Corporation Tax Act 2010

2010 c. 4 · Enacted 3 March 2010 · Extends to United Kingdom

Contents

1. Part 1: Introduction
2. 1Overview of Act
3. Part 2: Calculation of liability in respect of profits
4. Chapter 1: Introduction
5. 2Overview of Part
6. Chapter 2: Rates at which corporation tax on profits charged
7. 3Corporation tax rates
8. Chapter 3: Calculation of amount to which rates applied
9. 4Amount of profits to which corporation tax rates applied
10. Chapter 4: Currency
11. The currency to be used in tax calculations
12. 5Basic rule: sterling to be used
13. 6UK resident company operating in sterling and preparing accounts in another currency
14. 7UK resident company operating in currency other than sterling and preparing accounts in another currency
15. 8UK resident company preparing accounts in currency other than sterling
16. 9Non-UK resident company preparing return of accounts in currency other than sterling
17. 9ADesignated currency of a UK resident investment company
18. 9BPeriod for which an election under section 9A has effect
19. 9CChargeable gains and losses of companies
20. Translating amounts into other currencies
21. 10The equivalent in another currency of a sterling amount
22. 11Sterling equivalents: basic rule
23. 12Sterling equivalents: carried-back amounts
24. 13Sterling equivalents: carried-forward amounts
25. Adjustment of sterling losses
26. 14Carried-back amounts
27. 15Carried-forward amounts
28. Interpretation
29. 16Sections 13(2) and 15(5): profit against which carried-forward amount to be set off
30. 17Interpretation of Chapter
31. Part 3: Companies with small profits Repealed
32. The small profits rate Repealed
33. 18Profits charged at the small profits rate Repealed
34. Marginal relief Repealed
35. 19Marginal relief Repealed
36. 20Company with only ring fence profits Repealed
37. 21Company with ring fence profits and other profits Repealed
38. 22The ring fence amount Repealed
39. 23The remaining amount Repealed
40. The lower limit and the upper limit Repealed
41. 24The lower limit and the upper limit Repealed
42. 25Associated companies Repealed
43. 26Section 25(3): treatment of certain non-trading companies Repealed
44. 27Attribution to persons of rights and powers of their associates Repealed
45. 28Associated companies: fixed-rate preference shares Repealed
46. 29Association through a loan creditor Repealed
47. 30Association through a trustee Repealed
48. Supplementary Repealed
49. 31Power to obtain information Repealed
50. 32Meaning of “augmented profits” Repealed
51. 33Interpretation of section 32(2) and (3) Repealed
52. 34Close investment-holding companies Repealed
53. Part 3A: Companies with small profits
54. The standard small profits rate for non-ring fence profits
55. 18AProfits charged at the standard small profits rate
56. Marginal relief
57. 18BMarginal relief for companies without ring fence profits
58. 18CMarginal relief for companies with ring fence profits
59. The lower limit and the upper limit
60. 18DThe lower limit and the upper limit
61. 18EAssociated companies
62. 18FSection 18E(3): treatment of certain non-trading companies
63. 18GAttribution to persons of rights and powers of their partners
64. 18HAssociated companies: fixed-rate preference shares
65. 18IAssociation through a loan creditor
66. 18JAssociation through a trustee
67. Supplementary
68. 18KPower to obtain information
69. 18LMeaning of “augmented profits”
70. 18MInterpretation of section 18L(3)
71. 18NClose investment-holding companies
72. Part 4: Loss relief
73. Chapter 1: Introduction
74. 35Overview of Part
75. Chapter 2: Trade losses
76. Introduction
77. 36Introduction to Chapter
78. Relief in loss-making period and carry back relief
79. 37Relief for trade losses against total profits
80. 38Limit on deduction if accounting period falls partly within 12 month period
81. 39Terminal losses: extension of periods for which relief may be given
82. 40Ring fence trades: extension of periods for which relief may be given
83. 41Sections 39 and 40: transfers of trade to obtain relief
84. 42Ring fence trades: further extension of period for relief
85. 43Claim period in case of ring fence or mineral extraction trades
86. 44Trade must be commercial or carried on for statutory functions
87. Carry forward of trade loss relief
88. 45Carry forward of pre-1 April 2017 trade loss against subsequent trade profits
89. 45ACarry forward of post-1 April 2017 trade loss against total profits
90. 45BCarry forward of post-1 April 2017 trade loss against trade profits
91. 45CRe-application of section 45A if loss remains after previous application
92. 45DApplication of section 45B if loss remains after application of section 45A
93. 45ERe-application of section 45B if loss remains after previous application
94. 45FTerminal losses: relief unrestricted by Part 7ZA and 7A
95. 45GSection 45F: accounting period falling partly within 3 year period
96. 45HSection 45F: transfers of trade to obtain relief
97. 46Use of trade-related interest and dividends if insufficient trade profits
98. 47Registered societies
99. Restrictions on relief: farming or market gardening
100. 48Farming or market gardening
101. 49Reasonable expectation of profit
102. 50Cessation of trades
103. 51Companies treated as same person as individual
104. Restrictions on relief: commodity futures
105. 52Dealings in commodity futures
106. Other restrictions on relief
107. 53Leasing contracts and company reconstructions
108. 54Non-UK resident company: receipts of interest, dividends or royalties
109. Chapter 3: Limited partners and members of limited liability partnerships
110. Introduction
111. 55Introduction to Chapter
112. Limited partners
113. 56Restriction on reliefs for limited partners
114. 57Meaning of “contribution to the firm”
115. 58Meaning of “limited partner”
116. Members of LLPs
117. 59Restriction on relief for members of LLPs
118. 60Meaning of “contribution to the LLP”
119. 61Unrelieved losses brought forward
120. Chapter 4: Property losses
121. UK property businesses
122. 62Relief for losses made in UK property business
123. 63Company with investment business ceasing to carry on UK property business
124. 64UK property business to be commercial or carried on for statutory functions
125. 65UK furnished holiday lettings business treated as trade Repealed
126. Overseas property businesses
127. 66Relief for losses made in overseas property business
128. 67Overseas property business to be commercial or carried on for statutory functions
129. 67AEEA furnished holiday lettings business treated as trade Repealed
130. Insurance companies
131. 67BExclusion in the case of property businesses of insurance companies
132. Chapter 5: Losses on disposal of shares
133. Share loss relief against income
134. 68Share loss relief
135. 69Eligibility conditions
136. 70Entitlement to claim
137. 71How relief works
138. 72Limit on deduction if accounting period falls partly within 12 month period
139. Shares: subscription and disposal
140. 73Subscription for shares
141. 74Disposals of new shares
142. 75Limits on relief
143. 76Disposal of shares forming part of mixed holding
144. 77Section 76: supplementary
145. Qualifying trading companies: the requirements
146. 78Qualifying trading companies
147. 79The trading requirement
148. 80Ceasing to meet trading requirement because of administration etc
149. 81The control and independence requirement
150. 82The qualifying subsidiaries requirement
151. 83The property managing subsidiaries requirement
152. 84The gross assets requirement
153. 85The unquoted status requirement
154. 86Power to amend requirements by Treasury order
155. Qualifying trading companies: supplementary
156. 87Relief after an exchange of shares for shares in another company
157. 88Substitution of new shares for old shares
158. 89Deemed time of issue for certain shares
159. Interpretation
160. 90Interpretation of Chapter
161. Chapter 6: Losses from miscellaneous transactions
162. 91Relief for losses from miscellaneous transactions
163. Chapter 7: Write-off of government investment
164. 92Loss relief to be reduced if government investment is written off
165. 93Groups of companies
166. 94Cases in which government investment is written off
167. 95Meaning of “carry-forward losses”
168. 96Interaction with other tax provisions
169. Part 5: Group relief
170. Chapter 1: Introduction
171. 97Introduction to Part
172. Chapter 2: Surrender of company's losses etc for an accounting period
173. Introduction
174. 98Overview of Chapter
175. Basic provisions about surrendering losses and other amounts
176. 99Surrendering of losses and other amounts
177. 100Meaning of “trading loss”
178. 101Meaning of “capital allowance excess”
179. 102Meaning of “UK property business loss”
180. 103Meaning of “management expenses”
181. 104Meaning of “non-trading loss on intangible fixed assets”
182. Restrictions on losses and other amounts that may be surrendered
183. 105Restriction on surrender of losses etc within section 99(1)(d) to (g)
184. 106Restriction on losses etc surrenderable by UK resident
185. 107Restriction on losses etc surrenderable by non-UK resident
186. 108Meaning of “non-UK profits”
187. 109Restriction on losses etc surrenderable by dual resident
188. 110Restriction on surrender of losses etc from alternative finance arrangements
189. Chapter 3: Surrenders made by non-UK resident company resident or trading in the EEA
190. Introduction
191. 111Overview of Chapter Repealed
192. 112EEA related definitions Repealed
193. Basic provisions about surrendering losses and other amounts
194. 113Steps to determine extent to which loss etc can be surrendered Repealed
195. Conditions that must be met
196. 114The equivalence condition Repealed
197. 115The EEA tax loss condition: companies resident in EEA territory Repealed
198. 116The EEA tax loss condition: companies not resident in EEA territory Repealed
199. 117The qualifying loss condition: general Repealed
200. 118The qualifying loss condition: relief for current and previous periods Repealed
201. 119The qualifying loss condition: relief for future periods Repealed
202. 120The qualifying loss condition: non-UK tax relief in another territory Repealed
203. 121The precedence condition Repealed
204. Other rules, assumptions and exclusions
205. 122Assumptions to be made in recalculating EEA amount Repealed
206. 123Assumptions as to UK residence Repealed
207. 124Assumptions as to places in which activities carried on Repealed
208. 125Assumptions as to accounting periods Repealed
209. 126Assumptions in relation to capital allowances Repealed
210. 127Amounts excluded because of certain arrangements Repealed
211. 128Rules for recalculating EEA amount Repealed
212. Chapter 4: Claims for group relief
213. Introduction
214. 129Overview of Chapter
215. Surrenderable amounts under Chapter 2
216. 130Group relief claims on amounts surrenderable under Chapter 2
217. 131The group condition
218. 132Consortium condition 1
219. 133Consortium conditions 2 and 3
220. 134Meaning of “UK related” company
221. 134ACompanies “established in the EEA” Repealed
222. ...
