annual payments not otherwise charged
1734. 976Overview of Chapter
1735. 977Charge to tax on annual payments not otherwise charged
1736. 978Exemption for payments by persons liable to pool betting duty Repealed
1737. Chapter 8: Income not otherwise charged
1738. 979Charge to tax on income not otherwise charged
1739. 980Exemption for commercial occupation of woodlands in UK
1740. 981Exemption for gains on financial futures
1741. Chapter 9: Priority rules
1742. 982Provisions which must be given priority over this Part
1743. Part 11: Relief for particular employee share acquisition schemes
1744. Chapter 1: Share incentive plans
1745. Introductory
1746. 983Overview of Chapter
1747. 984Chapter to form part of SIP code etc
1748. Deductions and receipts: general
1749. 985References to a deduction being allowed to a company
1750. 986Treatment of receipts under Chapter
1751. Deductions relating to setting up and running costs
1752. 987Deduction for costs of setting up a Schedule 2 share incentive plan
1753. 988Deductions for running expenses of a Schedule 2 share incentive plan
1754. Deductions relating to payments used to acquire shares
1755. 989Deduction for contribution to plan trust
1756. 990Withdrawal of deduction under section 989
1757. 991Another deduction to be allowed if all acquired shares are awarded
1758. 992Award of shares to excluded employee
1759. 993Plan termination notice
1760. Deductions relating to provision of certain types of shares
1761. 994Deduction for providing free or matching shares
1762. 995Deduction for additional expense in providing partnership shares
1763. 996Shares excluded from sections 994 and 995
1764. 997No deduction for expenses in providing dividend shares
1765. Plan ceasing to be a Schedule 2 SIP
1766. 998Withdrawal of deductions if share incentive plan ceases to be a Schedule 2 share incentive plan
1767. Chapter 2: SAYE option schemes, company share option schemes and employee share options trusts
1768. 999Deduction for costs of setting up SAYE option scheme or CSOP scheme
1769. 1000Deduction for costs of setting up employee share ownership trust
1770. Part 12: Other relief for employee share acquisitions
1771. Chapter 1: Introduction
1772. Introductory
1773. 1001Overview of Part
1774. Interpretation
1775. 1002“Employment”
1776. 1003“Shares” etc
1777. 1004Groups, consortiums and commercial associations of companies
1778. 1005Other definitions
1779. Chapter 2: Relief if shares acquired by employee or other person
1780. Introductory
1781. 1006Overview of Chapter
1782. Requirements to be met for relief to be available
1783. 1007Basic requirements for relief under Chapter 2
1784. 1007AApplication of Chapter in relation to employees of overseas companies who work for companies in the UK
1785. 1008Conditions relating to shares acquired
1786. 1009Conditions relating to employee's income tax position
1787. Calculation of amount of relief
1788. 1010Calculation of relief if shares are neither restricted nor convertible
1789. 1011Calculation of relief if shares are restricted or convertible
1790. 1012Reduction in amount of relief
1791. Giving of relief
1792. 1013How the relief is given
1793. Chapter 3: Relief if employee or other person obtains option to acquire shares
1794. Introductory
1795. 1014Overview of Chapter
1796. Requirements to be met for relief to be available
1797. 1015Basic requirements for relief under Chapter 3
1798. 1015AApplication of Chapter: employees of overseas companies who take up employment with a UK company
1799. 1015BApplication of Chapter in relation to employees of overseas companies who work for companies in the UK
1800. 1016Conditions relating to shares acquired
1801. 1017Condition relating to employee's income tax position
1802. Calculation of amount of relief
1803. 1018Calculation of relief if shares are neither restricted nor convertible
1804. 1019Calculation of relief if shares are restricted or convertible
1805. 1020Reduction in amount of relief
1806. Giving of relief
1807. 1021How the relief is given
1808. Takeovers and transfers of businesses
1809. 1022Takeover of company whose shares are subject to option
1810. 1023Supplementary provision for purposes of section 1022
1811. 1024Transfer of qualifying business by group transfers
1812. Chapter 4: Additional relief in cases involving restricted shares
1813. 1025Additional relief available if shares acquired are restricted shares
1814. 1025AApplication of Chapter: employees of overseas companies who take up employment with, or work for, a UK company
1815. 1025BApplication of Chapter where original relief a consequence of section 1007A, 1015A or 1015B
1816. 1026Relief available on occurrence of chargeable event
1817. 1027Relief available on death of employee
1818. 1028Supplementary provision for purposes of sections 1026 and 1027
1819. 1029Transfer of qualifying business by group transfers
1820. Chapter 5: Additional relief in cases involving convertible securities
1821. 1030Application of Chapter
1822. 1030AApplication of Chapter: employees of overseas companies who take up employment with, or work for, a UK company
1823. 1030BApplication of Chapter where original relief a consequence of section 1007A, 1015A or 1015B
1824. 1031Additional relief available if shares acquired are convertible shares etc
1825. 1032Meaning of “chargeable event”
1826. 1033Relief available on occurrence of chargeable event
1827. 1034Relief available following death of employee
1828. 1035Supplementary provision for purposes of sections 1033 and 1034
1829. 1036Transfer of qualifying business by group transfers
1830. Chapter 6: Relationship between relief under this Part and other reliefs ETC
1831. 1037Priority of Chapter 1 of Part 11
1832. 1038Exclusion of other deductions
1833. 1038AExclusion of deductions for share options: shares not acquired
1834. 1038BEmployee shareholder shares Repealed
1835. Part 13: ... expenditure on research and development
1836. Chapter 1: Introduction
1837. Introductory
1838. 1039Overview of Part
1839. 1040No overlapping claims under Chapters 1A and 2
1840. 1040ZARestriction on claiming other tax reliefs
1841. 1040AR&D expenditure credits Repealed
1842. Interpretation
1843. 1041“Research and development”
1844. 1042“Relevant research and development”
1845. Chapter 1A: R&D expenditure credit
1846. Introductory
1847. 1042AOverview of Chapter
1848. Entitlement and claims
1849. 1042BEntitlement to credit
1850. 1042CClaiming the credit
1851. Qualifying expenditure
1852. 1042DQualifying expenditure: in-house R&D
1853. 1042EQualifying expenditure: payments for contracted out R&D
1854. 1042FQualifying expenditure: activity as contractor for irrelievable client
1855. Rate of credit
1856. 1042GPercentage of qualifying expenditure translated into credit
1857. Treatment of credit: main provisions
1858. 1042HExpenditure credit to count as taxable receipt
1859. 1042IRedemption of value of expenditure credit
1860. 1042JTreatment of deduction to comply with PAYE and NIC limit
1861. Notional tax deduction
1862. 1042KAmount of notional tax deduction
1863. 1042LTreatment of notional tax deduction
1864. 1042MPriority of discharge
1865. Intra-group surrenders
1866. 1042NAmounts surrendered to other group companies
1867. Basic life assurance and general annuity businesses
1868. 1042OAdaptation of entitlement for certain insurance businesses
1869. Chapter 2: Relief for loss-making, R&D-intensive SMEs
1870. Introductory
1871. 1043Overview of Chapter
1872. Reliefs
1873. 1044Additional deduction in calculating profits of trade
1874. 1045Alternative treatment for pre-trading expenditure: deemed trading loss
1875. 1045ZAR&D intensity condition
1876. Reliefs: further provision
1877. 1045ARequirement to make a claim notification
1878. 1046Relief only available where company is going concern Repealed
1879. 1047Elections under section 1045
1880. 1048Treatment of deemed trading loss under section 1045
1881. 1049Restriction on consortium relief
1882. Threshold
1883. 1050R&D threshold Repealed
1884. Qualifying expenditure
1885. 1051Qualifying Chapter 2 expenditure
1886. 1052Qualifying expenditure: in-house R&D
1887. 1053Qualifying expenditure: payments for contracted out R&D
1888. 1053AQualifying expenditure: activity as contractor for irrelievable client
1889. Tax credit: entitlement and payment
1890. 1054Entitlement to and payment of tax credit
1891. 1054ARequirement to make a claim notification
1892. 1055Meaning of “Chapter 2 surrenderable loss”
1893. 1056Amount of trading loss which is “unrelieved”
1894. 1057Tax credit only available where company is going concern Repealed
1895. Amount of tax credit
1896. 1058Amount of tax credit
1897. 1058ARelevant expenditure on workers Repealed
1898. 1058BTotal amount of company's PAYE and NIC liabilities Repealed
1899. 1058CAvoiding double counting of PAYE and NIC liabilities Repealed
1900. 1058DExceptions to tax credit cap Repealed
1901. 1059Total amount of company's PAYE and NIC liabilities Repealed
1902. Supplementary
1903. 1060Use of credit to pay corporation tax
1904. 1061Tax credit payment not income of company
1905. 1062Restriction on losses carried forward where tax credit claimed
1906. 1062AInsurance company to be treated as large company
1907. Chapter 3: Relief for SMEs: R&D sub-contracted to SME
1908. Relief
1909. 1063Additional deduction in calculating profits of trade Repealed
1910. Threshold
1911. 1064R&D threshold Repealed
1912. Qualifying expenditure
1913. 1065Qualifying Chapter 3 expenditure Repealed
1914. 1066Expenditure on sub-contracted R&D undertaken in-house Repealed
1915. 1067Expenditure on sub-contracted R&D not undertaken in-house Repealed
1916. Chapter 4: Relief for SMEs: subsidised and capped expenditure on R&D
1917. Relief
1918. 1068Additional deduction in calculating profits of trade Repealed
1919. Threshold
1920. 1069R&D threshold Repealed
1921. Qualifying expenditure
1922. 1070Qualifying Chapter 4 expenditure Repealed
1923. 1071Subsidised qualifying expenditure on in-house direct R&D Repealed
1924. 1072Subsidised qualifying expenditure on contracted out R&D Repealed
1925. 1073Capped R&D expenditure Repealed
1926. Chapter 5: Relief for large companies
1927. Relief
1928. 1074Additional deduction in calculating profits of trade Repealed
1929. Threshold
1930. 1075R&D threshold Repealed
1931. Qualifying expenditure
1932. 1076Qualifying Chapter 5 expenditure Repealed
1933. 1077Qualifying expenditure on in-house direct R&D Repealed
1934. 1078Qualifying expenditure on contracted out R&D Repealed
1935. 1079Qualifying expenditure on contributions to independent R&D Repealed
1936. Insurance companies
1937. 1080Entitlement to relief: I minus E basis Repealed
1938. Chapter 6: Chapters 2 to 5: further provision
1939. ... Repealed
1940. Section Repealed
1941. Section Repealed
1942. Section Repealed
1943. Chapter 7: Relief for large companies: vaccine research etc
1944. Introductory
1945. 1085Overview of Chapter Repealed
1946. 1086Meaning of “qualifying R&D activity” Repealed
1947. Reliefs
1948. 1087Deduction in calculating profits of trade Repealed
1949. 1088Declaration about effect of relief Repealed
1950. 1089SMEs: amount of deduction Repealed
1951. 1090Modification of section 1089 for larger SMEs Repealed
1952. 1091Amount of deduction Repealed
1953. 1092SMEs: deemed trading loss for pre-trading expenditure Repealed
1954. 1093Modification of section 1092 for larger SMEs Repealed
1955. 1094Relief only available to SME where company is going concern Repealed
1956. Deemed trading loss: further provision
1957. 1095Elections under section 1092 Repealed
1958. 1096Treatment of deemed trading loss under section 1092 Repealed
1959. Threshold
1960. 1097R&D threshold Repealed
1961. Qualifying expenditure
1962. 1098Meaning of “qualifying Chapter 7 expenditure” Repealed
1963. 1099SMEs: qualifying expenditure “for” an accounting period Repealed
1964. 1100Qualifying expenditure “for” an accounting period Repealed
1965. 1101Qualifying expenditure on in-house direct R&D Repealed