223. 135Group relief claims on amounts surrenderable under Chapter 3 Repealed
224. 136The EEA group condition Repealed
225. Giving of group relief
226. 137Deduction from total profits
227. General limitation on amount of group relief to be given
228. 138Limitation on amount of group relief applying to all claims
229. 139Unused part of the surrenderable amounts
230. 140Unrelieved part of claimant company's available total profits
231. 141Sections 139 and 140: supplementary
232. 142Meaning of “the overlapping period”
233. Limitations on group relief if claim based on consortium condition 1, 2 or 3
234. 143Condition 1: surrendering company owned by consortium
235. 144Condition 1: claimant company owned by consortium
236. 145Conditions 2 and 3: limitations in sections 143 and 144
237. 146Conditions 2 and 3: companies in link company's group
238. 146AConditions 1 and 2: surrendering company not controlled by claimant company etc
239. 146BConditions 1 and 3: claimant company not controlled by surrendering company etc
240. 147Conditions 1 and 2: surrenderable amounts including trading loss
241. 148Conditions 1 and 2: surrendering company in group of companies
242. 149Conditions 1 and 3: claimant company in group of companies
243. Chapter 5: Subsidiaries, groups and consortiums
244. Introduction
245. 150Overview of Chapter
246. Explanations of terms
247. 151Meaning of “75% subsidiary” and “90% subsidiary”
248. 152Groups of companies
249. 153Companies owned by consortiums and members of consortiums
250. Arrangements for transfers of companies
251. 154Arrangements for transfer of member of group of companies etc
252. 155Arrangements for transfer of company owned by consortium etc
253. 155ACertain arrangements not within sections 154 and 155
254. 155BCertain mortgage arrangements not within sections 154 and 155
255. 156Sections 154 and 155: supplementary
256. Chapter 6: Equity holders and profits or assets available for distribution
257. Introduction
258. 157Introduction to Chapter
259. Equity holders
260. 158Meaning of “equity holder”
261. 159Use of relevant company's assets
262. 160Meaning of “ordinary shares”
263. 161Meaning of “restricted right to dividends”
264. 162Meaning of “normal commercial loan”
265. 163Normal commercial loans: company's results or value of assets
266. 164Sections 160 and 162: supplementary
267. 164ALoan forming part of tier two capital Repealed
268. Company's entitlement to profits or assets available for distribution: basic provisions
269. 165Proportion of profits available for distribution to which company is entitled
270. 166Proportion of assets available for distribution to which company is entitled
271. 167Profits or assets available for distribution and entitlement: supplementary
272. 168Meaning of “the relevant accounting period”
273. Company's entitlement to profits or assets available for distribution: supplementary
274. 169Application and interpretation of sections 170 to 182
275. 170Shares or securities with limited rights
276. 171Shares or securities with temporary rights
277. 172Company A's proportion if shares etc have temporary rights
278. 173Cases in which option arrangements are in place
279. 174Company A's proportion if option arrangements in place
280. 174ACertain option arrangements not within section 173
281. 174BCertain mortgage arrangements not within section 173
282. 175Cases in which both sections 170 and 172 apply
283. 176Cases in which both sections 170 and 174 apply
284. 177Cases in which both sections 172 and 174 apply
285. 178Cases in which sections 170, 172 and 174 all apply
286. 179Cases in which surrendering or claimant company is non-UK resident
287. 180Company A's proportion if non-UK resident involved
288. 181Assumptions to be applied if non-UK resident company involved
289. 182Assets etc referable to UK trade
290. Chapter 7: Miscellaneous provisions and interpretation of Part
291. Miscellaneous
292. 183Payments for group relief
293. 184References to “allowance” in CAA 2001
294. Interpretation
295. 185“Trading company” and “holding company”
296. 186When activities of a company are double taxation exempt
297. 187“Non-UK tax”
298. 188Other definitions
299. Part 5A: Group relief for carried-forward losses
300. Chapter 1: Introduction
301. 188AAIntroduction to Part
302. Chapter 2: Surrender of company's carried-forward losses etc
303. 188BAOverview of Chapter
304. 188BBSurrender of carried-forward losses and other amounts
305. 188BCRestriction on surrendering pre-1 April 2017 losses etc
306. 188BDRestriction where investment business has become small or negligible
307. 188BERestriction where surrendering company could use losses etc itself
308. 188BFRestriction where surrendering company has no income-generating assets
309. 188BGRestrictions for certain insurance companies
310. 188BHRestriction on surrender of losses etc made when UK resident
311. 188BIRestriction on surrender of losses made when non-UK resident
312. 188BJRestriction on surrender losses etc made when dual resident
313. Chapter 3: Claims for group relief for carried-forward losses
314. Introduction
315. 188CAOverview of Chapter
316. Claiming group relief for carried-forward losses
317. 188CBClaims in relation to all the surrenderable amounts
318. 188CCClaims in relation to the surrenderable amounts that are attributable to a specified accounting period
319. 188CDClaim not allowed by company with unused carried-forward losses of its own
320. 188CEThe group condition
321. 188CFConsortium condition 1
322. 188CGConsortium condition 2
323. 188CHConsortium condition 3
324. 188CIConsortium condition 4
325. 188CJMeaning of “UK related” company
326. Giving group relief for carried-forward losses
327. 188CKDeductions from total profits
328. Chapter 4: Limitations on relief: claims under section 188CB
329. Introduction
330. 188DAOverview
331. General limitation on amount of relief
332. 188DBLimitation on amount of relief applying to all claims under section 188CB
333. 188DCUnused part of the surrenderable amounts
334. 188DDClaimant company's relevant maximum for overlapping period
335. 188DEPreviously claimed group relief for carried-forward losses
336. 188DFSections 188DC to 188DE: supplementary
337. 188DGSections 188DC and 188DE: meaning of “the overlapping period”
338. Further limitations on amount of relief if claim based on consortium conditions 1 or 2
339. 188DHCondition 1: ownership proportion
340. 188DICondition 2: ownership proportion
341. 188DJCondition 2: companies in link company's group
342. 188DKConditions 1 and 2: claimant company not controlled by surrendering company etc
343. 188DLConditions 1 and 2: claimant company in group of companies
344. Chapter 5: Limitations on relief: claims under section 188CC
345. Introduction
346. 188EAOverview of Chapter
347. General limitation on amount of relief
348. 188EBLimitation on amount of relief applying to all claims under section 188CC
349. 188ECUnused part of surrenderable amounts attributable to specified loss-making period
350. 188EDClaimant company's relevant maximum for the overlapping period
351. 188EEPreviously claimed group relief for carried-forward losses
352. 188EFThe potential Part 5 group relief amount
353. 188EGSections 188EC to 188EE: supplementary
354. 188EHSections 188EC and 188EE: meaning of “the overlapping period”
355. Further limitations on amount of relief that apply in particular cases
356. 188EICondition 4: companies in link company's group
357. 188EJCondition 3 or 4: surrendering company not controlled by claimant company etc
358. 188EKCondition 3 or 4: surrendering company in group of companies
359. Chapter 6: Miscellaneous provisions and interpretation of Part
360. Miscellaneous
361. 188FAPayments for group relief for carried-forward losses
362. Interpretation
363. 188FBSubsidiaries, groups and consortiums
364. 188FC“Trading company” and “holding company”
365. 188FDOther definitions
366. Part 6: Charitable donations relief
367. Chapter 1: Nature of relief
368. 189Relief for qualifying charitable donations
369. 190Qualifying charitable donations: meaning
370. Chapter 2: Certain payments to charity
371. Qualifying payments
372. 191Qualifying payments
373. 192Condition as to repayment
374. 193Associated acquisition etc
375. 194Distributions
376. 195Associated benefits
377. 196Associated benefits: meaning
378. 197Restrictions on associated benefits
379. 198Payments and benefits linked to periods of less than 12 months
380. Payment attributed to earlier period
381. 199Payment attributed to earlier accounting period
382. Interpretation
383. 200Company wholly owned by a charity
384. 201Associated persons
385. 202“Charity”
386. 202A“Registered club”
387. Chapter 2A: Payments to community amateur sports clubs: anti-abuse
388. 202BRestriction on relief for payments to community amateur sports clubs
389. 202C“Inflated member-related expenditure”
390. Chapter 3: Certain disposals to charity
391. Amounts treated as qualifying charitable donations
392. 203Certain disposals of investments
393. 204Meaning of qualifying investment
394. 205Meaning of qualifying interest in land
395. 206The relievable amount
396. 207Incidental costs of making disposal
397. 208Consideration
398. Value of net benefit to charity
399. 209Value of net benefit to charity
400. 210Market value of qualifying investments
401. 210AAcquisition value of qualifying investments
402. 211Meaning of “disposal-related obligation”
403. 212Meaning and amount of “disposal-related liability”
404. Special provisions about qualifying interests in land
405. 213Certificate required from charity
406. 214Qualifying interests in land held jointly
407. 215Calculation of relievable amount etc where joint disposal of interest in land
408. 216Disqualifying events
409. Interpretation
410. 217“Charity”
411. Part 6A: Relief for expenditure on grassroots sport
412. 217ARelief for expenditure on grassroots sport
413. 217BMeaning of qualifying expenditure on grassroots sport
414. 217CMeaning of qualifying sport body
415. 217DRelationship between this Part and Part 6
416. Part 7: Community investment tax relief
417. Chapter 1: Introduction
418. CITR
419. 218Meaning of “CITR”
420. 219Eligibility for CITR
421. 220Form and amount of CITR
422. 220ACarry forward of CITR
423. 220BLimit on State aid
424. Miscellaneous
425. 221Meaning of “making an investment”
426. 222Determination of “the invested amount”
427. 223Meaning of “the 5 year period” and “the investment date”
428. 224Overview of other Chapters of Part
429. Chapter 2: Qualifying investments
430. 225Qualifying investments: introduction
431. 226Conditions to be met in relation to loans
432. 227Conditions to be met in relation to securities
433. 228Conditions to be met in relation to shares
434. 229Tax relief certificates
435. 230No pre-arranged protection against risks
436. Chapter 3: General conditions
437. 231No control of CDFI by investor
438. 232Investor must have beneficial ownership
439. 233Investor must not be accredited
440. 234No acquisition of share in partnership
441. 235No tax avoidance purpose
442. Chapter 4: Limitations on claims and attribution
443. Limitations on claims
444. 236Loans: no claim after disposal or excessive repayments or receipts of value
445. 237Securities or shares: no claim after disposal or excessive receipts of value
446. 238No claim after loss of accreditation by the CDFI
447. 239Accreditation of investor
448. Attribution
449. 240Attribution: general
450. 241Attribution: bonus shares
451. Chapter 5: Withdrawal or reduction of CITR
452. Introduction
453. 242Introduction to Chapter
454. Disposals
455. 243Disposal of loan during 5 year period
456. 244Disposal of securities or shares during 5 year period
457. Repayment of loans
458. 245Repayment of loan capital during 5 year period
459. Receipts of value
460. 246Value received by investor during 6 year period: loans
461. 247Value received by investor during 6 year period: securities or shares
462. 248Receipts of insignificant value to be added together
463. 249When value is received
464. 250The amount of value received
465. 251Value received if there is more than one investment
466. 252Effect of receipt of value on future claims
467. 253Receipts of value by or from connected persons
468. CITR not due
469. 254CITR subsequently found not to have been due
470. Manner of withdrawal or reduction
471. 255Manner of withdrawal or reduction of CITR
472. Chapter 6: Supplementary and general
473. Alternative finance arrangements
474. 256Meaning of “loan” and “interest”
475. 257Purchase and resale arrangements
476. 258Deposit arrangements
477. 259Profit share agency arrangements
478. Miscellaneous
479. 260Information to be provided by the investor
480. 261Disclosure
481. 262Nominees
482. 263Application for postponement of tax pending appeal
483. 264Identification of securities or shares on a disposal
484. Definitions
485. 265Meaning of “issue of securities or shares”
486. 266Meaning of “disposal”
487. 267Construction of references to being “held continuously”
488. 268Meaning of “associate”
489. 269Minor definitions etc
490. Part 7ZA: Restrictions on obtaining certain deductions
491. Introduction
492. 269ZAOverview of Part
493. Restrictions on obtaining certain deductions
494. 269ZBRestriction on deductions from trading profits
495. 269ZBARestriction on deductions from chargeable gains
496. 269ZCRestriction on deductions from non-trading profits
497. 269ZDRestriction on deductions from total profits
498. 269ZDAReferences to a company’s “deductions allowance”
499. 269ZERestriction on deductions from total profits: insurance companies Repealed
500. Relevant profits
501. 269ZF“Relevant trading profits”, “total relevant non-trading profits” etc
502. 269ZFA“Relevant profits”
503. Modifications for certain insurance companies
504. 269ZFBModifications for certain insurance companies
505. 269ZFCRestriction on deductions of non-BLAGAB allowable losses from BLAGAB chargeable gains
506. Exclusion for certain general insurance companies
507. 269ZGGeneral insurance companies: excluded accounting periods
508. 269ZH“Insolvency procedures”
509. 269ZI“Qualifying latent claims”
510. 269ZJExclusion of shock losses from restrictions
511. 269ZKMeaning of “shock loss”: requirement to make a claim
512. 269ZLFurther provision about claims under section 269ZK
513. 269ZMMeaning of “solvency shock period”
514. 269ZNDetermination of shock loss threshold
515. 269ZOCalculation of solvency loss
516. 269ZPInterpretation of sections 269ZJ to 269ZO
517. 269ZQPower to amend
518. Deductions allowance
519. 269ZRDeductions allowance for company in a group
520. 269ZSGroup deductions allowance and the nominated company
521. 269ZSAGroup allowance nomination: former groups
522. 269ZTGroup allowance allocation statement: submission
523. 269ZUGroup allowance allocation statement: submission of revised statement
524. 269ZVGroup allowance allocation statement: requirements and effects
525. 269ZVAGroup allowance allocation statement: former groups
526. 269ZWDeductions allowance for company not in a group
527. 269ZWAIncrease of deductions allowance for insolvent companies
528. 269ZXIncrease of deductions allowance in connection with onerous or impaired leases
529. 269ZYMeaning of “relevant reversal credit”
530. 269ZYZAOther relevant credits
531. 269ZYADeductions allowance for company without a source of chargeable income
532. 269ZYBProvisional application of section 269ZYA
533. 269ZZCompany tax return to specify amount of deductions allowance
534. 269ZZAExcessive specifications of deductions allowance
535. 269ZZBMeaning of “group”
536. Part 7A: Banking companies
537. Chapter 1: Introduction
538. 269AOverview of Part
539. Chapter 2: Key definitions
540. “Banking company”
541. 269BMeaning of “banking company”
542. 269BAExcluded entities
543. 269BBRelevant regulated activities
544. 269BCBanking companies: supplementary definitions
545. “Group”
546. 269BDMeaning of “group”
547. Powers to amend
548. 269BEPowers to amend
549. Chapter 3: Restrictions on obtaining certain deductions
550. Introduction
551. 269COverview of Chapter
552. Restrictions on obtaining certain deductions
553. 269CARestriction on deductions for trading losses
554. 269CBRestriction on deductions for non-trading deficits from loan relationships
555. 269CCRestriction on deductions for management expenses etc
556. 269CDRelevant profits Repealed
557. Losses to which restrictions do not apply
558. 269CELosses arising before company began banking activity
559. 269CFLosses arising in company's start-up period
560. 269CGThe “start-up period”
561. 269CHLosses covered by carried-forward loss allowance
562. 269CIAllocation of carried-forward loss allowance within a group
563. 269CJRe-allocation of carried-forward loss allowance
564. Anti-avoidance
565. 269CKProfits arising from tax arrangements to be disregarded
566. Supplementary
567. 269CLWhen a company first begins to carry on relevant regulated activities
568. 269CMJoint venture companies
569. 269CNOther definitions
570. Chapter 4: Surcharge on banking companies
571. Overview
572. 269DOverview of Chapter
573. The surcharge
574. 269DASurcharge on banking companies
575. Non-banking group relief
576. 269DBMeaning of “non-banking group relief”
577. 269DBAMeaning of “non-banking group relief for carried-forward losses”
578. Non-banking or pre-2016 loss relief
579. 269DCMeaning of “non-banking or pre-2016 loss relief”
580. 269DCAMeaning of “non-banking transferred-in loss relief”
581. 269DDMeaning of “relevant transferred-out gain” and “non-banking transferred-in gain”
582. The surcharge allowance
583. 269DESurcharge allowance for banking company in a group containing other banking companies
584. 269DFGroup surcharge allowance and the nominated company
585. 269DGGroup allowance allocation statement: submission
586. 269DHGroup allowance allocation statement: submission of revised statement
587. 269DIGroup allowance allocation statement: requirements and effect
588. 269DJSurcharge allowance for company not in a group containing other banking companies
589. 269DKExcessive specifications of available surcharge allowance
590. Application of Corporation Tax Acts: administration, double taxation etc
591. 269DLApplication of enactments applying to corporation tax: assessment, recovery, double taxation etc
592. 269DMPayments in respect of the surcharge: information to be provided
593. Anti-avoidance
594. 269DNProfit and loss shifting to avoid or reduce surcharge liability
595. Interpretation
596. 269DOInterpretation
597. Part 8: Oil activities
598. Chapter 1: Introduction
599. 270Overview of Part
600. Chapter 2: Basic definitions
601. 271“Associated companies”
602. 272“Oil extraction activities”
603. 273“Oil rights”
604. 274“Oil-related activities”
605. 275“Ring fence income”
606. 276“Ring fence profits”
607. 277“Ring fence trade”
608. 278Other definitions
609. Chapter 3: Deemed separate trade
610. 279Oil-related activities treated as separate trade
611. Chapter 3A: Rates at which corporation tax is charged on ring fence profits
612. The rates
613. 279ACorporation tax rates on ring fence profits
614. Marginal relief
615. 279BCompany with only ring fence profits
616. 279CCompany with ring fence profits and other profits
617. 279DThe ring fence amount
618. 279DAThe remaining amount
619. The lower limit and the upper limit
620. 279EThe lower limit and the upper limit
621. Supplementary
622. 279EAInterpretation etc
623. Related 51% group companies
624. 279F“Related 51% group company” Repealed
625. Augmented profits
626. 279G“Augmented profits” Repealed
627. 279HInterpretation of section 279G(3) and (4) Repealed
628. Chapter 4: Calculation of profits
629. Oil valuation
630. 280Disposal to be valued by reference to section 2(5A) of OTA 1975
631. 281Valuation where market value taken into account under section 2 of OTA 1975
632. 282Valuation where disposal not sale at arm's length
633. 283Valuation where excess of nominated proceeds
634. 284Valuation where relevant appropriation but no disposal
635. 285Valuation where appropriation to refining etc
636. Hire of relevant assets
637. 285ARestriction on hire etc of relevant assets to be brought into account
638. Loan relationships
639. 286Restriction on debits to be brought into account
640. 287Restriction on credits to be brought into account
641. 287ARestriction where debits or credits relate to decommissioning security settlement
642. Sale and lease-back
643. 288Sale and lease-back
644. Regional development grants
645. 289Reduction of expenditure by reference to regional development grant
646. 290Adjustment as a result of regional development grant
647. Tariff receipts etc
648. 291Tariff receipts etc
649. 291AMeaning of “tariff receipt”
650. 291BTariff receipts: counteraction of avoidance arrangements
651. Abandonment guarantees
652. 292Expenditure on abandonment guarantees
653. 293Relief for reimbursement expenditure under abandonment guarantees Repealed
654. 294Payment under abandonment guarantee not immediately applied Repealed
655. 295Amounts excluded from section 293(1) Repealed
656. Abandonment expenditure
657. 296Introduction to section 297
658. 297Relief for expenditure incurred by a participator in meeting defaulter's abandonment expenditure
659. 298Reimbursement by defaulter in respect of certain abandonment expenditure Repealed
660. Receipts arising from decommissioning
661. 298AReceipts arising from decommissioning
662. Deduction of PRT in calculating income for corporation tax purposes
663. 299Deduction of PRT in calculating income for corporation tax purposes
664. 300Effect of repayment of PRT: general rule
665. 301Effect of repayment of PRT: special rule
666. Interest on repayment of PRT or APRT
667. 302Interest on repayment of PRT or APRT
668. Relief
669. 303Management expenses
670. 303AIntroduction to sections 303B to 303D: post-1 April 2017 non-decommissioning losses of ring fence trades
671. 303BCarry forward of losses against subsequent profits
672. 303CExcess carried forward losses: relief against total profits
673. 303DFurther carry forward against subsequent profits of loss not fully used
674. 304Losses
675. 305Group relief and group relief for carried-forward losses
676. 306Capital allowances
677. Chapter 5: Ring fence expenditure supplement
678. Introduction
679. 307Overview of Chapter
680. Application and interpretation
681. 308Qualifying companies
682. 309Accounting periods
683. 310The relevant percentage
684. 311Limit on number etc of accounting periods for which supplement may be claimed
685. 312Qualifying pre-commencement expenditure
686. 313Unrelieved group ring fence profits for accounting periods
687. 314Taxable ring fence profits for an accounting period
688. Pre-commencement supplement
689. 315Supplement in respect of a pre-commencement accounting period
690. 316The mixed pool of qualifying pre-commencement expenditure and supplement previously allowed
691. 317Reduction in respect of disposal receipts under CAA 2001
692. 318Reduction in respect of unrelieved group ring fence profits
693. 318AAdjustment of pool to remove pre-2013 expenditure after the initial 6 periods
694. 319The reference amount for a pre-commencement period
695. 320Claims for pre-commencement supplement
696. Post-commencement supplement
697. 321Supplement in respect of a post-commencement period
698. 322Amount of post-commencement supplement for a post-commencement period
699. 323Ring fence losses
700. 324Special rule for straddling periods
701. 325The pool of ring fence losses and the pool of non-qualifying Schedule 19B losses
702. 326The ring fence pool
703. 327Reductions in respect of relief for carried-forward ring fence losses
704. 328Reductions in respect of unrelieved group ring fence profits
705. 328AAdjustment of pool to remove pre-2013 losses after the initial 6 periods
706. 329The reference amount for a post-commencement period
707. Chapter 5A: Extended ring fence expenditure supplement for onshore activities Repealed
708. Introduction Repealed
709. 329AOverview of Chapter Repealed
710. Application and interpretation Repealed
711. 329BQualifying companies Repealed
712. 329COnshore and offshore oil-related activities Repealed
713. 329DAccounting periods and straddling periods Repealed
714. 329EThe relevant percentage Repealed
715. 329FRestrictions on accounting periods for which additional supplement may be claimed Repealed
716. 329GQualifying pre-commencement onshore expenditure Repealed
717. 329HUnrelieved group ring fence profits Repealed
718. Pre-commencement additional supplement Repealed
719. 329IAdditional supplement in respect of a pre-commencement accounting period Repealed
720. 329JThe mixed pool of qualifying pre-commencement onshore expenditure and supplement previously allowed Repealed
721. 329KReduction in respect of disposal receipts under CAA 2001 Repealed
722. 329LReduction in respect of unrelieved group ring fence profits Repealed
723. 329MThe reference amount for a pre-commencement period Repealed
724. Post-commencement additional supplement Repealed
725. 329NSupplement in respect of post-commencement period Repealed
726. 329OAmount of post-commencement additional supplement for a post-commencement period Repealed
727. 329POnshore ring fence losses Repealed
728. 329QThe onshore ring fence pool Repealed
729. 329RReductions in respect of utilised onshore ring fence losses Repealed
730. 329SReductions in respect of unrelieved group ring fence profits Repealed
731. 329TThe reference amount for a post-commencement period Repealed
732. Chapter 6: Supplementary charge in respect of ring fence trades
733. 330Supplementary charge in respect of ring fence trades
734. 330ZAOrdering of allowances
735. 330ADecommissioning expenditure taken into account in calculating ring fence profits
736. 330BDecommissioning expenditure taken into account for PRT purposes
737. 330CMeaning of “decommissioning expenditure”
738. 331Meaning of “financing costs” etc
739. 332Assessment, recovery and postponement of supplementary charge
740. Chapter 6A: Supplementary charge: investment allowance
741. Introduction
742. 332AOverview
743. “Qualifying oil field” and “investment expenditure”