1966. 1102Qualifying expenditure on contracted out R&D Repealed
1967. Tax credit: entitlement and payment
1968. 1103Entitlement to and payment of tax credit Repealed
1969. 1104Meaning of “Chapter 7 surrenderable loss” Repealed
1970. 1105Amount of trading loss which is “unrelieved” Repealed
1971. 1106Tax credit only available where company is going concern Repealed
1972. Amount of tax credit
1973. 1107Amount of tax credit Repealed
1974. 1108Total amount of company's PAYE and NIC liabilities Repealed
1975. Supplementary
1976. 1109Payment of tax credit Repealed
1977. 1110Tax credit payment not income of company Repealed
1978. 1111Restriction on losses carried forward where tax credit claimed Repealed
1979. Tax avoidance
1980. 1112Artificially inflated claims for relief Repealed
1981. Chapter 8: Restrictions on relief under this Part
1982. Introductory
1983. 1112AOverview of Chapter
1984. PAYE and NIC liabilities
1985. 1112BCap by reference to PAYE and NIC liabilities
1986. 1112CCalculation of relevant PAYE and NIC liabilities
1987. 1112DTotal PAYE and NIC liabilities
1988. 1112EException for companies creating or managing intellectual property
1989. Going concerns
1990. 1112FRestriction of credit and relief to companies that are going concerns
1991. 1112GMeaning of “going concern”
1992. Outstanding tax matters
1993. 1112HNo credit payable if certain tax matters outstanding
1994. Artificially inflated claims
1995. 1112ITransactions aimed at obtaining credit or relief to be disregarded
1996. Northern Ireland companies
1997. 1112JChapter 2 relief for Northern Ireland companies
1998. Chapter 9: Supplementary
1999. SMEs and large companies
2000. 1119“Small or medium-sized enterprise”
2001. 1120Qualifications to section 1119
2002. 1120AEnterprise treated as an SME where related enterprise becomes large
2003. 1120BEnterprise treated as an SME where acquired by an SME
2004. 1121“Larger SME”
2005. 1122“Large company”
2006. Staffing costs
2007. 1123“Staffing costs”
2008. 1124Staffing costs: attributable expenditure
2009. Software , data licences, cloud computing services or consumable items
2010. 1125“Software , data licences, cloud computing services or consumable items”
2011. 1126Software , data licences, cloud computing services or consumable items: attributable expenditure
2012. 1126ZAAttributable expenditure: special rules for data and cloud computing
2013. 1126AAttributable expenditure: special rules for consumable items
2014. 1126BAttributable expenditure: further provision
2015. Qualifying expenditure on externally provided workers
2016. 1127“Qualifying expenditure on externally provided workers”
2017. 1128“Externally provided worker”
2018. 1129Qualifying expenditure on externally provided workers: connected persons
2019. 1130Election for connected persons treatment
2020. 1131Qualifying expenditure on externally provided workers: other cases
2021. 1131ASections 1129 and 1131: secondary Class 1 NICS paid by company
2022. 1132External workers: attributable expenditure
2023. 1132A“Qualifying earnings”
2024. Contracting out
2025. 1133Contracted out research and development
2026. 1134Qualifying element of contractor payment: connected persons
2027. 1135Election for connected persons treatment
2028. 1136Qualifying element of contractor payment: other cases
2029. Miscellaneous
2030. 1137Accounting periods: company not within charge to corporation tax
2031. 1138“Subsidised expenditure” Repealed
2032. 1138AExternally provided workers and contractors: R&D undertaken abroad
2033. 1138BExempt foreign permanent establishments
2034. 1139“Intellectual property” Repealed
2035. 1139AExpenditure incurred on payments
2036. 1140“Relevant payments to the subjects of a clinical trial”
2037. 1140AGroups
2038. 1141“Payment period”
2039. 1142Ineligible companies
2040. 1142A“Claim notification” and “claim notification period”
2041. 1142B“R&D claim”
2042. 1142CRight to payment of credit inalienable
2043. 1142DGeneral rule against payments of credit to nominees
2044. 1142EOrders and regulations: ancillary provision
2045. Part 14: Remediation of contaminated or derelict land
2046. Chapter 1: Introduction
2047. Introductory
2048. 1143Overview of Part
2049. Basic definitions
2050. 1144“Qualifying land remediation expenditure”
2051. 1145Land “in a contaminated state”
2052. 1145ALand “in a derelict state”
2053. 1145BExclusion of nuclear sites
2054. 1146“Relevant contaminated land remediation”
2055. 1146A“Relevant derelict land remediation”
2056. Chapter 2: Reliefs for expenditure on contaminated or derelict land
2057. 1147Deduction for capital expenditure
2058. 1148Election under section 1147
2059. 1149Additional deduction for qualifying land remediation expenditure
2060. 1150No relief if company responsible for contamination or dereliction or polluter has interest
2061. Chapter 3: Land remediation tax credit
2062. Entitlement and payment
2063. 1151Entitlement to and payment of tax credit
2064. 1152Meaning of “qualifying land remediation loss”
2065. 1153Amount of a loss which is “unrelieved”
2066. Amount of tax credit
2067. 1154Amount of tax credit
2068. Supplementary
2069. 1155Payment of tax credit
2070. 1156Tax credit payment not income of company
2071. 1157Exclusion for capital gains purposes of certain expenditure
2072. 1158Restriction on losses carried forward where tax credit claimed
2073. Chapter 4: Special provision for BLAGAB
2074. ...
2075. 1159Limitation on relief under Chapter 2 Repealed
2076. I minus E basis
2077. 1160Provision in respect of I minus E basis
2078. Relief ...
2079. 1161Relief in respect of I minus E basis: ... expenses payable
2080. 1162Additional relief
2081. 1163No relief if company responsible for contamination or dereliction or polluter has interest
2082. BLAGAB company tax credits
2083. 1164Entitlement to tax credit
2084. 1165Meaning of “qualifying BLAGAB loss”
2085. 1166Amount of tax credit
2086. 1167Payment of tax credit etc
2087. 1168Restriction on carrying forward expenses payable where tax credit claimed
2088. Chapter 5: Tax avoidance
2089. 1169Artificially inflated claims for relief or tax credit
2090. Chapter 6: Supplementary
2091. 1170“Staffing costs”
2092. 1171Staffing costs attributable to relevant land remediation
2093. 1172Expenditure on materials
2094. 1173Expenditure incurred because of contamination or dereliction
2095. 1174Sub-contractor payments Repealed
2096. 1175Connected sub-contractors
2097. 1176“Qualifying expenditure on sub-contracted land remediation”: other cases Repealed
2098. 1177“Subsidised expenditure”
2099. 1178Persons having a “relevant connection” to a company
2100. 1178A“Major interest in land”
2101. 1179Other definitions
2102. Part 14A: Films, television programmes and video games
2103. Chapter 1: Introduction and interpretation
2104. Introduction to Part
2105. 1179AOverview of Part
2106. 1179AAQualifying companies and productions
2107. Definitions and miscellaneous provision
2108. 1179ABUK expenditure
2109. 1179ACCompany tax returns
2110. 1179ADGroups
2111. 1179AERegulations
2112. Chapter 2: Special rules about taxation
2113. The separate production trade
2114. 1179BElection to tax qualifying production as separate trade
2115. 1179BADuration of separate trade
2116. Accounting for the separate trade
2117. 1179BBCalculation of profits
2118. 1179BCWhen costs are to be taken as incurred
2119. 1179BDPreliminary expenditure
2120. 1179BETreatment of certain capital amounts as revenue
2121. Losses in the separate trade
2122. 1179BFCarrying forward of production losses
2123. 1179BGTransfer of terminal loss to other qualifying production
2124. Chapter 3: Expenditure credit
2125. The entitlement
2126. 1179CEntitlement to expenditure credit
2127. 1179CAAmount of expenditure credit
2128. Treatment of credit
2129. 1179CBExpenditure credit to count as taxable receipt
2130. 1179CCRedemption of value of expenditure credit
2131. 1179CDTreatment of notional tax deduction
2132. 1179CEAmounts surrendered to other group companies
2133. 1179CFPriority of discharge
2134. Restrictions on payment
2135. 1179CGNo credit payable if company in administration or liquidation
2136. 1179CHNo credit payable if certain tax matters outstanding
2137. Artificial arrangements
2138. 1179CIDisqualifying arrangements and non-commercial transactions
2139. Chapter 4: Films and television programmes
2140. General
2141. 1179DApplication of Chapters 2 and 3 to films and television programmes
2142. Qualifying films
2143. 1179DAMeaning of “film”
2144. 1179DBQualifying films
2145. 1179DCTheatrical release condition
2146. Qualifying television programmes
2147. 1179DDMeaning of “television programme”
2148. 1179DEQualifying television programmes
2149. 1179DFCategories of qualifying programme
2150. 1179DGExcluded programmes
2151. 1179DHBroadcast condition
2152. 1179DISlot length and hourly cost conditions
2153. British certification condition
2154. 1179DJBritish certification condition: provisional and final satisfaction
2155. 1179DJAFilms: certification as low-budget film
2156. 1179DKTelevision programmes: test for certification
2157. 1179DLTelevision programmes: applications for certification
2158. 1179DMTelevision programmes: certification and revocation
2159. 1179DNDisclosure of information for certification purposes
2160. UK expenditure condition
2161. 1179DOUK expenditure condition: provisional and final satisfaction
2162. Production companies
2163. 1179DPMeaning of “production company”
2164. 1179DQQualifying co-productions and co-producers
2165. Qualifying expenditure and rate of credit
2166. 1179DRExpenditure that qualifies for credit
2167. 1179DSMeaning of “core expenditure”
2168. 1179DTExcluded expenditure: research and development and unpaid amounts
2169. 1179DUExcluded expenditure: non-arm’s-length dealings with connected parties
2170. 1179DVPercentage of qualifying expenditure translated into credit
2171. Accounting for the separate trade
2172. 1179DWWhen the separate trade begins
2173. 1179DXCosts and income of separate trade
2174. 1179DYAccounting periods
2175. Miscellaneous
2176. 1179DZEffect of move out of higher-percentage category
2177. 1179EProduction qualifying consecutively as film and television programme
2178. 1179EAMeaning of “production activities”, “principal photography” and “animation”
2179. 1179EBWhen film or programme is completed
2180. 1179ECSpecial credit for visual effects
2181. Chapter 5: Video games
2182. General
2183. 1179FApplication of Chapters 2 and 3 to video games
2184. Qualifying video games
2185. 1179FAVideo games that are qualifying video games
2186. 1179FBIntended supply condition
2187. British certification condition
2188. 1179FCBritish certification condition: provisional and final satisfaction
2189. 1179FDTest for certification
2190. 1179FEApplications for certification
2191. 1179FFCertification and revocation
2192. 1179FGDisclosure of information for certification purposes
2193. UK expenditure condition
2194. 1179FHUK expenditure condition
2195. Development companies
2196. 1179FIMeaning of “development company”
2197. Qualifying expenditure and rate of credit
2198. 1179FJExpenditure that qualifies for credit
2199. 1179FKMeaning of “core expenditure”
2200. 1179FLExcluded expenditure: research and development and unpaid amounts
2201. 1179FMExcluded expenditure: non-arm’s-length dealings with connected parties
2202. 1179FNPercentage of qualifying expenditure translated into credit
2203. Accounting for the separate trade
2204. 1179FOWhen the separate trade begins
2205. 1179FPCosts and income of separate trade
2206. 1179FQAccounting periods
2207. Miscellaneous
2208. 1179FRMeaning of “development activities”
2209. 1179FSWhen video game is completed
2210. Part 15: Film production
2211. Chapter 1: Introduction
2212. Introductory
2213. 1180Overview of Part
2214. Interpretation
2215. 1181“Film” etc
2216. 1182“Film production company”
2217. 1183“Film-making activities” etc
2218. 1184“Production expenditure”, “core expenditure” ...