744. 332BMeaning of “qualifying oil field”
745. 332BAMeaning of “investment expenditure”
746. Investment allowance
747. 332CGeneration of investment allowance
748. 332CAExpenditure incurred before field is determined
749. Restrictions on relievable expenditure
750. 332DExpenditure on acquisition of asset: disqualifying conditions
751. 332DARestriction where field qualified for field allowance as new field
752. 332DBRestriction where project in additionally-developed field qualified for field allowance
753. 332DCRestriction relating to fields qualifying for onshore allowance
754. Reduction of adjusted ring fence profits
755. 332EReduction of adjusted ring fence profits
756. 332EACarrying forward of activated allowance
757. Activated and unactivated allowance: basic calculation rules
758. 332FActivation of allowance: no change of equity share
759. 332FAThe closing balance of unactivated allowance for an accounting period
760. 332FBActivation limit for former additionally-developed fields
761. 332FCCarrying forward of unactivated allowance
762. Changes in equity share: reference periods
763. 332GReference periods
764. Changes in equity share: activation of allowance
765. 332HActivation of allowance: reference periods
766. 332HAUnactivated amounts attributable to a reference period
767. 332HBCarry-forward of unactivated allowance from a reference period
768. Transfers of allowance on disposal of equity share
769. 332IIntroduction to sections 332IA and 332IB
770. 332IAReduction of allowance if equity is disposed of
771. 332IBAcquisition of allowance if equity acquired
772. Miscellaneous
773. 332JAdjustments
774. 332JARegulations amending specified percentages
775. Interpretation
776. 332KWhen expenditure is incurred
777. 332KAOther definitions
778. Chapter 7: REDUCTION OF SUPPLEMENTARY CHARGE FOR ELIGIBLE OIL FIELDS Repealed
779. Reduction of adjusted ring fence profits Repealed
780. 333Reduction of adjusted ring fence profits Repealed
781. Pool of field allowances Repealed
782. 334Company's pool of field allowances Repealed
783. 335Carrying part of pool of field allowances into following period Repealed
784. 336Carrying whole of pool of field allowances into following period Repealed
785. Field allowance: when held and unactivated amount Repealed
786. 337Licensee to hold field allowance Repealed
787. 338Holding a field allowance on acquisition of equity share Repealed
788. 339Unactivated amount of field allowance Repealed
789. No change in equity share: activation of allowance Repealed
790. 340Introduction to section 341 Repealed
791. 341Activation of field allowance Repealed
792. Change in equity share: activation of allowance Repealed
793. 342Introduction to sections 343 and 344 Repealed
794. 343Reference periods Repealed
795. 344Activation of field allowance Repealed
796. Change in equity share: transfer of field allowance Repealed
797. 345Introduction to sections 346 and 347 Repealed
798. 346Reduction of field allowance if equity disposed of Repealed
799. 347Acquisition of field allowance if equity acquired Repealed
800. Miscellaneous Repealed
801. 348Adjustments Repealed
802. 349Orders Repealed
803. Interpretation Repealed
804. 349A“Additionally-developed oil field” Repealed
805. 350“New oil field” Repealed
806. 351“Authorisation of development of an oil field” Repealed
807. 352“Qualifying oil field” Repealed
808. 353“Small oil field” Repealed
809. 354“Ultra heavy oil field” Repealed
810. 355“Ultra high pressure/high temperature oil field” Repealed
811. 355A“Large deep water oil field” Repealed
812. 355B“Large shallow water gas field” Repealed
813. 355C“Deep water gas field” Repealed
814. 356“Total field allowance for a new oil field” Repealed
815. 356A“Total field allowance for an additionally-developed oil field” Repealed
816. 356AAOther definitions Repealed
817. 357Other definitions Repealed
818. Chapter 8: Supplementary charge: onshore allowance
819. Introduction
820. 356BOverview
821. 356BA“Onshore oil-related activities”
822. 356BBThe activities
823. 356BC“Site”
824. Onshore allowance
825. 356CGeneration of onshore allowance
826. 356CADisqualifying conditions for section 356C(4)(b)
827. 356CAAExpenditure on acquisition of asset: further disqualifying conditions
828. 356CBExpenditure not related to an established site
829. Reduction of adjusted ring fence profits
830. 356DReduction of adjusted ring fence profits
831. 356DACarrying forward of activated allowance
832. 356DBCompanies with both field allowances and onshore allowance Repealed
833. Activated and unactivated allowance: basic calculation rules
834. 356EActivation of allowance: no change of equity share
835. 356EAThe closing balance of unactivated allowance for an accounting period
836. 356EBCarrying forward of unactivated allowance
837. Transfer of allowances between sites
838. 356FTransfer of allowances between sites
839. Changes in equity share: activation of allowance
840. 356GIntroduction to sections 356GA to 356GD
841. 356GAReference periods
842. 356GBActivation of allowance: reference periods
843. 356GCCarry-forward of unactivated allowance from a reference period
844. 356GDUnactivated amounts attributable to a reference period
845. Transfers of allowance on disposal of equity share
846. 356HIntroduction to sections 356HA and 356HB
847. 356HAReduction of allowance if equity disposed of
848. 356HBAcquisition of allowance if equity acquired
849. Miscellaneous
850. 356IAdjustments
851. 356IAOrders
852. Interpretation
853. 356IB“Authorisation of development”: oil fields
854. 356J“Authorisation of development”: drilling and extraction sites
855. 356JAWhen capital expenditure is incurred
856. 356JBOther definitions
857. Chapter 9: Supplementary charge: cluster area allowance
858. Introduction
859. 356JCOverview
860. Determination of cluster areas
861. 356JDMeaning of “cluster area”
862. 356JDAMeaning of “previously authorised oil field”
863. Meaning of “investment expenditure”
864. 356JEMeaning of “investment expenditure”
865. Cluster area allowance
866. 356JFGeneration of cluster area allowance
867. 356JFAExpenditure on acquisition of asset: disqualifying conditions
868. Reduction of adjusted ring fence profits
869. 356JGReduction of adjusted ring fence profits
870. 356JGACarrying forward of activated allowance
871. Activated and unactivated allowance: basic calculation rules
872. 356JHActivation of allowance: no change of equity share
873. 356JHAThe closing balance of unactivated allowance for an accounting period
874. 356JHBCarrying forward of unactivated allowance
875. Changes in equity share: reference periods
876. 356JIReference periods
877. Changes in equity share: activation of allowance
878. 356JJActivation of allowance: reference periods
879. 356JJAUnactivated amounts attributable to a reference period
880. 356JJBCarry-forward of unactivated allowance from a reference period
881. Transfers of allowance on disposal of equity share
882. 356JKDisposal of equity share: transfer of allowance
883. 356JKAMore than one disposal on a single day
884. 356JKBEffect of transfer of allowance for transferee
885. Use of allowance attributable to unlicensed area
886. 356JLUse of allowance attributable to unlicensed area
887. Miscellaneous
888. 356JMAdjustments
889. 356JMARegulations amending percentage in section 356JF(2)
890. Interpretation
891. 356JNWhen capital expenditure is incurred
892. 356JNALicensed sub-areas
893. 356JNBOther definitions
894. Part 8ZA: Oil contractors
895. Chapter 1: Introduction
896. 356KOverview of Part
897. Chapter 2: Basic definitions
898. 356L“Oil contractor activities” etc
899. 356LA“Relevant asset”
900. 356LB“Associated person”
901. 356LC“Lease”
902. 356LD“Contractor's ring fence profits”
903. Chapter 3: Deemed separate trade
904. 356MOil contractor activities treated as separate trade
905. Chapter 4: Calculation of profits
906. Hire of relevant assets
907. 356NRestriction on hire etc of relevant assets to be brought into account
908. 356NARestriction on hire: further provision
909. Loan relationships
910. 356NBRestriction on debits to be brought into account
911. 356NCRestriction on credits to be brought into account
912. Relief
913. 356NDManagement expenses
914. 356NELosses
915. 356NFGroup relief and group relief for carried-forward losses
916. 356NGCapital allowances
917. Restriction on obtaining certain deductions
918. 356NHRestriction on deductions from contractor's ring fence profits
919. 356NIDeductions allowances where company has contractor's ring fence profits
920. 356NJModification of provisions restricting the use of losses
921. Part 8ZB: Transactions in UK land
922. Introduction
923. 356OAOverview of Part
924. Amounts treated as profits of a trade
925. 356OBDisposals of land in the United Kingdom
926. 356OCDisposals of land: profits treated as trading profits
927. 356ODDisposals of property deriving its value from land in the United Kingdom
928. 356OEDisposals within section 356OD: profits treated as trading profits
929. 356OFProfits and losses
930. Person to whom profits attributed
931. 356OGThe chargeable company
932. Anti-fragmentation
933. 356OHFragmented activities
934. Calculation of profit or gain on disposal
935. 356OICalculation of profit or gain on disposal
936. 356OJApportionments
937. Arrangements for avoiding tax
938. 356OKArrangements for avoiding tax
939. Exemption
940. 356OLProfits attributable to period before relevant activities etc began
941. Other supplementary provisions
942. 356OMTracing value
943. 356ONRelevance of transactions, arrangements, etc
944. Interpretation
945. 356OO“Another person”
946. 356OP“Arrangement”
947. 356OQ“Disposal”
948. 356OR“Land” and related expressions
949. 356OSReferences to realising a gain
950. 356OTRelated parties
951. Part 8A: Profits arising from the exploitation of patents etc
952. Chapter 1: Reduced corporation tax rate for profits from patents etc
953. 357AElection for special treatment of profits from patents etc
954. Chapter 2: Qualifying companies
955. 357BMeaning of “qualifying company”
956. 357BAMeaning of “exclusive licence”
957. 357BBRights to which this Part applies
958. 357BBARights to which this Part applies: EU rights
959. 357BCThe development condition
960. 357BDMeaning of “qualifying development”
961. 357BEThe active ownership condition
962. Chapter 2A: Relevant IP profits: cases mentioned in section 357A(6)
963. Steps for calculating relevant IP profits of a trade
964. 357BFRelevant IP profits
965. Finance income
966. 357BGFinance income
967. Relevant IP income
968. 357BHRelevant IP income
969. 357BHANotional royalty
970. 357BHBExcluded income
971. 357BHCMixed sources of income
972. Excluded debits etc
973. 357BIExcluded debits
974. 357BIACertain amounts not to be deducted from sub-streams at Step 4 of section 357BF
975. Routine return figure
976. 357BJRoutine return figure
977. 357BJARoutine deductions
978. 357BJBDeductions that are not routine deductions
979. Marketing assets return figure
980. 357BKMarketing assets return figure
981. 357BKANotional marketing royalty
982. 357BKBActual marketing royalty
983. R&D fraction
984. 357BLIntroduction
985. 357BLAThe R&D fraction
986. 357BLBQualifying expenditure on relevant R&D undertaken in-house
987. 357BLCQualifying expenditure on relevant R&D sub-contracted to unconnected persons
988. 357BLDQualifying expenditure on relevant R&D sub-contracted to connected persons
989. 357BLEQualifying expenditure on acquisition of relevant qualifying IP rights
990. 357BLEACases where the company is a party to a CSA
991. 357BLFMeaning of the “relevant period” etc
992. 357BLGCases where the company is a new entrant with insufficient information about pre-enactment expenditure
993. 357BLHR&D fraction: increase for exceptional circumstances
994. Profits arising before grant of right
995. 357BMProfits arising before grant of right
996. Small claims treatment
997. 357BNSmall claims treatment
998. 357BNANotional royalty election
999. 357BNBSmall claims figure election
1000. 357BNCGlobal streaming election
1001. Chapter 2B: Relevant IP profits: cases mentioned in section 357A(7): income from new IP
1002. 357BORelevant IP profits
1003. 357BPMeaning of “new qualifying IP right” and “old qualifying IP right”
1004. 357BQThe modifications
1005. Chapter 3: Relevant IP profits : cases mentioned in section 357A(7): no income from new IP
1006. Steps for calculating relevant IP profits of a trade
1007. 357CRelevant IP profits
1008. Total gross income of trade
1009. 357CATotal gross income of a trade
1010. 357CBFinance income Repealed
1011. Relevant IP income
1012. 357CCRelevant IP income Repealed
1013. 357CDNotional royalty Repealed
1014. 357CEExcluded income Repealed
1015. 357CFMixed sources of income Repealed
1016. Calculating profits of trade
1017. 357CGAdjustments in calculating profits of trade
1018. 357CHShortfall in R&D expenditure
1019. 357CHAShortfall in qualifying expenditure
1020. Routine return figure
1021. 357CIRoutine return figure
1022. 357CJRoutine deductions Repealed
1023. 357CKDeductions that are not routine deductions Repealed
1024. Election for small claims treatment
1025. 357CLCompanies eligible to elect for small claims treatment
1026. 357CMSmall claims amount
1027. Marketing assets return figure
1028. 357CNMarketing assets return figure
1029. 357CONotional marketing royalty
1030. 357CPActual marketing royalty
1031. Profits arising before grant of right
1032. 357CQProfits arising before grant of right
1033. Chapter 4: Streaming
1034. 357DAlternative method of calculating relevant IP profits: “streaming”
1035. 357DARelevant IP profits
1036. 357DBMethod of allocation
1037. 357DCThe mandatory streaming conditions
1038. Chapter 5: Relevant IP losses
1039. 357ECompany with relevant IP losses: set-off amount
1040. 357EAEffect of set-off amount on company with more than one trade
1041. 357EBAllocation of set-off amount within a group
1042. 357ECCarry-forward of set-off amount
1043. 357EDCompany ceasing to carry on trade, etc
1044. 357EETransfer of a trade between group members
1045. 357EFPayments between group members in consequence of section 357EB
1046. Chapter 6: Anti-avoidance
1047. Licences conferring exclusive rights
1048. 357FLicences conferring exclusive rights
1049. Incorporation of qualifying items
1050. 357FAIncorporation of qualifying items
1051. Tax advantage schemes
1052. 357FBTax advantage schemes
1053. Chapter 7: Supplementary
1054. Elections under section 357A
1055. 357GMaking of election under section 357A(1) or (11)(b)
1056. 357GARevocation of election made under section 357A(1)
1057. Partnerships
1058. 357GBApplication of this Part in relation to partnerships
1059. Cost-sharing arrangements
1060. 357GCMeaning of “cost-sharing arrangement
1061. 357GCZAQualifying IP right held by another party to CSA
1062. 357GCZBExclusive licence held by another party to CSA
1063. 357GCZCR&D undertaken or contracted out by another party to CSA
1064. 357GCZDAcquisition of qualifying IP rights etc by another party to CSA
1065. 357GCZETreatment of expenditure in connection with formation of CSA etc
1066. 357GCZFTreatment of income in connection with formation of CSA etc
1067. Transferred trades
1068. 357GCAApplication of this Part in relation to transferred trades
1069. Interpretation
1070. 357GDMeaning of “group”
1071. 357GEOther interpretation
1072. Part 8B: Trading profits taxable at the Northern Ireland rate
1073. Chapter 1: Introductory
1074. 357HIntroduction
1075. Chapter 2: The Northern Ireland rate
1076. 357IThe Northern Ireland rate
1077. 357IAPower of Northern Ireland Assembly to set Northern Ireland rate
1078. Chapter 3: Northern Ireland rate applied to Northern Ireland profits and losses
1079. Introductory
1080. 357JIntroductory
1081. Profits chargeable to corporation tax and rates
1082. 357JAProfits chargeable to corporation tax and rates
1083. Loss relief in relation to Northern Ireland profits and losses: Chapter 2 of Part 4
1084. 357JBAvailability of relief
1085. 357JCRestriction on deductions
1086. Loss relief in relation to Northern Ireland profits and losses: section 45
1087. 357JDAvailability of relief Repealed
1088. 357JERestriction on deductions Repealed
1089. Loss relief in relation to Northern Ireland profits and losses: Part 5
1090. 357JFAvailability of relief
1091. 357JGRestriction on deductions
1092. 357JHModifications of Chapter 4 of Part 5
1093. Loss relief in relation to Northern Ireland profits and losses: Part 5A
1094. 357JHAAvailability of relief
1095. 357JHBRestriction on deductions
1096. 357JHCModifications of Chapter 4 of Part 5A
1097. 357JHDModifications of Chapter 5 of Part 5A
1098. Transfers of trade without a change of ownership: Chapter 1 of Part 22
1099. 357JITransfers of trade without a change of ownership
1100. Restricted deductions
1101. 357JJRestricted deduction: Northern Ireland rate lower than main rate
1102. Chapter 4: Basic definitions
1103. Application of Chapter
1104. 357KApplication of Chapter
1105. Meaning of “Northern Ireland company”
1106. 357KA“Northern Ireland company”
1107. Meaning of “qualifying trade”
1108. 357KB“Qualifying trade”
1109. Meaning of “SME”
1110. 357KC“SME”
1111. Meaning of “Northern Ireland employer”
1112. 357KD“Northern Ireland employer”
1113. 357KENorthern Ireland workforce conditions
1114. Meaning of “disqualified close company”
1115. 357KEA“Disqualified close company”
1116. Chapter 5: Northern Ireland regional establishments
1117. General
1118. 357LNorthern Ireland regional establishments of companies
1119. Circumstances where there is no NIRE
1120. 357LAAgent of independent status
1121. 357LBAlternative finance arrangements
1122. Brokers
1123. 357LCThe independent broker condition
1124. Investment managers
1125. 357LDThe independent investment manager conditions
1126. 357LEInvestment managers: the 20% rule Repealed
1127. 357LFSection 357LE: interpretation Repealed
1128. 357LGApplication of 20% rule to collective investment schemes Repealed
1129. 357LHMeaning of “investment manager” and “investment transaction”
1130. Lloyd's agents
1131. 357LILloyd's agents
1132. Supplementary
1133. 357LJInvestment managers: disregard of certain chargeable profits Repealed
1134. 357LKMiscellaneous
1135. Chapter 6: Northern Ireland profits and losses etc: SMEs that are Northern Ireland employers
1136. 357MIntroductory
1137. 357MANorthern Ireland profits or losses and mainstream profits or losses
1138. 357MBProfit imputed to back-office activities
1139. Chapter 7: Northern Ireland profits and losses etc: SMEs that are not Northern Ireland employers and large companies
1140. Introductory
1141. 357NIntroductory
1142. Northern Ireland profits or losses and mainstream profits or losses
1143. 357NANorthern Ireland profits or losses and mainstream profits or losses
1144. 357NBProfit imputed to Northern Ireland back-office activities
1145. The separate enterprise principle
1146. 357NCThe separate enterprise principle
1147. 357NDTransactions treated as being on arm's length terms
1148. 357NEProvision of goods or services for NIRE
1149. Rules about deductions and receipts
1150. 357NFAllowable deductions
1151. 357NGDeductions attributable to the NIRE for costs
1152. 357NHPayments and receipts in respect of intangible assets
1153. 357NIInterest or other financing costs and receipts
1154. Supplementary
1155. 357NJLosses
1156. 357NKTrade includes office
1157. Chapter 8: Intangible fixed assets
1158. Introductory
1159. 357OIntroductory
1160. Calculating Northern Ireland profits or Northern Ireland losses
1161. 357OARules affecting calculation of Northern Ireland profits or losses
1162. Northern Ireland intangibles credits and Northern Ireland intangibles debits
1163. 357OBNorthern Ireland intangibles credits and debits: SMEs that are Northern Ireland employers
1164. 357OCNorthern Ireland intangibles credits and debits: SMEs that are not Northern Ireland employers and large companies
1165. Realisation credits and realisation debits
1166. 357OD“Realisation credit” and “realisation debit”
1167. 357OEThe Northern Ireland element of a realisation credit or debit
1168. 357OFNorthern Ireland element: general rule
1169. 357OGNorthern Ireland element: credits where roll-over relief involved
1170. Pre-commencement assets
1171. 357OHPre-commencement asset
1172. 357OIGoodwill
1173. 357OJAssets representing production expenditure on films
1174. 357OKFungible assets
1175. 357OLRealisation and acquisition of fungible assets
1176. Assets treated as pre-commencement assets
1177. 357OMAssets whose value derives from pre-commencement assets
1178. 357ONThe pre-commencement status conditions
1179. 357OOAssets acquired in connection with disposals of pre-commencement assets
1180. Interpretation
1181. 357OPInterpretation of Chapter
1182. Chapter 9: Research and development expenditure
1183. Introductory
1184. 357PIntroduction and interpretation
1185. Chapter 1A of Part 13 of CTA 2009
1186. 357PAR&D expenditure credit ...
1187. Chapter 2 of Part 13 of CTA 2009
1188. 357PBAdditional deduction under section 1044 of CTA 2009
1189. 357PCTax credit under section 1054 of CTA 2009: entitlement
1190. 357PDTax credit under section 1054 of CTA 2009: amount of tax credit
1191. 357PERestriction on losses carried forward where tax credit claimed
1192. Chapter 7 of Part 13 of CTA 2009
1193. 357PFAdditional deduction under section 1087 of CTA 2009 Repealed
1194. Chapter 10: Remediation of contaminated or derelict land
1195. Introductory
1196. 357QIntroduction and interpretation
1197. Additional deduction under section 1149 of CTA 2009
1198. 357QAAdditional deduction
1199. Tax credit under section 1151 of CTA 2009
1200. 357QBTax credit: entitlement
1201. 357QCTax credit: amount of tax credit
1202. 357QDRestriction on losses carried forward where tax credit claimed
1203. Chapter 10A: Films, television programmes and video games qualifying for expenditure credit
1204. Introduction
1205. 357QEApplication and interpretation
1206. Expenditure credit
1207. 357QFExpenditure credit to count towards mainstream profits or losses
1208. Losses of separate trade
1209. 357QGCarrying forward of production losses
1210. 357QHTransfer of terminal loss
1211. Chapter 11: Film tax relief
1212. Introductory
1213. 357RIntroduction and interpretation
1214. Film tax relief
1215. 357RANorthern Ireland additional deduction
1216. 357RBNorthern Ireland supplementary deduction
1217. 357RCNorthern Ireland supplementary deduction: amount
1218. 357RDFilm tax credit: Northern Ireland supplementary deduction ignored
1219. 357REArtificially inflated claims for additional deduction
1220. Film losses
1221. 357RFRestriction on use of losses while film is in production
1222. 357RGUse of losses in later periods
1223. 357RHTerminal losses
1224. Chapter 12: Television production
1225. Introductory
1226. 357SIntroduction and interpretation
1227. Television tax relief
1228. 357SANorthern Ireland additional deduction
1229. 357SBNorthern Ireland supplementary deduction
1230. 357SCNorthern Ireland supplementary deduction: amount
1231. 357SDTax credit: Northern Ireland supplementary deduction ignored
1232. 357SEArtificially inflated claims for additional deduction
1233. Programme losses
1234. 357SFRestriction on use of losses while programme in production
1235. 357SGUse of losses in later periods
1236. 357SHTerminal losses
1237. Chapter 13: Video games development
1238. Introductory
1239. 357TIntroduction and interpretation
1240. Video games tax relief
1241. 357TANorthern Ireland additional deduction
1242. 357TBNorthern Ireland supplementary deduction
1243. 357TCNorthern Ireland supplementary deduction: amount
1244. 357TDTax credit: Northern Ireland supplementary deduction ignored
1245. 357TEArtificially inflated claims for additional deduction
1246. Video game losses
1247. 357TFRestriction on use of losses while video game in development
1248. 357TGUse of losses in later periods
1249. 357THTerminal losses
1250. Chapter 14: Theatrical productions
1251. Introductory
1252. 357UIntroduction and interpretation
1253. Tax relief for theatrical productions
1254. 357UANorthern Ireland additional deduction
1255. 357UBNorthern Ireland supplementary deduction
1256. 357UCNorthern Ireland supplementary deduction: amount
1257. 357UDTax credit: Northern Ireland supplementary deduction ignored
1258. 357UETransactions not entered into for genuine commercial reasons
1259. Use of losses
1260. 357UFRestriction on use of losses before completion period
1261. 357UGUse of losses in the completion period
1262. 357UHTerminal losses
1263. Provisional entitlement to relief
1264. 357UIProvisional entitlement to relief
1265. Chapter 14A: Orchestra tax relief
1266. Introductory
1267. 357UJIntroduction and interpretation
1268. Orchestra tax relief
1269. 357UKNorthern Ireland additional deduction
1270. 357ULNorthern Ireland supplementary deduction
1271. 357UMNorthern Ireland supplementary deduction: amount
1272. 357UNOrchestra tax credit: Northern Ireland supplementary deduction ignored
1273. Losses of separate orchestral trade
1274. 357UORestriction on use of losses before completion period
1275. 357UPUse of losses in the completion period
1276. 357UQTerminal losses
1277. Chapter 14B: Museums and galleries exhibition tax relief
1278. Introductory
1279. 357URIntroduction and interpretation
1280. Museums and galleries exhibition tax relief
1281. 357USNorthern Ireland additional deduction
1282. 357UTNorthern Ireland supplementary deduction
1283. 357UUNorthern Ireland supplementary deduction: amount
1284. 357UVMuseums and galleries exhibition tax credit: Northern Ireland supplementary deduction ignored
1285. Losses of separate exhibition trade
1286. 357UWRestriction on use of losses before completion period
1287. 357UXUse of losses in the completion period
1288. 357UYTerminal losses
1289. Chapter 15: Profits arising from the exploitation of patents etc
1290. Introductory
1291. 357VIntroductory
1292. Modification of deduction
1293. 357VAModification of section 357A
1294. “Relevant Northern Ireland IP profits”
1295. 357VBRelevant Northern Ireland IP profits: SMEs that are Northern Ireland employers
1296. 357VCRelevant Northern Ireland IP profits: SMEs that are not Northern Ireland employers and large companies