2219. 1185“UK expenditure” etc
2220. 1186“Qualifying co-production” and “co-producer”
2221. 1187“Company tax return”
2222. Chapter 2: Taxation of activities of film production company
2223. Separate film trade
2224. 1188Activities of film production company treated as a separate trade
2225. 1189Calculation of profits or losses of separate film trade
2226. Supplementary
2227. 1190Income from the film
2228. 1191Costs of the film
2229. 1192When costs are taken to be incurred
2230. 1193Pre-trading expenditure
2231. 1194Estimates
2232. Chapter 3: Film tax relief
2233. Introductory
2234. 1195Availability and overview of film tax relief
2235. Conditions of relief
2236. 1196Intended theatrical release Repealed
2237. 1196AIntended release or broadcast
2238. 1197British film
2239. 1198UK expenditure
2240. Additional deductions
2241. 1199Additional deduction for qualifying expenditure
2242. 1200Amount of additional deduction
2243. Film tax credits
2244. 1201Film tax credit claimable if company has surrenderable loss
2245. 1202Surrendering of loss and amount of film tax credit
2246. 1203Payment in respect of film tax credit
2247. Miscellaneous
2248. 1204No account to be taken of amount if unpaid
2249. 1205Artificially inflated claims for additional deduction or film tax credit
2250. 1206Confidentiality of information
2251. 1207Wrongful disclosure
2252. Chapter 4: Film losses
2253. 1208Application of sections 1209 and 1210
2254. 1209Restriction on use of losses while film in production
2255. 1210Use of losses in later periods
2256. 1211Terminal losses
2257. Chapter 5: Provisional entitlement to relief
2258. 1212Introduction
2259. 1213Certification as a British film
2260. 1214The UK expenditure condition
2261. 1215Film tax relief on basis that film is limited-budget film Repealed
2262. 1216Time limit for amendments and assessments
2263. Part 15A: Television production
2264. Chapter 1: Introduction
2265. Introductory
2266. 1216AOverview of Part
2267. Meaning of “television programme”, “relevant programme” etc
2268. 1216AA“Television programme”
2269. 1216AB“Relevant programme”
2270. 1216ACTypes of programme eligible to be relevant programmes
2271. 1216ADExcluded programmes
2272. 1216ADACertain children's programmes not to be excluded programmes
2273. Other interpretation
2274. 1216AETelevision production company
2275. 1216AF“Television production activities” etc
2276. 1216AG“Production expenditure” and “core expenditure”
2277. 1216AH“UK expenditure” etc
2278. 1216AI“Qualifying co-production” and “co-producer”
2279. 1216AJ“Company tax return”
2280. Chapter 2: Taxation of activities of television production company
2281. Separate programme trade
2282. 1216BActivities of television production company treated as a separate trade
2283. 1216BACalculation of profits or losses of separate programme trade
2284. Supplementary
2285. 1216BBIncome from the relevant programme
2286. 1216BCCosts of the relevant programme
2287. 1216BDWhen costs are taken to be incurred
2288. 1216BEPre-trading expenditure
2289. 1216BFEstimates
2290. Chapter 3: Television tax relief
2291. Introductory
2292. 1216CAvailability and overview of television tax relief
2293. “Intended for broadcast”
2294. 1216CAIntended for broadcast
2295. British programmes
2296. 1216CBBritish programme
2297. 1216CCApplications for certification
2298. 1216CDCertification and withdrawal of certification
2299. UK expenditure
2300. 1216CEUK expenditure
2301. Additional deductions
2302. 1216CFAdditional deduction for qualifying expenditure
2303. 1216CGAmount of additional deduction
2304. Television tax credits
2305. 1216CHTelevision tax credit claimable if company has surrenderable loss
2306. 1216CISurrendering of loss and amount of television tax credit
2307. 1216CJPayment in respect of television tax credit
2308. Miscellaneous
2309. 1216CKNo account to be taken of amount if unpaid
2310. 1216CLArtificially inflated claims for additional deduction or tax credit
2311. 1216CMConfidentiality of information
2312. 1216CNWrongful disclosure
2313. Chapter 4: Programme losses
2314. 1216DApplication of sections 1216DA and 1216DB
2315. 1216DARestriction on use of losses while programme in production
2316. 1216DBUse of losses in later periods
2317. 1216DCTerminal losses
2318. Chapter 5: Provisional entitlement to relief
2319. 1216EIntroduction
2320. 1216EACertification as a British programme
2321. 1216EBThe UK expenditure condition
2322. 1216ECTime limit for amendments and assessments
2323. Part 15B: Video games development
2324. Chapter 1: Introduction
2325. Introductory
2326. 1217AOverview of Part
2327. Interpretation
2328. 1217AA“Video game” etc
2329. 1217ABVideo games development company
2330. 1217AC“Video game development activities” etc
2331. 1217AD“Core expenditure”
2332. 1217AE“European expenditure” etc
2333. 1217AF“Company tax return”
2334. Chapter 2: Taxation of activities of video games development company
2335. Separate video game trade
2336. 1217BActivities of video games development company treated as a separate trade
2337. 1217BACalculation of profits or losses of separate video game trade
2338. Supplementary
2339. 1217BBIncome from the video game
2340. 1217BCCosts of the video game
2341. 1217BDWhen costs are taken to be incurred
2342. 1217BEEstimates
2343. Chapter 3: Video games tax relief
2344. Introductory
2345. 1217CAvailability and overview of video games tax relief
2346. “Intended for supply”
2347. 1217CAIntended for supply
2348. British video games
2349. 1217CBBritish video game
2350. 1217CCApplications for certification
2351. 1217CDCertification and withdrawal of certification
2352. EEA expenditure
2353. 1217CEEuropean expenditure
2354. Additional deductions
2355. 1217CFAdditional deduction for qualifying expenditure
2356. 1217CGAmount of additional deduction
2357. Video game tax credits
2358. 1217CHVideo game tax credit claimable if company has surrenderable loss
2359. 1217CISurrendering of loss and amount of video game tax credit
2360. 1217CJPayment in respect of video game tax credit
2361. Miscellaneous
2362. 1217CKNo account to be taken of amount if unpaid
2363. 1217CLArtificially inflated claims for additional deduction or tax credit
2364. 1217CMConfidentiality of information
2365. 1217CNWrongful disclosure
2366. Chapter 4: Video game losses
2367. 1217DApplication of sections 1217DA and 1217DB
2368. 1217DARestriction on use of losses while video game in development
2369. 1217DBUse of losses in later periods
2370. 1217DCTerminal losses
2371. Chapter 5: Provisional entitlement to relief
2372. 1217EIntroduction
2373. 1217EACertification as a British video game
2374. 1217EBThe European expenditure condition
2375. 1217ECTime limit for amendments and assessments
2376. Part 15C: Theatrical Productions
2377. Introduction
2378. 1217FOverview
2379. 1217FA“Theatrical production”
2380. 1217FBProductions not regarded as theatrical
2381. 1217FC“Production company”
2382. Companies qualifying for relief
2383. 1217GHow a company qualifies for relief
2384. 1217GAThe commercial purpose condition
2385. 1217GBThe UK expenditure condition
2386. 1217GC“Core expenditure”
2387. Claim for additional deduction
2388. 1217HClaim for additional deduction
2389. The separate theatrical trade
2390. 1217IIntroduction to sections 1217IA to 1217IF
2391. 1217IACalculation of profits or losses of separate theatrical trade
2392. 1217IBIncome from the production
2393. 1217ICCosts of the production
2394. 1217IDWhen costs are taken to be incurred
2395. 1217IEPre-trading expenditure
2396. 1217IFEstimates
2397. Amount of additional deduction
2398. 1217JAmount of additional deduction
2399. 1217JA“Qualifying expenditure”
2400. Theatre tax credits
2401. 1217KTheatre tax credit claimable if company has surrenderable loss
2402. 1217KAAmount of surrenderable loss
2403. 1217KBPayment in respect of theatre tax credit
2404. 1217KCLimit on State aid
2405. Companies in insolvency
2406. 1217KDNo claim if company in administration or liquidation
2407. Anti-avoidance etc
2408. 1217LATax avoidance arrangements
2409. 1217LBTransactions not entered into for genuine commercial reasons
2410. Use of losses
2411. 1217MApplication of sections 1217MA to 1217MC
2412. 1217MARestriction on use of losses before completion period
2413. 1217MBUse of losses in the completion period
2414. 1217MCTerminal losses
2415. Provisional entitlement to relief
2416. 1217NProvisional entitlement to relief
2417. 1217NAClawback of provisional relief
2418. Interpretation
2419. 1217OActivities involved in developing, producing, running or closing a production
2420. 1217OA“Company tax return”
2421. 1217OBIndex
2422. Part 15D: Orchestra tax relief
2423. Chapter 1: Introduction
2424. Overview
2425. 1217POverview
2426. Interpretation
2427. 1217PA“Orchestral concert”
2428. 1217PBProduction company
2429. Chapter 2: Taxation of activities of production company
2430. Separate orchestral trade
2431. 1217QSeparate orchestral trade
2432. 1217QAElection for concert series
2433. Profits and losses of separate orchestral trade
2434. 1217QBCalculation of profits or losses of separate orchestral trade
2435. 1217QCIncome from the production
2436. 1217QDCosts of the production
2437. 1217QEWhen costs are taken to be incurred
2438. 1217QFPre-trading expenditure
2439. 1217QGEstimates
2440. Chapter 3: Orchestra tax relief
2441. Introduction
2442. 1217ROverview of orchestra tax relief
2443. Companies qualifying for orchestra tax relief
2444. 1217RACompanies qualifying for orchestra tax relief
2445. 1217RBThe UK expenditure condition
2446. 1217RC“Core expenditure”
2447. Additional deduction
2448. 1217RDClaim for additional deduction
2449. 1217REAmount of additional deduction
2450. 1217RF“Qualifying expenditure”
2451. Orchestra tax credits
2452. 1217RGOrchestra tax credit claimable if company has surrenderable loss
2453. 1217RHAmount of surrenderable loss
2454. 1217RIPayment in respect of orchestra tax credit
2455. 1217RJLimit on State aid
2456. 1217RKNo account to be taken of amount if unpaid
2457. Companies in insolvency
2458. 1217RKANo claim if company in administration or liquidation
2459. Anti-avoidance etc
2460. 1217RLTax avoidance arrangements
2461. 1217RMTransactions not entered into for genuine commercial reasons