1297. Relevant IP losses
1298. 357VDRelevant IP losses
1299. Interpretation
1300. 357VEInterpretation of Chapter
1301. Chapter 16: Northern Ireland profits and losses etc: partnerships
1302. 357WIntroductory
1303. 357WAMeaning of “Northern Ireland firm”
1304. 357WBMeaning of “qualifying partnership trade”
1305. 357WBANorthern Ireland workforce partnership conditions
1306. 357WBBSection 357WBA: supplementary
1307. 357WBC“Disqualified firm”
1308. 357WCNorthern Ireland profits etc of firm determined under Chapter 6
1309. 357WDNorthern Ireland profits etc of firm determined under Chapter 7
1310. 357WESections 357WC and 357WD: interpretation
1311. 357WFApplication of section 747 of CTA 2009 to Northern Ireland firm
1312. 357WGApplication of Part 8A to Northern Ireland firm
1313. 357WHAllocation of Northern Ireland profits etc of firm to company
1314. Chapter 17: Excluded trades, excluded activities and back-office activities
1315. Introductory
1316. 357XIntroduction
1317. Excluded trades
1318. 357XAOil activities
1319. 357XBLending and investment
1320. 357XCInvestment management
1321. 357XDInsurance: long-term business
1322. 357XERe-insurance trade
1323. Excluded activities
1324. 357XFRe-insurance activity
1325. 357XGExploration and exploitation of UK sector of continental shelf
1326. Powers
1327. 357XHPower to amend definition of “excluded trade” or “excluded activity”
1328. 357XIPower to make provision about meaning of “back-office activities”
1329. Part 8C: Restitution interest
1330. Chapter 1: Amounts taxed as restitution interest
1331. 357YACharge to corporation tax on restitution interest
1332. 357YBRestitution interest chargeable as income
1333. 357YCMeaning of “restitution interest”
1334. 357YDFurther provision about amounts included, or not included, in “restitution interest”
1335. 357YDALife insurance companies: amounts representing policyholder income
1336. 357YEPeriod in which amounts are to be brought into account
1337. 357YFCompanies without GAAP-compliant accounts
1338. 357YGRestitution interest: appeals made out of time
1339. 357YHCountering effect of avoidance arrangements
1340. 357YIInterpretation of section 357YH
1341. 357YJExamples of results that may indicate exclusion not applicable
1342. Chapter 2: Application of restitution payments rate
1343. 357YKCorporation tax rate on restitution interest
1344. 357YLExclusion of reliefs, set-offs etc
1345. Chapter 3: Migration, transfers of rights etc
1346. 357YMAssignment of rights to person not chargeable to corporation tax
1347. 357YNMigration of company with claim to restitution interest
1348. 357YNATransfer of rights: restitution interest arising after a winding up or dissolution
1349. 357YNBMeaning of “related company”
1350. Chapter 4: Payment and collection of tax on restitution interest
1351. 357YODuty to deduct tax from payments of restitution interest
1352. 357YPTreatment of amounts deducted under section 357YO
1353. 357YQAssessment of tax chargeable on restitution interest
1354. 357YRInterest on excessive amounts withheld
1355. 357YSAppeal against deduction
1356. 357YTAmounts taxed at restitution payments rate to be outside instalment payments regime
1357. Chapter 5: Supplementary provisions
1358. 357YUInterpretation
1359. 357YVRelationship of Part with other corporation tax provisions
1360. 357YWPower to amend
1361. Part 9: Leasing plant or machinery
1362. Chapter 1: Introduction
1363. 358Introduction to Part
1364. Chapter 2: Long funding leases of plant or machinery
1365. Introduction
1366. 359Overview of Chapter
1367. Lessors under long funding finance leases
1368. 360Lessor under long funding finance lease: rental earnings
1369. 361Lessor under long funding finance lease: exceptional items
1370. 362Lessor under long funding finance lease making termination payment
1371. Lessors under long funding operating leases
1372. 363Lessor under long funding operating lease: periodic deduction
1373. 364“Starting value”: general
1374. 365“Starting value” where plant or machinery originally unqualifying
1375. 366Long funding operating lease: lessor's additional expenditure
1376. 367Determination of remaining residual value resulting from lessor's first additional expenditure
1377. 368Determination of remaining residual value resulting from lessor's further additional expenditure
1378. 369Lessor under long funding operating lease: termination of lease
1379. Cases where sections 360 to 369 do not apply
1380. 370Plant or machinery held as trading stock
1381. 371Adjustments where sections 360 to 369 subsequently disapplied by section 370
1382. 372Lessor also lessee under non-long funding lease
1383. 373Other avoidance
1384. 374Provision supplementing section 373
1385. 375Adjustments where sections 360 to 369 subsequently disapplied by section 373
1386. 376Films
1387. Lessees under long funding finance leases
1388. 377Lessee under long funding finance lease: limit on deductions
1389. 377ALessee under long funding finance leases: right-of-use leases
1390. 378Lessee under long funding finance lease: termination
1391. Lessees under long funding operating leases
1392. 379Lessee under long funding operating lease
1393. 380“Starting value” in section 379
1394. Interpretation
1395. 381Interpretation of Chapter
1396. Chapter 3: Sales of lessors: leasing business carried on by a company alone
1397. Introduction
1398. 382Introduction to Chapter
1399. Income and matching expense in different accounting periods
1400. 383Income and matching expense in different accounting periods
1401. 384Amount of income and expense
1402. 385No carry back of loss against the income
1403. 386Relief for expense otherwise giving rise to carried forward loss
1404. “Business of leasing plant or machinery”
1405. 387“Business of leasing plant or machinery”
1406. 388“Relevant plant or machinery value” for condition A in section 387
1407. 389Provision supplementing section 388
1408. 390Relevant plant or machinery value where relevant company lessee under long funding lease etc
1409. 391Relevant company's income for condition B in section 387
1410. “Relevant change in relationship”
1411. 392“Relevant change in relationship”
1412. 393Qualifying 75% subsidiaries
1413. 394Consortium relationships
1414. 394ZACompany joining tonnage tax group
1415. “Qualifying change of ownership”
1416. 394A“Qualifying change of ownership”
1417. 395No qualifying change of ownership in certain intra-group reorganisations
1418. 396No qualifying change of ownership where principal company's interest in consortium company unchanged
1419. 397Companies owned by consortiums and members of consortiums
1420. 398“Qualifying 75% ... subsidiary” etc
1421. Election out of qualifying change of ownership
1422. 398AElection out of qualifying change of ownership
1423. 398BThe election
1424. 398CSpecial treatment of A's trade or business that includes leasing
1425. 398DRestrictions on use of losses etc
1426. 398ERestriction on artificial losses or reductions in profits
1427. 398FLimit on availability of capital allowances to A
1428. 398GTransfers into and out of A
1429. The amount of the income
1430. 399The amount of the income: the basic amount
1431. 400“PM” in section 399
1432. 401Provisions supplementing section 400
1433. 402“PM” where relevant company lessee under long funding lease etc
1434. 403“TWDV” in section 399
1435. 404Amount to be nil if basic amount negative
1436. 405Adjustment to the basic amount: qualifying 75% subsidiaries
1437. 406Adjustment to the basic amount: consortium relationships
1438. 407Migration
1439. “Associated company”
1440. 408“Associated company”
1441. Chapter 4: Sales of lessors: leasing business carried on by a company in partnership
1442. Introduction
1443. 409Introduction to Chapter
1444. “Business of leasing plant or machinery”
1445. 410“Business of leasing plant or machinery”
1446. 411“Relevant plant or machinery value” for condition A in section 410
1447. 412Provision supplementing section 411
1448. 413Relevant plant or machinery value where partnership lessee under long funding lease etc
1449. 414Partnership's income for condition B in section 410
1450. “Qualifying change” in company's interest in a business
1451. 415“Qualifying change” in company's interest in a business
1452. 416Determining the percentage share in the profits or loss of business
1453. Qualifying changes in partner company's interest in business
1454. 417Partner company's income and other companies' matching expense
1455. 418Amount of income and expense
1456. 419Relief for expense otherwise giving rise to carried forward loss
1457. 420Exception: companies carrying on business ceasing to share in its profits
1458. 421The amount of the income: the basic amount
1459. 422Amount to be nil if basic amount negative
1460. 423Adjustment to the basic amount
1461. 424The amount of expense
1462. Qualifying changes of ownership in relation to partner company
1463. 425Partner company's income and matching expense in different accounting periods
1464. 426Amount of income and expense
1465. 427No carry back of loss against the income
1466. 428Relief for expense otherwise giving rise to carried forward loss
1467. 429The amount of the income
1468. Interpretation
1469. 430“Associated company”
1470. 431“Profits” and “loss”
1471. Chapter 5: Sales of lessors: anti-avoidance provisions
1472. 432Restrictions on relief for Chapter 3 or 4 expenses: introduction
1473. 433Restrictions applying to the restricted loss amount
1474. 433ARestrictions not applying to the restricted loss amount
1475. 434Introduction to sections 435 and 436
1476. 435Disregard of increases and decreases in certain amounts
1477. 436Balance sheet amounts determined on assumption company has no liabilities
1478. Chapter 6: Sales of lessors: general interpretation
1479. 437Interpretation of the sales of lessors Chapters
1480. 437ADetermining the ascribed value of plant or machinery
1481. 437BSection 437A: supplementary
1482. 437CPresent value of a lease
1483. Part 10: Close companies
1484. Chapter 1: Overview of Part
1485. 438Overview of Part
1486. Chapter 2: Basic definitions
1487. Meaning of “close company": general
1488. 439“Close company”
1489. 440Basis of winding up under section 439(3)
1490. 441Treatment of some persons as participators or directors for the purposes of section 439(3)
1491. Companies which are not to be close companies
1492. 442Particular types of company
1493. 443Companies controlled by or on behalf of Crown
1494. 444Companies involved with non-close companies
1495. 445Section 444: registered pension schemes
1496. 446Particular types of quoted company
1497. 447Section 446: meaning of “shares beneficially held by the public” etc
1498. Meaning of other expressions in this Part
1499. 448“Associate”
1500. 449“Associated company”
1501. 450“Control”
1502. 451Section 450: rights to be attributed etc
1503. 452“Director”
1504. 453“Loan creditor”
1505. 454“Participator”
1506. Chapter 3: Charge to tax in case of loan to participator
1507. Charge to tax in case of loan to participator
1508. 455Charge to tax in case of loan to participator
1509. Exceptions to the charge to tax under section 455
1510. 456Exceptions to the charge under section 455
1511. 457Section 456: meaning of “material interest in a company”
1512. Relief in case of repayment or release of loan
1513. 458Relief in case of repayment or release of loan
1514. Loan treated as made to participator
1515. 459Loan treated as made to participator
1516. Loan treated as made by close company
1517. 460Loan treated as made by close company
1518. 461Exception to section 460
1519. 462Determination of particular questions as a result of section 460
1520. Taxation of debtor on release of loan to trustees of settlement which has ended
1521. 463Taxation of debtor on release of loan to trustees of settlement which has ended
1522. 464Section 463: other person treated as releasing or writing off debt
1523. 464ZATreatment of certain repayments
1524. 464ZBSection 464ZA: supplementary
1525. Chapter 3A: Charge to tax: other arrangements
1526. 464ACharge to tax: arrangements conferring benefit on participator
1527. 464BRelief in case of return payment to company Repealed
1528. Chapter 3B: Repayments and return payments Repealed
1529. 464C.Treatment of certain repayments and return payments Repealed
1530. 464D.Section 464C: supplementary Repealed
1531. Chapter 4: Power to obtain information
1532. 465Power to obtain information
1533. Part 11: Charitable companies etc
1534. Chapter 1: Introduction
1535. 466Overview of Part
1536. 467Meaning of “charitable company” Repealed
1537. 468Meaning of “eligible body”
1538. 469Conditions for qualifying as a scientific research association
1539. 470Meaning of “research and development” in section 469
1540. Chapter 2: Gifts and other payments
1541. Gifts and other payments to charitable companies
1542. 471Gifts qualifying for gift aid relief: income tax treated as paid
1543. 472Gifts qualifying for gift aid relief: corporation tax liability and exemption
1544. 472AGifts under payroll deduction schemes: corporation tax liability and exemption