2462. Chapter 4: Losses of separate orchestral trade
2463. 1217SApplication of sections 1217SA to 1217SC
2464. 1217SARestriction on use of losses before completion period
2465. 1217SBUse of losses in the completion period
2466. 1217SCTerminal losses
2467. Chapter 5: Provisional entitlement to relief
2468. 1217TProvisional entitlement to relief
2469. 1217TAClawback of provisional relief
2470. Chapter 6: Interpretation
2471. 1217UInterpretation
2472. Part 15E: Museums and galleries exhibition tax relief
2473. Chapter 1: Introduction
2474. Overview
2475. 1218ZAOverview
2476. Interpretation
2477. 1218ZAA“Exhibition”
2478. 1218ZAB“Touring exhibition”
2479. 1218ZACPrimary production company
2480. 1218ZADSecondary production company
2481. Chapter 2: Taxation of activities of production company
2482. Separate exhibition trade
2483. 1218ZBSeparate exhibition trade
2484. Profits and losses of separate exhibition trade
2485. 1218ZBACalculation of profits or losses of separate exhibition trade
2486. 1218ZBBIncome from the production
2487. 1218ZBCCosts of the production
2488. 1218ZBDWhen costs are taken to be incurred
2489. 1218ZBEPre-trading expenditure
2490. 1218ZBFEstimates
2491. Chapter 3: Museums and galleries exhibition tax relief
2492. Introduction
2493. 1218ZCOverview of museums and galleries exhibition tax relief
2494. Companies qualifying for museums and galleries exhibition tax relief
2495. 1218ZCACompanies qualifying for museums and galleries exhibition tax relief
2496. 1218ZCBInterpretation of section 1218ZCA(3)(b) and (c)
2497. 1218ZCCThe UK expenditure condition
2498. 1218ZCD“Core expenditure”
2499. Additional deduction
2500. 1218ZCEClaim for additional deduction
2501. 1218ZCFAmount of additional deduction
2502. 1218ZCG“Qualifying expenditure”
2503. Museums and galleries exhibition tax credits
2504. 1218ZCHMuseums and galleries exhibition tax credit claimable if company has surrenderable loss
2505. 1218ZCIAmount of surrenderable loss
2506. 1218ZCJPayment in respect of museums and galleries exhibition tax credit
2507. 1218ZCKMaximum museums and galleries exhibition tax credits payable
2508. 1218ZCLNo account to be taken of amount if unpaid
2509. Companies in insolvency
2510. 1218ZCLANo claim if company in administration or liquidation
2511. Anti-avoidance etc
2512. 1218ZCMTax avoidance arrangements
2513. 1218ZCNTransactions not entered into for genuine commercial reasons
2514. Chapter 4: Losses of separate exhibition trade
2515. 1218ZDApplication of sections 1218ZDA to 1218ZDC
2516. 1218ZDARestriction on use of losses before completion period
2517. 1218ZDBUse of losses in the completion period
2518. 1218ZDCTerminal losses
2519. Chapter 5: Provisional entitlement to relief
2520. 1218ZEProvisional entitlement to relief
2521. 1218ZEAClawback of provisional relief
2522. Chapter 6: Interpretation
2523. 1218ZFRegulations about activities in relation to an exhibition
2524. 1218ZFAInterpretation
2525. Part 16: Companies with investment business
2526. Chapter 1: Introduction
2527. 1217Overview of Part Repealed
2528. 1218“Company with investment business” and “investment business” Repealed
2529. 1218AOverview of Part
2530. 1218BOverview of Part
2531. Chapter 2: Management expenses
2532. Relief for expenses of management
2533. 1219Expenses of management of a company's investment business
2534. 1220Meaning of “unallowable purpose”
2535. 1221Amounts treated as expenses of management
2536. 1222Income from a source not charged to tax
2537. 1223Carrying forward expenses of management and other amounts
2538. 1223AException for basic life assurance and general annuity business
2539. Accounting period to which expenses are referable
2540. 1224Accounting period to which expenses are referable
2541. 1225Accounts conforming with GAAP
2542. 1226Accounts not conforming with GAAP
2543. 1227Accounts not drawn up
2544. 1227AManagement expenses in relation to salaried members of limited liability partnerships
2545. Claw back of relief
2546. 1228Credits that reverse debits
2547. 1229Claw back of relief
2548. 1230Meaning of “reversal amount”
2549. 1231Absence of accounts
2550. Chapter 3: Amounts treated as expenses of management
2551. Preliminary
2552. 1232Chapter applies to amounts not otherwise relieved
2553. Excess capital allowances
2554. 1233Excess capital allowances
2555. Payments for restrictive undertakings
2556. 1234Payments for restrictive undertakings
2557. Seconded employees
2558. 1235Employees seconded to charities and educational establishments
2559. Contributions to agents' expenses
2560. 1236Payroll deduction schemes
2561. Counselling and retraining expenses
2562. 1237Counselling and other outplacement services
2563. 1238Retraining courses
2564. Redundancy payments etc
2565. 1239Redundancy payments and approved contractual payments
2566. 1240Payments in respect of employment wholly in employer's business
2567. 1241Payments in respect of employment in more than one capacity
2568. 1242Additional payments
2569. 1243Payments made by the Government
2570. Contributions to local enterprise organisations or urban regeneration companies
2571. 1244Contributions to local enterprise organisations or urban regeneration companies
2572. Contributions to flood and coastal erosion risk management projects
2573. 1244AContributions to flood and coastal erosion risk management projects
2574. Export Credits Guarantee Department
2575. 1245Payments to Export Credits Guarantee Department
2576. Levies under FISMA 2000
2577. 1246Levies under FISMA 2000
2578. Chapter 4: Rules restricting deductions
2579. 1247Introduction
2580. 1248Expenses in connection with arrangements for securing a tax advantage
2581. 1249Unpaid remuneration
2582. 1250Unpaid remuneration: supplementary
2583. 1251Car ... hire
2584. Chapter 5: Companies with investment business: receipts
2585. 1252Industrial development grants
2586. 1253Contributions to local enterprise organisations or urban regeneration companies: disqualifying benefits
2587. 1253AContributions to flood and coastal erosion risk management projects: refunds etc
2588. 1254Repayments under FISMA 2000
2589. Chapter 6: Supplementary
2590. 1255Meaning of some accounting terms
2591. Part 17: Partnerships
2592. Introduction
2593. 1256Overview of Part
2594. 1257General provisions
2595. 1258Assessment of firms
2596. 1258ABare trusts
2597. Calculation of partners' shares
2598. 1259Calculation of firm's profits and losses
2599. 1260Section 1259: supplementary
2600. 1261Accounting periods of firms
2601. 1262Allocation of firm's profits or losses between partners
2602. 1263Profit-making period in which some partners have losses
2603. 1264Loss-making period in which some partners have profits
2604. 1264AExcess profit allocation to non-individual partners etc
2605. 1265Apportionment of profit share between partner's accounting periods
2606. Firms with a foreign element
2607. 1266Resident partners and double taxation agreements
2608. Adjustment on change of basis
2609. 1267Various rules for trades and property businesses
2610. 1268Election for spreading under Chapter 14 of Part 3
2611. 1269Interpretation of sections 1267 and 1268
2612. Miscellaneous
2613. 1270Special provisions about farming and property income
2614. 1271Sale of patent rights: effect of partnership changes
2615. 1272Sale of patent rights: effect of later cessation of trade
2616. 1273Limited liability partnerships
2617. 1273ALimited liability partnerships: salaried members
2618. Part 18: Unremittable income
2619. 1274Unremittable income: introduction
2620. 1275Claim for relief for unremittable income
2621. 1276Withdrawal of relief
2622. 1277Income charged on withdrawal of relief after source ceases
2623. 1278Valuing unremittable income
2624. Part 19: General exemptions
2625. Profits from FOTRA securities
2626. 1279Exemption of profits from securities free of tax to residents abroad (“FOTRA securities”)
2627. 1280Section 1279: supplementary provision
2628. Income from savings certificates
2629. 1281Income from savings certificates
2630. 1282Income from Ulster Savings Certificates
2631. Miscellaneous
2632. 1283Interest from tax reserve certificates Repealed
2633. 1284Housing grants
2634. 1285UK company distributions Repealed
2635. 1286VAT repayment supplements Repealed
2636. 1287Incentives to use electronic communications
2637. Part 20: General calculation rules
2638. Chapter 1: Restriction of deductions
2639. Unpaid remuneration
2640. 1288Unpaid remuneration
2641. 1289Unpaid remuneration: supplementary
2642. Employee benefit contributions
2643. 1290Employee benefit contributions
2644. 1291Making of “employee benefit contributions”
2645. 1292Provision of qualifying benefits
2646. 1293Timing and amount of certain qualifying benefits
2647. 1294Provision or payment out of employee benefit contributions
2648. 1295Profits calculated before end of 9 month period
2649. 1296Interpretation of sections 1290 to 1296
2650. 1297Basic life assurance and general annuity business
2651. Business entertainment and gifts
2652. 1298Business entertainment and gifts
2653. 1299Business entertainment: exceptions
2654. 1300Business gifts: exceptions
2655. Miscellaneous
2656. 1301Restriction of deductions for annual payments
2657. 1301ARestriction of deductions for interest
2658. 1301BQualifying charitable donations
2659. 1302Social security contributions
2660. 1303Penalties, interest and VAT surcharges and interest
2661. 1304Crime-related payments
2662. 1305Dividends and other distributions
2663. 1305AAvoidance schemes involving the transfer of corporate profits
2664. 1305BAvoidance schemes involving certain non-derecognition liabilities
2665. Chapter 2: Other general rules
2666. Miscellaneous profits and losses
2667. 1306Losses calculated on same basis as miscellaneous income
2668. 1307Apportionment etc of miscellaneous profits and losses to accounting period
2669. Expenditure on research and development
2670. 1308Expenditure brought into account in determining value of intangible asset
2671. Visiting performers
2672. 1309Payments treated as made to visiting performers
2673. Part 21: Other general provisions
2674. Orders and regulations
2675. 1310Orders and regulations
2676. ...
2677. 1311Apportionment to different periods Repealed
2678. Interpretation
2679. 1312Abbreviated references to Acts
2680. 1313Activities in UK sector of continental shelf
2681. 1314Meaning of “caravan”
2682. 1315Claims and elections
2683. 1316Meaning of “connected” persons and “control”
2684. 1317Meaning of “farming” and related expressions Repealed
2685. 1318Meaning of grossing up Repealed
2686. 1319Other definitions
2687. 1320Interpretation: Scotland
2688. 1321Interpretation: Northern Ireland
2689. Final provisions
2690. 1322Minor and consequential amendments
2691. 1323Power to make consequential provision
2692. 1324Power to undo changes
2693. 1325Transitional provisions and savings
2694. 1326Repeals and revocations
2695. 1327Index of defined expressions
2696. 1328Extent
2697. 1329Commencement
2698. 1330Short title
2699. Schedule 1: Minor and consequential amendments
2700. Part 1: Income and Corporation Taxes Act 1988
2701. 1Paragraph 1
2702. 2Paragraph 2
2703. 3Paragraph 3
2704. 4Paragraph 4
2705. 5Paragraph 5
2706. 6Paragraph 6
2707. 7Paragraph 7
2708. 8Paragraph 8
2709. 9Paragraph 9
2710. 10Paragraph 10
2711. 11Paragraph 11
2712. 12Paragraph 12
2713. 13Paragraph 13
2714. 14Paragraph 14
2715. 15Paragraph 15
2716. 16Paragraph 16
2717. 17Paragraph 17
2718. 18Paragraph 18
2719. 19Paragraph 19
2720. 20Paragraph 20
2721. 21Paragraph 21
2722. 22Paragraph 22
2723. 23Paragraph 23
2724. 24Paragraph 24
2725. 25Paragraph 25
2726. 26Paragraph 26
2727. 27Paragraph 27
2728. 28Paragraph 28
2729. 29Paragraph 29
2730. 30Paragraph 30 Repealed
2731. 31Paragraph 31 Repealed
2732. 32Paragraph 32 Repealed
2733. 33Paragraph 33 Repealed
2734. 34Paragraph 34 Repealed
2735. 35Paragraph 35 Repealed
2736. 36Paragraph 36 Repealed
2737. 37Paragraph 37 Repealed
2738. 38Paragraph 38 Repealed
2739. 39Paragraph 39 Repealed
2740. 40Paragraph 40 Repealed
2741. 41Paragraph 41 Repealed
2742. 42Paragraph 42 Repealed
2743. 43Paragraph 43 Repealed
2744. 44Paragraph 44 Repealed
2745. 45Paragraph 45 Repealed
2746. 46Paragraph 46
2747. 47Paragraph 47
2748. 48Paragraph 48
2749. 49Paragraph 49
2750. 50Paragraph 50
2751. 51Paragraph 51
2752. 52Paragraph 52
2753. 53Paragraph 53
2754. 54Paragraph 54
2755. 55Paragraph 55
2756. 56Paragraph 56
2757. 57Paragraph 57
2758. 58Paragraph 58
2759. 59Paragraph 59
2760. 60Paragraph 60
2761. 61Paragraph 61
2762. 62Paragraph 62
2763. 63Paragraph 63
2764. 64Paragraph 64
2765. 65Paragraph 65
2766. 66Paragraph 66
2767. 67Paragraph 67
2768. 68Paragraph 68
2769. 69Paragraph 69
2770. 70Paragraph 70
2771. 71Paragraph 71
2772. 72Paragraph 72
2773. 73Paragraph 73
2774. 74Paragraph 74
2775. 75Paragraph 75
2776. 76Paragraph 76
2777. 77Paragraph 77
2778. 78Paragraph 78
2779. 79Paragraph 79
2780. 80Paragraph 80
2781. 81Paragraph 81
2782. 82Paragraph 82
2783. 83Paragraph 83
2784. 84Paragraph 84
2785. 85Paragraph 85
2786. 86Paragraph 86 Repealed
2787. 87Paragraph 87
2788. 88Paragraph 88
2789. 89Paragraph 89
2790. 90Paragraph 90
2791. 91Paragraph 91
2792. 92Paragraph 92
2793. 93Paragraph 93
2794. 94Paragraph 94
2795. 95Paragraph 95
2796. 96Paragraph 96
2797. 97Paragraph 97 Repealed
2798. 98Paragraph 98 Repealed
2799. 99Paragraph 99 Repealed
2800. 100Paragraph 100 Repealed
2801. 101Paragraph 101 Repealed
2802. 102Paragraph 102 Repealed
2803. 103Paragraph 103
2804. 104Paragraph 104
2805. 105Paragraph 105 Repealed
2806. 106Paragraph 106 Repealed
2807. 107Paragraph 107 Repealed
2808. 108Paragraph 108 Repealed
2809. 109Paragraph 109 Repealed
2810. 110Paragraph 110 Repealed
2811. 111Paragraph 111 Repealed
2812. 112Paragraph 112 Repealed
2813. 113Paragraph 113 Repealed
2814. 114Paragraph 114
2815. 115Paragraph 115 Repealed
2816. 116Paragraph 116 Repealed
2817. 117Paragraph 117
2818. 118Paragraph 118 Repealed
2819. 119Paragraph 119 Repealed
2820. 120Paragraph 120 Repealed
2821. 121Paragraph 121 Repealed
2822. 122Paragraph 122 Repealed
2823. 123Paragraph 123 Repealed
2824. 124Paragraph 124 Repealed
2825. 125Paragraph 125
2826. 126Paragraph 126 Repealed
2827. 127Paragraph 127 Repealed
2828. 128Paragraph 128 Repealed
2829. 129Paragraph 129 Repealed
2830. 130Paragraph 130 Repealed
2831. 131Paragraph 131 Repealed
2832. 132Paragraph 132 Repealed
2833. 133Paragraph 133 Repealed
2834. 134Paragraph 134 Repealed
2835. 135Paragraph 135 Repealed
2836. 136Paragraph 136 Repealed
2837. 137Paragraph 137 Repealed
2838. 138Paragraph 138 Repealed
2839. 139Paragraph 139 Repealed
2840. 140Paragraph 140 Repealed
2841. 141Paragraph 141 Repealed
2842. 142Paragraph 142 Repealed
2843. 143Paragraph 143 Repealed
2844. 144Paragraph 144 Repealed
2845. 145Paragraph 145 Repealed
2846. 146Paragraph 146 Repealed
2847. 147Paragraph 147 Repealed
2848. 148Paragraph 148 Repealed
2849. 149Paragraph 149 Repealed
2850. 150Paragraph 150 Repealed
2851. 151Paragraph 151 Repealed
2852. 152Paragraph 152 Repealed
2853. 153Paragraph 153 Repealed
2854. 154Paragraph 154 Repealed
2855. 155Paragraph 155 Repealed
2856. 156Paragraph 156 Repealed
2857. 157Paragraph 157
2858. 158Paragraph 158
2859. 159Paragraph 159
2860. 160Paragraph 160
2861. 161Paragraph 161
2862. 162Paragraph 162
2863. 163Paragraph 163
2864. 164Paragraph 164
2865. 165Paragraph 165
2866. 166Paragraph 166 Repealed
2867. 167Paragraph 167 Repealed
2868. 168Paragraph 168 Repealed
2869. 169Paragraph 169 Repealed
2870. 170Paragraph 170 Repealed
2871. 171Paragraph 171 Repealed
2872. 172Paragraph 172 Repealed
2873. 173Paragraph 173 Repealed
2874. 174Paragraph 174 Repealed
2875. 175Paragraph 175 Repealed
2876. 176Paragraph 176
2877. 177Paragraph 177 Repealed
2878. 178Paragraph 178 Repealed
2879. 179Paragraph 179
2880. 180Paragraph 180
2881. 181Paragraph 181
2882. 182Paragraph 182
2883. 183Paragraph 183
2884. 184Paragraph 184
2885. 185Paragraph 185
2886. 186Paragraph 186
2887. 187Paragraph 187
2888. 188Paragraph 188
2889. 189Paragraph 189
2890. 190Paragraph 190
2891. 191Paragraph 191
2892. 192Paragraph 192
2893. 193Paragraph 193
2894. 194Paragraph 194
2895. 195Paragraph 195
2896. 196Paragraph 196
2897. 197Paragraph 197
2898. 198Paragraph 198
2899. 199Paragraph 199
2900. 200Paragraph 200
2901. 201Paragraph 201
2902. 202Paragraph 202
2903. 203Paragraph 203
2904. 204Paragraph 204
2905. 205Paragraph 205
2906. 206Paragraph 206
2907. 207Paragraph 207
2908. 208Paragraph 208
2909. 209Paragraph 209
2910. 210Paragraph 210
2911. 211Paragraph 211
2912. 212Paragraph 212
2913. 213Paragraph 213 Repealed
2914. 214Paragraph 214 Repealed
2915. 215Paragraph 215 Repealed
2916. 216Paragraph 216
2917. 217Paragraph 217
2918. 218Paragraph 218
2919. 219Paragraph 219
2920. 220Paragraph 220
2921. 221Paragraph 221 Repealed
2922. 222Paragraph 222 Repealed
2923. 223Paragraph 223 Repealed
2924. 224Paragraph 224 Repealed
2925. 225Paragraph 225 Repealed
2926. 226Paragraph 226 Repealed
2927. 227Paragraph 227 Repealed
2928. 228Paragraph 228 Repealed
2929. 229Paragraph 229 Repealed
2930. 230Paragraph 230 Repealed
2931. 231Paragraph 231 Repealed
2932. 232Paragraph 232
2933. 233Paragraph 233 Repealed
2934. 234Paragraph 234
2935. 235Paragraph 235
2936. 236Paragraph 236 Repealed
2937. 237Paragraph 237
2938. 238Paragraph 238
2939. 239Paragraph 239
2940. 240Paragraph 240
2941. 241Paragraph 241 Repealed
2942. 242Paragraph 242
2943. 243Paragraph 243
2944. 244Paragraph 244
2945. 245Paragraph 245 Repealed