1545. 473Gifts of money from companies: corporation tax liability and exemption
1546. 474Payments from other charities: corporation tax liability and exemption
1547. 474ALegacies: corporation tax liability and exemption
1548. Gifts to eligible bodies
1549. 475Gifts qualifying for gift aid relief: income tax treated as paid and exemption
1550. 476Gifts of money from companies: exemption
1551. Gifts to scientific research associations
1552. 477Gifts of money from companies: exemption
1553. Claims
1554. 477AClaims in relation to gift aid relief
1555. Chapter 3: Other exemptions
1556. Exemptions
1557. 478Exemption for profits etc of charitable trades
1558. 479Meaning of “charitable trade”
1559. 480Exemption for profits of small-scale trades
1560. 481Exemption from charges under provisions to which section 1173 applies
1561. 482Condition as to trading and miscellaneous incoming resources
1562. 483Exemption for profits from fund-raising events
1563. 484Exemption for profits from lotteries
1564. 485Exemption for property income etc
1565. 486Exemption for investment income and non-trading profits from loan relationships
1566. 487Exemption for public revenue dividends
1567. 488Exemption for certain miscellaneous income
1568. 489Exemption for income from estates in administration
1569. Application of exemptions to certain bodies
1570. 490Eligible bodies
1571. 491Scientific research associations
1572. Claims
1573. 491AClaims in relation to certain reliefs
1574. Chapter 4: Restrictions on exemptions
1575. Restrictions on exemptions
1576. 492Restrictions on exemptions
1577. 493The non-exempt amount
1578. 494Attributing income to the non-exempt amount
1579. 495How income is attributed to the non-exempt amount
1580. Non-charitable expenditure
1581. 496Meaning of “non-charitable expenditure”
1582. 497Section 496: supplementary
1583. 498Section 496(1)(d): meaning of expenditure
1584. 499Section 496(1)(d): accounting period in which certain expenditure treated as incurred
1585. 500Section 496(1)(d): payment to body outside the UK
1586. 501Section 496(1)(g) and (h): investments and loans
1587. Substantial donor transactions
1588. 502Transactions with substantial donors Repealed
1589. 503Meaning of “relievable gift” Repealed
1590. 504Non-charitable expenditure in substantial donor transactions Repealed
1591. 505Adjustment if section 504(1) and (2) applied to single transaction Repealed
1592. 506Section 504: certain payments and benefits to be ignored Repealed
1593. 507Transactions: exceptions Repealed
1594. 508Donors: exceptions Repealed
1595. 509Connected charities Repealed
1596. 510Substantial donor transactions: supplementary Repealed
1597. Approved charitable investments and loans
1598. 511Approved charitable investments
1599. 512Securities which are approved charitable investments
1600. 513Conditions to be met for some securities
1601. 514Approved charitable loans
1602. Carry back of excess non-charitable expenditure
1603. 515Excess expenditure treated as non-charitable expenditure of earlier periods
1604. 516Rules for attributing excess expenditure to earlier periods
1605. 517Adjustments in consequence of section 515
1606. Part 12: Real Estate Investment Trusts
1607. Chapter 1: Introduction
1608. Introductory
1609. 518Introduction to Part
1610. Key concepts
1611. 519“Property rental business”
1612. 520“UK property rental business” of non-UK companies
1613. 521“UK company” and “non-UK company”
1614. 522“Residual business”
1615. Chapter 2: Requirements for being a UK REIT
1616. Becoming a UK REIT
1617. 523Notice for a group of companies to become a UK REIT
1618. 524Notice for a company to become a UK REIT
1619. 525Notice under section 523 or 524: supplementary
1620. 526Duration of status as UK REIT
1621. Being a UK REIT in relation to an accounting period
1622. 527Being a UK REIT in relation to an accounting period
1623. 528Conditions for company
1624. 528ZAListing requirement: ownership by institutional investors
1625. 528ZBGenuine diversity of ownership condition
1626. 528AFurther condition relating to shares
1627. 528BRelaxation of section 528A condition for accounting periods 1 to 3
1628. 529Conditions as to property rental business
1629. 530Condition as to distribution of profits
1630. 530ACondition as to distribution of profits: increase in profits after delivery of tax return
1631. 531Conditions as to balance of business
1632. 532Financial statements for group UK REITs
1633. 533Financial statements: supplementary
1634. Chapter 3: Tax treatment of profits and gains of UK REITs
1635. 534Profits
1636. 535Gains
1637. 535AGains: disposals of rights or interests in UK property rich companies
1638. 535BSection 535A: use of pre-April 2019 residual business losses or deficits
1639. Chapter 4: Entering the UK REIT regime
1640. 536Effects of entry: corporation tax
1641. 537Effects of entry: CAA 2001
1642. 538Entry charge Repealed
1643. 539Calculation of the notional amount Repealed
1644. 540Election to treat notional income as arising in instalments Repealed
1645. Chapter 5: Assets etc
1646. Ring-fencing of property rental business
1647. 541Ring-fencing of property rental business
1648. 542Disapplication of certain provisions
1649. Profits: financing-cost ratio
1650. 543Profit: financing-cost ratio
1651. 544Meaning of “property profits” and “property financing costs”
1652. Cancellation of tax advantage
1653. 545Cancellation of tax advantage
1654. 546Appeal against notice under section 545
1655. Funds awaiting reinvestment
1656. 547Funds awaiting reinvestment
1657. Chapter 6: Distributions
1658. Recipients of distributions
1659. 548Distributions: liability to tax
1660. 549Distributions: supplementary
1661. 549ADistributions from one UK REIT to another UK REIT
1662. Attribution of distributions
1663. 550Attribution of distributions
1664. Distributions to certain shareholders
1665. 551Tax consequences of distribution to holder of excessive rights
1666. 552“The section 552 amount”
1667. 553Meaning of “holder of excessive rights” and “excluded holder”
1668. 554Regulations: distributions to holders of excessive rights
1669. 554AMeaning of “distribution”
1670. Chapter 7: Gains etc
1671. Movement of assets
1672. 555Assets: change of use
1673. 556Disposal of assets
1674. 557Movement of assets into ring fence
1675. Demergers
1676. 558Demergers: disposal of asset
1677. 559Demergers: company leaving group UK REIT
1678. Interpretation
1679. 560Interpretation of Chapter
1680. Chapter 8: Breach of conditions in Chapter 2
1681. 561Notice of breach of relevant Chapter 2 condition
1682. 562Breach of condition C in section 528 (conditions for company)
1683. 562ABreach of condition D in section 528 (conditions for company)
1684. 562BBreach of further condition relating to shares
1685. 562CBreach of further condition relating to shares in accounting periods 1, 2 and 3
1686. 563Breach of property rental business condition
1687. 564Breach of condition as to distribution of profits
1688. 565“The section 565 amount”
1689. 566Breach of condition B in section 531 in accounting period 1
1690. 567Meaning of “the notional amount” Repealed
1691. 568Breach of balance of business conditions after accounting period 1
1692. 569Chapter subject to section 572
1693. Chapter 9: Leaving the UK REIT regime
1694. Introduction
1695. 570Overview of Chapter
1696. Notice to leave regime
1697. 571Termination by notice: group or company
1698. 572Termination by notice: officer of Revenue and Customs
1699. 573Notice under section 572: tax advantage
1700. 573ANotice under section 572: condition D in section 528 not met
1701. 573BNotice under section 572: further condition relating to shares not met
1702. 574Notice under section 572: serious breach
1703. 575Notice under section 572: breach of conditions as to property rental business
1704. 576Notice under section 572: breach of conditions as to balance of business
1705. 577Notice under section 572: multiple breaches of conditions in Chapter 2
1706. Automatic termination
1707. 578Automatic termination for breach of certain conditions in section 528
1708. Effects of cessation
1709. 579Effects of cessation: corporation tax
1710. 580Effects of cessation: CAA 2001
1711. Early exit
1712. 581Early exit by notice
1713. 582Early exit
1714. Chapter 10: Joint ventures
1715. Introduction
1716. 583Overview of Chapter
1717. 584Meaning of “joint venture company” and “joint venture group”
1718. 585Meaning of “venturing group” and “venturing company”
1719. Notice for Part to apply to joint venture
1720. 586Notice for Part to apply: joint venture company
1721. 587Notice for Part to apply: joint venture group
1722. Effect and duration of notice
1723. 588Effect of notice under section 586
1724. 589Effect of notice under section 587
1725. 590Duration of notice under section 586 or 587
1726. Specific requirements and modifications
1727. 591Conditions as to balance of business
1728. 592Joint venture groups: financial statements
1729. 593Financial statements under section 532: joint venture groups
1730. 594Modifications of Chapter 3
1731. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1732. 595Joint venture company liable for additional charge Repealed
1733. 596Member of joint venture group liable for additional charge Repealed
1734. 597Cases where no additional charge due Repealed
1735. Supplementary
1736. 598Chapter 10: supplementary
1737. Chapter 11: Part 12: supplementary
1738. Miscellaneous
1739. 599Calculation of profits
1740. 599AAmount of distribution consisting of share capital issued in lieu of cash dividend
1741. 600Power to make regulations about cases involving related persons
1742. 601Availability of group reliefs
1743. 602Effect of deemed disposal and reacquisition
1744. 603Regulations
1745. Interpretation
1746. 604Property rental business: exclusion of listed business
1747. 605Property rental business: exclusion of business producing listed income
1748. 606Groups
1749. 607Meaning of “entry” and “cessation” etc
1750. 608References to assets
1751. 609Definitions
1752. Part 13: Other special types of company etc
1753. Chapter 1: Corporate beneficiaries under trusts
1754. Discretionary payments
1755. 610Discretionary payments by trustees to companies
1756. Trustees' expenses
1757. 611Income tax provisions to apply in relation to trustees' expenses
1758. Chapter 2: Authorised investment funds
1759. Introduction
1760. 612Overview of Chapter
1761. Open-ended investment companies
1762. 613Meaning of “open-ended investment company”
1763. 614Applicable corporation tax rate
1764. 615Umbrella companies
1765. Authorised unit trusts
1766. 616Meaning of “authorised unit trust” and “unit holder”
1767. 617Authorised unit trust treated as UK resident company
1768. 618Applicable corporation tax rate
1769. 619Umbrella schemes
1770. Court investment funds
1771. 620Court investment funds
1772. Chapter 3: Unauthorised unit trusts Repealed
1773. 621Treatment of income Repealed
1774. 622Treatment of capital expenditure Repealed
1775. Chapter 3A: Investment trusts
1776. 622APower to make provision about treatment of transactions
1777. Chapter 4: Securitisation companies
1778. 623Meaning of “securitisation company”
1779. 624Power to make regulations about the taxation of securitisation companies
1780. 625Regulations: supplementary
1781. Chapter 5: Companies in liquidation or administration
1782. Introduction
1783. 626Meaning of “final year”, “penultimate year” etc
1784. 627Meaning of “main rate of corporation tax” for companies with ring fence profits or small profits
1785. Companies in liquidation
1786. 628Company in liquidation: corporation tax rates
1787. 629Company in liquidation: making of assessment to tax
1788. Companies in administration
1789. 630Company in administration: corporation tax rates
1790. 631Company in administration: making of assessment to tax
1791. Supplementary
1792. 632Meaning of rate being “fixed” or “proposed”
1793. 633Exemption for interest on overpaid tax in final accounting period
1794. Chapter 6: Banks etc in compulsory liquidation
1795. 634Overview of Chapter
1796. 635Application of Chapter
1797. 636Charge to corporation tax on winding up receipts
1798. 637Transfer of rights to payment
1799. 638Allowable deductions
1800. 639Election to carry back
1801. 640Relationship of Chapter with other corporation tax provisions
1802. 641Interpretation of Chapter
1803. Chapter 7: Co-operative housing associations
1804. 642Disregard of rent from members and of interest payable
1805. 643Exemption for gains on a sale of property
1806. 644Approval of housing associations
1807. 645Tests to be satisfied by the association
1808. 646Delegation of powers to the Regulator of Social Housing
1809. 647Claims under section 642 or 643
1810. 648Adjustments of liability
1811. 649Power to make further provision
1812. Chapter 8: Self-build societies
1813. 650Meaning of “self-build society”
1814. 651Disregard of rent from members
1815. 652Exemption for gains on disposals of land to members
1816. 653Approval of self-build societies
1817. 654Delegation of powers to the Regulator of Social Housing