2946. 246Paragraph 246 Repealed
2947. 247Paragraph 247
2948. 248Paragraph 248 Repealed
2949. 249Paragraph 249 Repealed
2950. 250Paragraph 250 Repealed
2951. 251Paragraph 251 Repealed
2952. 252Paragraph 252 Repealed
2953. 253Paragraph 253 Repealed
2954. 254Paragraph 254 Repealed
2955. 255Paragraph 255 Repealed
2956. 256Paragraph 256 Repealed
2957. 257Paragraph 257 Repealed
2958. 258Paragraph 258 Repealed
2959. 259Paragraph 259 Repealed
2960. 260Paragraph 260 Repealed
2961. 261Paragraph 261 Repealed
2962. 262Paragraph 262 Repealed
2963. 263Paragraph 263 Repealed
2964. 264Paragraph 264 Repealed
2965. 265Paragraph 265
2966. 266Paragraph 266
2967. 267Paragraph 267
2968. 268Paragraph 268
2969. 269Paragraph 269
2970. 270Paragraph 270
2971. 271Paragraph 271
2972. 272Paragraph 272 Repealed
2973. 273Paragraph 273 Repealed
2974. 274Paragraph 274 Repealed
2975. 275Paragraph 275 Repealed
2976. 276Paragraph 276 Repealed
2977. 277Paragraph 277 Repealed
2978. 278Paragraph 278
2979. 279Paragraph 279
2980. 280Paragraph 280
2981. 281Paragraph 281
2982. 282Paragraph 282 Repealed
2983. 283Paragraph 283
2984. 284Paragraph 284 Repealed
2985. 285Paragraph 285 Repealed
2986. 286Paragraph 286
2987. 287Paragraph 287
2988. 288Paragraph 288
2989. 289Paragraph 289
2990. 290Paragraph 290 Repealed
2991. 291Paragraph 291
2992. 292Paragraph 292
2993. Part 2: Other enactments
2994. Finance Act 1950 (c. 15)
2995. 293Paragraph 293
2996. 294Paragraph 294
2997. Taxes Management Act 1970 (c. 9)
2998. 295Paragraph 295
2999. 296Paragraph 296
3000. 297Paragraph 297
3001. 298Paragraph 298
3002. 299Paragraph 299
3003. 300Paragraph 300
3004. 301Paragraph 301
3005. 302Paragraph 302
3006. 303Paragraph 303
3007. 304Paragraph 304
3008. 305Paragraph 305
3009. 306Paragraph 306
3010. 307Paragraph 307
3011. 308Paragraph 308
3012. 309Paragraph 309
3013. 310Paragraph 310
3014. Finance Act 1973 (c. 51)
3015. 311Paragraph 311 Repealed
3016. 312Paragraph 312 Repealed
3017. Oil Taxation Act 1975 (c. 22)
3018. 313Paragraph 313
3019. 314Paragraph 314
3020. Inheritance Tax Act 1984 (c. 51)
3021. 315Paragraph 315
3022. 316Paragraph 316
3023. 317Paragraph 317
3024. Films Act 1985 (c. 21)
3025. 318Paragraph 318
3026. 319Paragraph 319
3027. Airports Act 1986 (c. 31)
3028. 320Paragraph 320
3029. 321Paragraph 321
3030. Finance Act 1986 (c. 41)
3031. 322Paragraph 322
3032. 323Paragraph 323
3033. 324Paragraph 324
3034. 325Paragraph 325
3035. Gas Act 1986 (c. 44)
3036. 326Paragraph 326
3037. 327Paragraph 327
3038. British Steel Act 1988 (c. 35)
3039. 328Paragraph 328
3040. 329Paragraph 329
3041. Finance Act 1988 (c. 39)
3042. 330Paragraph 330
3043. 331Paragraph 331
3044. 332Paragraph 332
3045. 333Paragraph 333
3046. 334Paragraph 334
3047. 335Paragraph 335
3048. 336Paragraph 336
3049. 337Paragraph 337
3050. Finance Act 1989 (c. 26)
3051. 338Paragraph 338
3052. 339Paragraph 339
3053. 340Paragraph 340
3054. 341Paragraph 341 Repealed
3055. 342Paragraph 342 Repealed
3056. 343Paragraph 343 Repealed
3057. 344Paragraph 344 Repealed
3058. 345Paragraph 345 Repealed
3059. 346Paragraph 346 Repealed
3060. 347Paragraph 347 Repealed
3061. 348Paragraph 348 Repealed
3062. 349Paragraph 349 Repealed
3063. 350Paragraph 350 Repealed
3064. 351Paragraph 351 Repealed
3065. Finance Act 1990 (c. 29)
3066. 352Paragraph 352
3067. 353Paragraph 353
3068. 354Paragraph 354
3069. Finance Act 1991 (c. 31)
3070. 355Paragraph 355
3071. 356Paragraph 356 Repealed
3072. 357Paragraph 357
3073. Taxation of Chargeable Gains Act 1992 (c. 12)
3074. 358Paragraph 358
3075. 359Paragraph 359
3076. 360Paragraph 360
3077. 361Paragraph 361 Repealed
3078. 362Paragraph 362
3079. 363Paragraph 363
3080. 364Paragraph 364
3081. 365Paragraph 365
3082. 366Paragraph 366
3083. 367Paragraph 367
3084. 368Paragraph 368
3085. 369Paragraph 369
3086. 370Paragraph 370
3087. 371Paragraph 371
3088. 372Paragraph 372
3089. 373Paragraph 373
3090. 374Paragraph 374
3091. 375Paragraph 375
3092. 376Paragraph 376
3093. 377Paragraph 377
3094. 378Paragraph 378
3095. 379Paragraph 379
3096. 380Paragraph 380 Repealed
3097. 381Paragraph 381
3098. 382Paragraph 382
3099. 383Paragraph 383
3100. 384Paragraph 384
3101. 385Paragraph 385
3102. 386Paragraph 386
3103. 387Paragraph 387
3104. 388Paragraph 388
3105. Finance (No. 2) Act 1992 (c. 48)
3106. 389Paragraph 389 Repealed
3107. 390Paragraph 390 Repealed
3108. Finance Act 1994 (c. 9)
3109. 391Paragraph 391
3110. 392Paragraph 392
3111. 393Paragraph 393
3112. 394Paragraph 394
3113. 395Paragraph 395
3114. 396Paragraph 396
3115. 397Paragraph 397
3116. 398Paragraph 398
3117. Finance Act 1995 (c. 4)
3118. 399Paragraph 399
3119. 400Paragraph 400
3120. 401Paragraph 401
3121. Finance Act 1996 (c. 8)
3122. 402Paragraph 402
3123. 403Paragraph 403
3124. 404Paragraph 404
3125. 405Paragraph 405
3126. 406Paragraph 406
3127. 407Paragraph 407
3128. 408Paragraph 408
3129. 409Paragraph 409
3130. 410Paragraph 410
3131. 411Paragraph 411
3132. 412Paragraph 412
3133. 413Paragraph 413
3134. 414Paragraph 414
3135. 415Paragraph 415
3136. 416Paragraph 416
3137. 417Paragraph 417
3138. 418Paragraph 418
3139. 419Paragraph 419
3140. 420Paragraph 420
3141. 421Paragraph 421
3142. 422Paragraph 422
3143. 423Paragraph 423
3144. 424Paragraph 424
3145. 425Paragraph 425
3146. 426Paragraph 426
3147. 427Paragraph 427
3148. 428Paragraph 428
3149. 429Paragraph 429
3150. 430Paragraph 430
3151. 431Paragraph 431
3152. 432Paragraph 432
3153. 433Paragraph 433
3154. 434Paragraph 434
3155. 435Paragraph 435
3156. 436Paragraph 436
3157. 437Paragraph 437
3158. 438Paragraph 438
3159. 439Paragraph 439
3160. 440Paragraph 440
3161. 441Paragraph 441
3162. 442Paragraph 442
3163. 443Paragraph 443
3164. 444Paragraph 444
3165. Broadcasting Act 1996 (c. 55)
3166. 445Paragraph 445
3167. 446Paragraph 446
3168. Finance Act 1997 (c. 16)
3169. 447Paragraph 447 Repealed
3170. 448Paragraph 448 Repealed
3171. Finance (No. 2) Act 1997 (c. 58)
3172. 449Paragraph 449
3173. 450Paragraph 450
3174. Finance Act 1998 (c. 36)
3175. 451Paragraph 451
3176. 452Paragraph 452
3177. 453Paragraph 453
3178. 454Paragraph 454
3179. Finance Act 1999 (c. 16)
3180. 455Paragraph 455
3181. 456Paragraph 456
3182. 457Paragraph 457
3183. 458Paragraph 458
3184. 459Paragraph 459
3185. Commonwealth Development Corporation Act 1999 (c. 20)
3186. 460Paragraph 460
3187. 461Paragraph 461
3188. Finance Act 2000 (c. 17)
3189. 462Paragraph 462
3190. 463Paragraph 463
3191. 464Paragraph 464
3192. 465Paragraph 465
3193. 466Paragraph 466
3194. 467Paragraph 467
3195. 468Paragraph 468
3196. 469Paragraph 469
3197. 470Paragraph 470
3198. Transport Act 2000 (c. 38)
3199. 471Paragraph 471
3200. 472Paragraph 472
3201. 473Paragraph 473
3202. Capital Allowances Act 2001 (c. 2)
3203. 474Paragraph 474
3204. 475Paragraph 475
3205. 476Paragraph 476
3206. 477Paragraph 477 Repealed
3207. 478Paragraph 478 Repealed
3208. 479Paragraph 479
3209. 480Paragraph 480
3210. 481Paragraph 481
3211. 482Paragraph 482
3212. 483Paragraph 483
3213. 484Paragraph 484
3214. 485Paragraph 485
3215. 486Paragraph 486
3216. 487Paragraph 487
3217. 488Paragraph 488
3218. 489Paragraph 489
3219. 490Paragraph 490
3220. 491Paragraph 491
3221. 492Paragraph 492
3222. 493Paragraph 493
3223. 494Paragraph 494
3224. 495Paragraph 495
3225. 496Paragraph 496
3226. 497Paragraph 497
3227. 498Paragraph 498
3228. 499Paragraph 499
3229. 500Paragraph 500
3230. 501Paragraph 501
3231. 502Paragraph 502
3232. 503Paragraph 503
3233. 504Paragraph 504
3234. 505Paragraph 505 Repealed
3235. 506Paragraph 506 Repealed
3236. 507Paragraph 507 Repealed
3237. 508Paragraph 508
3238. 509Paragraph 509
3239. 510Paragraph 510
3240. 511Paragraph 511
3241. 512Paragraph 512
3242. 513Paragraph 513
3243. 514Paragraph 514
3244. 515Paragraph 515
3245. 516Paragraph 516
3246. 517Paragraph 517
3247. 518Paragraph 518
3248. 519Paragraph 519
3249. 520Paragraph 520
3250. 521Paragraph 521 Repealed
3251. 522Paragraph 522
3252. Finance Act 2001 (c. 9)
3253. 523Paragraph 523
3254. 524Paragraph 524
3255. 525Paragraph 525
3256. Finance Act 2002 (c. 23)
3257. 526Paragraph 526
3258. 527Paragraph 527
3259. 528Paragraph 528
3260. 529Paragraph 529
3261. 530Paragraph 530
3262. 531Paragraph 531
3263. 532Paragraph 532
3264. 533Paragraph 533
3265. 534Paragraph 534
3266. 535Paragraph 535
3267. 536Paragraph 536
3268. 537Paragraph 537
3269. 538Paragraph 538
3270. 539Paragraph 539
3271. 540Paragraph 540
3272. 541Paragraph 541
3273. 542Paragraph 542
3274. 543Paragraph 543
3275. 544Paragraph 544
3276. 545Paragraph 545
3277. Proceeds of Crime Act 2002 (c. 29)
3278. 546Paragraph 546
3279. 547Paragraph 547
3280. Income Tax (Earnings and Pensions) Act 2003 (c. 1)
3281. 548Paragraph 548
3282. 549Paragraph 549
3283. 550Paragraph 550
3284. 551Paragraph 551
3285. 552Paragraph 552
3286. 553Paragraph 553
3287. 554Paragraph 554
3288. 555Paragraph 555
3289. 556Paragraph 556
3290. 557Paragraph 557
3291. Finance Act 2003 (c. 14)
3292. 558Paragraph 558
3293. 559Paragraph 559
3294. 560Paragraph 560
3295. 561Paragraph 561 Repealed
3296. 562Paragraph 562 Repealed
3297. 563Paragraph 563 Repealed
3298. 564Paragraph 564
3299. 565Paragraph 565
3300. 566Paragraph 566
3301. 567Paragraph 567
3302. 568Paragraph 568
3303. Finance Act 2004 (c. 12)
3304. 569Paragraph 569
3305. 570Paragraph 570
3306. 571Paragraph 571 Repealed
3307. 572Paragraph 572
3308. 573Paragraph 573
3309. 574Paragraph 574
3310. 575Paragraph 575
3311. 576Paragraph 576
3312. 577Paragraph 577
3313. 578Paragraph 578
3314. 579Paragraph 579
3315. 580Paragraph 580
3316. 581Paragraph 581
3317. Energy Act 2004 (c. 20)
3318. 582Paragraph 582
3319. 583Paragraph 583
3320. 584Paragraph 584
3321. 585Paragraph 585
3322. 586Paragraph 586
3323. Income Tax (Trading and Other Income) Act 2005 (c. 5)
3324. 587Paragraph 587
3325. 588Paragraph 588
3326. 589Paragraph 589
3327. 590Paragraph 590
3328. 591Paragraph 591
3329. 592Paragraph 592
3330. 593Paragraph 593
3331. 594Paragraph 594
3332. 595Paragraph 595
3333. 596Paragraph 596
3334. 597Paragraph 597
3335. 598Paragraph 598
3336. 599Paragraph 599
3337. 600Paragraph 600
3338. 601Paragraph 601
3339. 602Paragraph 602
3340. 603Paragraph 603
3341. 604Paragraph 604
3342. 605Paragraph 605
3343. 606Paragraph 606
3344. 607Paragraph 607
3345. 608Paragraph 608
3346. 609Paragraph 609
3347. 610Paragraph 610
3348. 611Paragraph 611
3349. 612Paragraph 612
3350. 613Paragraph 613
3351. 614Paragraph 614
3352. 615Paragraph 615
3353. 616Paragraph 616
3354. 617Paragraph 617
3355. 618Paragraph 618
3356. 619Paragraph 619
3357. 620Paragraph 620
3358. 621Paragraph 621
3359. 622Paragraph 622
3360. 623Paragraph 623
3361. 624Paragraph 624
3362. 625Paragraph 625
3363. 626Paragraph 626
3364. 627Paragraph 627
3365. 628Paragraph 628
3366. 629Paragraph 629
3367. 630Paragraph 630
3368. 631Paragraph 631
3369. 632Paragraph 632
3370. 633Paragraph 633
3371. 634Paragraph 634
3372. 635Paragraph 635
3373. 636Paragraph 636
3374. 637Paragraph 637
3375. 638Paragraph 638
3376. 639Paragraph 639
3377. 640Paragraph 640
3378. 641Paragraph 641
3379. 642Paragraph 642
3380. 643Paragraph 643
3381. 644Paragraph 644
3382. 645Paragraph 645
3383. 646Paragraph 646
3384. 647Paragraph 647
3385. Finance Act 2005 (c. 7)
3386. 648Paragraph 648
3387. 649Paragraph 649 Repealed
3388. 650Paragraph 650 Repealed
3389. 651Paragraph 651 Repealed
3390. 652Paragraph 652 Repealed
3391. 653Paragraph 653 Repealed
3392. 654Paragraph 654 Repealed
3393. 655Paragraph 655 Repealed
3394. 656Paragraph 656 Repealed
3395. 657Paragraph 657 Repealed
3396. 658Paragraph 658 Repealed
3397. 659Paragraph 659 Repealed
3398. 660Paragraph 660 Repealed
3399. 661Paragraph 661 Repealed
3400. 662Paragraph 662
3401. 663Paragraph 663
3402. 664Paragraph 664
3403. 665Paragraph 665
3404. Railways Act 2005 (c. 14)
3405. 666Paragraph 666
3406. 667Paragraph 667
3407. Finance (No. 2) Act 2005 (c. 22)
3408. 668Paragraph 668
3409. 669Paragraph 669
3410. 670Paragraph 670 Repealed
3411. 671Paragraph 671 Repealed
3412. 672Paragraph 672
3413. 673Paragraph 673
3414. 674Paragraph 674
3415. Finance Act 2006 (c. 25)
3416. 675Paragraph 675
3417. 676Paragraph 676
3418. 677Paragraph 677
3419. 678Paragraph 678
3420. 679Paragraph 679
3421. 680Paragraph 680
3422. 681Paragraph 681
3423. 682Paragraph 682
3424. 683Paragraph 683 Repealed
3425. 684Paragraph 684 Repealed
3426. 685Paragraph 685 Repealed
3427. 686Paragraph 686 Repealed
3428. 687Paragraph 687 Repealed
3429. 688Paragraph 688 Repealed
3430. 689Paragraph 689 Repealed
3431. 690Paragraph 690 Repealed
3432. 691Paragraph 691 Repealed
3433. 692Paragraph 692
3434. 693Paragraph 693
3435. 694Paragraph 694
3436. 695Paragraph 695 Repealed
3437. 696Paragraph 696
3438. 697Paragraph 697 Repealed
3439. 698Paragraph 698 Repealed
3440. Income Tax Act 2007 (c. 3)
3441. 699Paragraph 699
3442. 700Paragraph 700
3443. 701Paragraph 701
3444. 702Paragraph 702
3445. 703Paragraph 703 Repealed
3446. 704Paragraph 704 Repealed
3447. 705Paragraph 705
3448. 706Paragraph 706
3449. 707Paragraph 707
3450. 708Paragraph 708
3451. 709Paragraph 709
3452. 710Paragraph 710
3453. 711Paragraph 711
3454. 712Paragraph 712
3455. 713Paragraph 713 Repealed
3456. 714Paragraph 714
3457. 715Paragraph 715
3458. 716Paragraph 716
3459. 717Paragraph 717
3460. 718Paragraph 718
3461. 719Paragraph 719
3462. 720Paragraph 720
3463. 721Paragraph 721
3464. Finance Act 2007 (c. 11)
3465. 722Paragraph 722
3466. 723Paragraph 723
3467. 724Paragraph 724
3468. 725Paragraph 725
3469. 726Paragraph 726
3470. 727Paragraph 727
3471. Finance Act 2008 (c. 9)
3472. 728Paragraph 728
3473. 729Paragraph 729
3474. 730Paragraph 730
3475. 731Paragraph 731
3476. 732Paragraph 732
3477. 733Paragraph 733
3478. 734Paragraph 734
3479. 735Paragraph 735
3480. 736Paragraph 736
3481. 737Paragraph 737
3482. Crossrail Act 2008 (c. 18)
3483. 738Paragraph 738
3484. 739Paragraph 739
3485. Schedule 2: Transitionals and savings
3486. Part 1: General provisions
3487. Continuity of the law: general
3488. 1Paragraph 1
3489. 2Paragraph 2
3490. 3Paragraph 3
3491. 4Paragraph 4
3492. 5Paragraph 5
3493. 6Paragraph 6
3494. 7Paragraph 7
3495. General saving for old transitional provisions and savings
3496. 8Paragraph 8
3497. Interpretation
3498. 9Paragraph 9
3499. Part 2: Changes in the law
3500. 10Paragraph 10
3501. Part 3: Charge to corporation tax on income
3502. Effect of repeal of section 9(1) of ICTA on relevance of case law
3503. 11Paragraph 11
3504. Part 4: Accounting periods
3505. Companies in administration
3506. 12Paragraph 12
3507. Part 5: Company residence: exceptions to section 14
3508. 13Paragraph 13
3509. 14Paragraph 14
3510. 15Paragraph 15
3511. Part 6: Trading income
3512. ...
3513. 16Paragraph 16 Repealed
3514. 17Paragraph 17 Repealed
3515. Tenants under taxed leases
3516. 18Paragraph 18
3517. 19Paragraph 19
3518. 20Paragraph 20
3519. Local enterprise agencies
3520. 21Paragraph 21
3521. Expenses connected with patents, designs and trade marks
3522. 22Paragraph 22
3523. Payments to Export Credits Guarantee Department
3524. 23Paragraph 23
3525. Reverse premiums
3526. 24Paragraph 24
3527. Sums recovered under insurance policies etc
3528. 25Paragraph 25
3529. Meaning of “designated educational establishment”
3530. 26Paragraph 26
3531. 27Paragraph 27
3532. Dealers in securities etc
3533. 28Paragraph 28
3534. Purchase or sale of woodlands
3535. 29Paragraph 29
3536. Waste disposal
3537. 30Paragraph 30
3538. 31Paragraph 31
3539. 32Paragraph 32
3540. Reserves of marketing authorities etc
3541. 33Paragraph 33
3542. Adjustment on change of basis
3543. 34Paragraph 34
3544. Part 7: Property income
3545. Lease premiums
3546. 35Paragraph 35
3547. Lease premiums: sums payable instead of rent
3548. 36Paragraph 36
3549. Lease premiums: sums payable for surrender of lease
3550. 37Paragraph 37
3551. Lease premiums: assignments for profit of lease granted at undervalue
3552. 38Paragraph 38
3553. Lease premiums: pre-commencement receipts under ICTA treated as taxed receipts
3554. 39Paragraph 39
3555. Lease premiums: taking account of reductions under section 37(2) or (3) of ICTA
3556. 40Paragraph 40
3557. Lease premiums: taking account of deductions for rent as a result of section 37(4) or 87(2) of ICTA
3558. 41Paragraph 41
3559. Lease premiums: time limits for claims for repayment of tax
3560. 42Paragraph 42
3561. Lease premiums: rules for determining effective duration of lease
3562. 43Paragraph 43
3563. 44Paragraph 44
3564. 45Paragraph 45
3565. 46Paragraph 46
3566. 47Paragraph 47
3567. Lease premiums: meaning of “premium”
3568. 48Paragraph 48
3569. Reverse premiums
3570. 49Paragraph 49
3571. Deductions for expenditure on energy-saving items
3572. 50Paragraph 50
3573. Adjustment on change of basis
3574. 51Paragraph 51
3575. Meaning of “mineral royalties”
3576. 52Paragraph 52
3577. Part 8: Loan relationships
3578. Interpretation
3579. 53Paragraph 53
3580. Opening and closing values determined under Schedule 15 to the Finance Act 1996
3581. 54Paragraph 54
3582. References to Part 5 to include Schedule 15 to FA 1996
3583. 55Paragraph 55
3584. Exemption for interest on tax overpaid for accounting periods ending before 1 July 1999
3585. 56Paragraph 56
3586. Regulations under section 81 of FA 2002
3587. 57Paragraph 57
3588. Continuity on transfers: transferees becoming party to loan relationship before 9 April 2003
3589. 58Paragraph 58
3590. Deeply discounted securities held before 1 October 2002
3591. 59Paragraph 59
3592. 60Paragraph 60
3593. Restriction on bringing into account credits resulting from reversal of debits disallowed in a period of account beginning before 1 January 2005
3594. 61Paragraph 61
3595. Disregard of pre-2005 disallowed debits
3596. 62Paragraph 62
3597. Bringing into account losses on overseas sovereign debt etc
3598. 63Paragraph 63
3599. Saving for old elections for treating loan relationships with embedded derivatives as two assets
3600. 64Paragraph 64
3601. Deeply discounted securities of close companies: discounts for accounting periods beginning before 1 April 2007
3602. 65Paragraph 65
3603. Repo, stock lending and other transactions before 1 October 2007: disapplication of section 332
3604. 66Paragraph 66
3605. Avoidance relying on continuity of treatment provisions: transactions before 16 May 2008
3606. 67Paragraph 67
3607. Disposals for consideration not fully recognised by accounting practice: disposals before 16 May 2008
3608. 68Paragraph 68
3609. 5½% Treasury Stock 2008-2012 not redeemed before 6 April 2009
3610. 69Paragraph 69
3611. References to Companies Act 2006
3612. 70Paragraph 70
3613. Prospective repeal of provisions concerning exchange gains and losses from loan relationships Not yet in force
3614. 71Paragraph 71 Repealed
3615. Part 9: Relationships treated as loan relationships
3616. Relevant non-lending relationships: discounts accruing and profits arising before 16 March 2005
3617. 72Paragraph 72
3618. Relevant non-lending relationships: discounts on disposals before 22 March 2006
3619. 72AParagraph 72A
3620. Alternative finance arrangements entered into before certain dates
3621. 73Paragraph 73
3622. ...
3623. 74Paragraph 74
3624. ...
3625. 75Paragraph 75
3626. Shares with guaranteed returns: redeemable shares where public issue before 22 March 2006
3627. 76Paragraph 76
3628. Shares with guaranteed returns: income-producing assets for the increasing value condition
3629. 77Paragraph 77
3630. Repo transactions and stock lending arrangements before 1 October 2007
3631. 78Paragraph 78
3632. Part 10: Derivative contracts
3633. Interpretation
3634. 79Paragraph 79
3635. Extended meaning of reference in section 591(6)(b)
3636. 80Paragraph 80
3637. Disapplication of section 645
3638. 81Paragraph 81
3639. Existing assets representing creditor relationships: options
3640. 82Paragraph 82
3641. 83Paragraph 83
3642. 84Paragraph 84
3643. Disapplication of section 648
3644. 85Paragraph 85
3645. Existing assets representing creditor relationships: contracts for differences
3646. 86Paragraph 86
3647. 87Paragraph 87
3648. Disapplication of section 658
3649. 88Paragraph 88
3650. Disapplication of section 661
3651. 89Paragraph 89
3652. Disapplication of section 666
3653. 90Paragraph 90
3654. Contracts which became derivative contracts on 16 March 2005
3655. 91Paragraph 91
3656. Contracts which became derivative contracts on 28 July 2005
3657. 92Paragraph 92
3658. Plain vanilla contracts which became derivative contracts before 30 December 2006
3659. 93Paragraph 93
3660. Issuers of securities with embedded derivatives: deemed options
3661. 94Paragraph 94
3662. Contract becoming derivative contract on 12 March 2008
3663. 95Paragraph 95
3664. Avoidance relying on continuity of treatment provisions: transactions before 16 May 2008
3665. 96Paragraph 96
3666. Disposals for consideration not fully recognised by accounting practice: disposals before 16 May 2008
3667. 97Paragraph 97
3668. References to Companies Act 2006
3669. 98Paragraph 98
3670. Repeal of provisions concerning exchange gains and losses from derivative contracts Not yet in force
3671. 99Paragraph 99 Repealed
3672. Part 11: Intangible fixed assets
3673. Transactions between related parties
3674. 100Paragraph 100
3675. Continuity: formation of an SE before 1 April 2005
3676. 101Paragraph 101
3677. References to Companies Act 2006
3678. 102Paragraph 102
3679. Part 12: Beneficiaries' income from estates in administration
3680. Basic amounts
3681. 103Paragraph 103
3682. Income treated as bearing income tax
3683. 104Paragraph 104
3684. Part 13: Relief for share incentive plans
3685. Deduction for contribution to plan trust
3686. 105Paragraph 105
3687. Award of shares to excluded employee
3688. 106Paragraph 106
3689. Part 14: Other relief for employee share acquisitions
3690. Accounting periods beginning before 1 January 2003
3691. 107Paragraph 107
3692. Restricted shares not to include shares acquired before 16 April 2003
3693. 108Paragraph 108
3694. Shares acquired before 16 April 2003 that are subject to forfeiture
3695. 109Paragraph 109
3696. Meaning of “employment” for times before 16 April 2003
3697. 110Paragraph 110
3698. Relief under Chapters 4 and 5 of Part 12
3699. 111Paragraph 111
3700. Part 15: Research and development
3701. Rates of relief
3702. 112Paragraph 112
3703. R&D threshold in section 1050: qualifying Chapter 3 and 4 expenditure
3704. 113Paragraph 113
3705. Chapters 3 to 5 of Part 13: expenditure incurred before 1 April 2002
3706. 114Paragraph 114
3707. Chapter 7 of Part 13: expenditure incurred before 22 April 2003
3708. 115Paragraph 115
3709. Cap on R&D aid under Chapter 2 or 7 of Part 13
3710. 116Paragraph 116
3711. Chapter 7 of Part 13: qualifying expenditure on contracted out R&D
3712. 117Paragraph 117
3713. Small or medium-sized enterprises
3714. 118Paragraph 118
3715. Staffing costs
3716. 119Paragraph 119
3717. 120Paragraph 120
3718. 121Paragraph 121
3719. Expenditure on software , data licences, cloud computing services or consumable items
3720. 122Paragraph 122
3721. Qualifying expenditure on externally provided workers
3722. 123Paragraph 123
3723. Qualifying expenditure on relevant payments to subjects of clinical trials
3724. 124Paragraph 124
3725. Part 16: Remediation of contaminated land
3726. Part 14: expenditure incurred before 11 May 2001
3727. 125Paragraph 125
3728. Staffing costs
3729. 126Paragraph 126
3730. Part 17: Film production
3731. Interpretation
3732. 127Paragraph 127
3733. Chapters 2 and 3 of Part 15 to apply only to films that commence principal photography on or after 1 January 2007
3734. 128Paragraph 128
3735. 129Paragraph 129
3736. Application of Part 15 etc to films that commenced principal photography before 1 January 2007 but were not completed before that date
3737. 130Paragraph 130
3738. 131Paragraph 131
3739. Prohibition on double counting
3740. 132Paragraph 132
3741. Part 18: Management expenses
3742. Unpaid remuneration
3743. 133Paragraph 133
3744. Part 19: Unremittable income
3745. Unremittable income that arose in an accounting period ending before 1 April 2009
3746. 134Paragraph 134
3747. Withdrawal of relief: income that arose in an accounting period ending before 1 October 1993
3748. 135Paragraph 135
3749. Part 20: General exemptions
3750. Ulster savings certificates
3751. 136Paragraph 136
3752. Part 21: Other provisions
3753. Training courses for employees
3754. 137Paragraph 137
3755. 138Paragraph 138
3756. 139Paragraph 139
3757. Unpaid remuneration
3758. 140Paragraph 140
3759. Employee benefit contributions
3760. 141Paragraph 141
3761. Interest on overdue corporation tax etc
3762. 142Paragraph 142
3763. Miscellaneous profits and losses: apportionment to accounting periods ending before 1 April 2009
3764. 143Paragraph 143
3765. Purchase and sale of securities: references to setting up and commencement etc of a trade
3766. 144Paragraph 144
3767. References to Companies Act 2006
3768. 145Paragraph 145
3769. Charges to tax under Case VI of Schedule D in subordinate legislation
3770. 146Paragraph 146
3771. 147Paragraph 147
3772. Schedule 3: Repeals and revocations
3773. 1Repeals and revocations on 1 April 2009
3774. 2Prospective repeals
3775. Schedule 4Index of defined expressions