1818. 655Claims under section 651 or 652
1819. 656Adjustments of liability
1820. 657Power to make further provision
1821. Chapter 9: Community amateur sports clubs
1822. Basic concepts
1823. 658Meaning of “community amateur sports club” and “registered club”
1824. 659Meaning of “open to the whole community”
1825. 660Meaning of “organised on an amateur basis”
1826. 660AClubs consisting mainly of social members
1827. 661Meaning of “eligible sport”, “qualifying purposes” etc
1828. 661AThe location condition
1829. 661BThe management condition
1830. 661CPeriods over which management condition treated as met
1831. 661CAThe income condition
1832. Gifts ... relief
1833. 661DTax treatment of gifts qualifying for gift aid relief
1834. 661ETax treatment of gifts of money from companies
1835. Exemptions
1836. 662Exemption for UK trading income
1837. 663Exemption for UK property income
1838. 664Exemption for interest , gift aid and company gift income
1839. 665Exemption for chargeable gains
1840. Claims
1841. 665AClaims in relation to interest , gift aid and company gift income
1842. Restrictions on exemptions
1843. 666Exemptions reduced if non-qualifying expenditure incurred
1844. 667Rules for attributing surplus amount to earlier periods etc
1845. 668How income and gains are attributed
1846. Deemed disposal and acquisition of asset
1847. 669Asset ceasing to be held for qualifying purposes etc
1848. Decisions and appeals
1849. 670Notification of HMRC decision
1850. 671Appeals
1851. Part 14: Change in company ownership
1852. Chapter 1: Introduction
1853. 672Overview of Part
1854. Chapter 2: Disallowance of trading losses
1855. 673Introduction to Chapter
1856. 674Disallowance of trading losses
1857. 674ASection 674: exception for certain losses of ring fence trade
1858. 675Disallowance of trading losses: calculation of balancing charges
1859. 676Company reconstructions
1860. Chapter 2A: Post-1 April 2017 losses: Further cases involving a change in the company's activities
1861. 676AAIntroduction to Chapter
1862. 676ABPriority of provisions of Chapters 2 and 3 over this Chapter
1863. 676AC“Major change in the business” of a company
1864. 676ADNotional split of accounting period in which change in ownership occurs
1865. 676AE“Affected profits”
1866. 676AFRestriction on use of carried-forward post-1 April 2017 trade losses
1867. 676AGRestriction on debits to be brought into account
1868. 676AHRestriction on the carry forward of post-1 April 2017 non-trading deficit from loan relationships
1869. 676AIRestriction on relief for post-1 April 2017 non-trading loss on intangible fixed assets
1870. 676AJRestriction on deduction of post-1 April 2017 expenses of management
1871. 676AKRestriction on use of post-1 April 2017 UK property business losses
1872. 676AL“Co-transferred company” and “related company”
1873. Chapter 2B: Asset transferred within group: restriction of relief for post-1 April trade losses
1874. 676BAIntroduction to Chapter
1875. 676BBNotional split of accounting period in which change in ownership occurs
1876. 676BCDisallowance of relief for trade losses
1877. 676BDMeaning of “the relevant provisions”
1878. 676BEMeaning of “amount of profits which represents a relevant gain”
1879. Chapter 2C: Disallowance of group relief for carried-forward losses: general provision
1880. 676CAIntroduction to Chapter
1881. 676CBRestriction on surrender of carried-forward losses
1882. 676CCCases where consortium condition 1 or 2 was previously met
1883. 676CDCases where consortium condition 3 or 4 was previously met
1884. 676CEExceptions to restrictions
1885. 676CFCases where Chapter 2, 2A or 3 also applies
1886. 676CG“Affected profits”
1887. 676CH“Relevant pre-acquisition loss”
1888. 676CIInterpretation of Chapter
1889. Chapter 2D: Asset transferred within group: Restriction of group relief for carried-forward losses
1890. 676DAIntroduction to Chapter
1891. 676DBNotional split of accounting period in which change in ownership occurs
1892. 676DCDisallowance of group relief for carried-forward losses
1893. 676DDMeaning of “the relevant provisions”
1894. 676DEMeaning of “amount of profits which represents a relevant gain”
1895. Chapter 2E: Post-1 April 2017 trade losses: cases involving the transfer of a trade
1896. 676EAIntroduction to Chapter
1897. 676EBRestriction on use of trade losses carried-forward on transfer of trade
1898. 676ECRestriction on surrender of trade losses carried forward on transfer of trade
1899. 676EDIndirect transfers of a trade
1900. 676EEInterpretation of Chapter
1901. Chapter 3: Company with investment business: restrictions on relief: general provision
1902. Introduction
1903. 677Introduction to Chapter
1904. Notional split of accounting period in which change in ownership occurs
1905. 678Notional split of accounting period in which change in ownership occurs
1906. Restrictions on relief
1907. 679Restriction on debits to be brought into account
1908. 680Restriction on the carry forward of non-trading deficit from loan relationships
1909. 681Restriction on relief for non-trading loss on intangible fixed assets
1910. 682Restriction on the deduction of expenses of management
1911. 683Disallowance of UK property business losses
1912. 684Disallowance of overseas property business losses
1913. Apportionment of amounts
1914. 685Apportionment of amounts
1915. 686Meaning of certain expressions in section 685
1916. Adjustment to balancing charges if relief is restricted
1917. 687Adjustment to balancing charges if relief is restricted
1918. Meaning of “significant increase in the amount of a company's capital”
1919. 688Meaning of “significant increase in the amount of a company's capital”
1920. 689Amount A
1921. 690Amount B
1922. 691Meaning of “amount of capital”
1923. Chapter 4: Company with investment business: restrictions on relief: asset transferred within group
1924. Introduction
1925. 692Introduction to Chapter
1926. 693Meaning of “amount of profits which represents a relevant gain”
1927. 694Meaning of “the relevant provisions”
1928. Notional split of accounting period in which change in ownership occurs
1929. 695Notional split of accounting period in which change in ownership occurs
1930. Restrictions on relief
1931. 696Restriction on debits to be brought into account
1932. 697Restriction on the carry forward of non-trading deficit from loan relationships
1933. 698Restriction on relief for non-trading loss on intangible fixed assets
1934. 699Restrictions on the deduction of expenses of management
1935. 700Disallowance of UK property business losses
1936. 701Disallowance of overseas property business losses
1937. Apportionment of amounts
1938. 702Apportionment of amounts
1939. 703Meaning of certain expressions in section 702
1940. Chapter 5: Company without investment business: disallowance of property losses
1941. 704Company carrying on UK property business
1942. 705Company carrying on overseas property business
1943. Chapter 5A: Shell companies: restrictions on relief
1944. Introduction
1945. 705AIntroduction to Chapter
1946. 705BNotional split of accounting period in which change in ownership occurs
1947. Restrictions on relief
1948. 705CRestriction on debits to be brought into account
1949. 705DRestriction on carry forward of non-trading deficit from loan relationships
1950. 705ERestriction on relief for non-trading loss on intangible fixed assets
1951. Apportionment of amounts
1952. 705FApportionment of amounts
1953. 705GMeaning of certain expressions in section 705F
1954. Chapter 6: Recovery of unpaid corporation tax
1955. General definitions
1956. 706Meaning of “linked” person
1957. 707Meaning of “control”
1958. 708Rights to be attributed for the purposes of section 707
1959. 709Meaning of “the relevant period”
1960. Recovery of unpaid corporation tax for accounting period beginning before change
1961. 710Recovery of unpaid corporation tax for accounting period beginning before change
1962. 711Conditions relating to company's trade or business
1963. 712Meaning of “a major change in the nature or conduct of a trade or business”
1964. Recovery of unpaid corporation tax for accounting period ending on or after change
1965. 713Recovery of unpaid corporation tax for accounting period ending on or after change
1966. 714The expectation condition
1967. 715Meaning of “transaction entered into in connection with change in ownership”
1968. Miscellaneous
1969. 716Interest
1970. 717Effect of payment in pursuance of assessment under section 710 or 713
1971. 718Meaning of “associated company”
1972. Chapter 7: Meaning of “change in the ownership of a company”
1973. Meaning of “change in the ownership of a company”
1974. 719Meaning of “change in the ownership of a company”
1975. 720Section 719: supplementary
1976. 721When things other than ordinary share capital may be taken into account: Chapters 2 to 5A
1977. 722When things other than ordinary share capital may be taken into account: Chapter 6
1978. Changes in indirect ownership
1979. 723Changes in indirect ownership
1980. Disregard of change in ownership
1981. 724Disregard of change in company ownership
1982. 724ADisregard of change in parent company
1983. Supplementary provision
1984. 725Provision applying for the purposes of Chapters 2 to 5A
1985. 726Interpretation of Chapter
1986. Chapter 8: Supplementary provision
1987. 727Extended time limit for assessment
1988. 728Provision of information about ownership of shares etc Repealed
1989. 729Meaning of “company with investment business”
1990. 730Meaning of “relevant non-trading debit”
1991. Part 14A: Transfer of deductions
1992. 730AOverview
1993. 730BInterpretation of Part
1994. 730CDisallowance of deductible amounts: relevant claims
1995. 730DDisallowance of deductible amounts: profit transfers
1996. Part 14B: Tax avoidance involving carried-forward losses
1997. 730EOverview
1998. 730FMeaning of “relevant carried-forward loss”
1999. 730GDisallowance of deductions for relevant carried-forward losses
2000. 730HInterpretation of section 730G
2001. Part 15: Transactions in securities
2002. Introduction
2003. 731Overview of Part
2004. 732Meaning of “corporation tax advantage”
2005. Company liable to counteraction of corporation tax advantage
2006. 733Company liable to counteraction of corporation tax advantage
2007. 734Exception where no tax avoidance object shown
2008. Circumstances in which corporation tax advantages obtained or obtainable
2009. 735Abnormal dividends used for exemptions or reliefs (circumstance A) Repealed
2010. 736Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)
2011. 737Receipt of consideration in connection with relevant company distribution (circumstance D)
2012. 738Receipt of assets of relevant company (circumstance E)
2013. 739Meaning of “relevant company” in sections 737 and 738
2014. 740Abnormal dividends: general
2015. 741Abnormal dividends: the excessive return condition
2016. 742Abnormal dividends: the excessive accrual condition
2017. Procedure for counteraction of corporation tax advantages
2018. 743Preliminary notification that section 733 may apply
2019. 744Opposed notifications: statutory declarations
2020. 745Opposed notifications: determinations by tribunal
2021. 746Counteraction notices
2022. 747Timing of assessments in section 738 cases
2023. Clearance procedure
2024. 748Application for clearance of transactions
2025. 749Effect of clearance notification under section 748
2026. Appeals
2027. 750Appeals against counteraction notices
2028. Interpretation
2029. 751Interpretation of Part
2030. Part 16: Factoring of income etc
2031. Chapter 1: Transfers of income streams
2032. 752Application of Chapter
2033. 753Value of transferred income stream treated as income
2034. 754Exception: amount otherwise taxed
2035. 755Exception: transfer by way of security
2036. 756Partnership shares
2037. 757Interpretation of Chapter
2038. Chapter 1A: Disposals of income streams through partnerships
2039. 757AApplication of Chapter
2040. 757BRelevant amount to be treated as income
2041. Chapter 2: Finance arrangements
2042. Type 1 arrangements
2043. 758Type 1 finance arrangement defined
2044. 759Certain tax consequences not to have effect
2045. 760Payments treated as borrower's income
2046. 761Deemed loan relationship if borrower is a company
2047. 762Deemed loan relationship if borrower is partnership with corporate member
2048. Type 2 arrangements
2049. 763Type 2 finance arrangement defined
2050. 764Relevant change in relation to partnership
2051. 765Certain tax consequences not to have effect
2052. 766Deemed loan relationship
2053. Type 3 arrangements
2054. 767Type 3 finance arrangement defined
2055. 768Certain tax consequences not to have effect
2056. 769Deemed loan relationship
2057. Exceptions
2058. 770Exceptions: preliminary
2059. 771Exceptions
2060. 772Exceptions: relevant person
2061. 773Power to make further exceptions
2062. Supplementary
2063. 774Accounts
2064. 775Arrangements
2065. 776Assets
2066. Chapter 3: Loan or credit transactions
2067. 777Loan or credit transaction defined
2068. 778Certain payments treated as interest
2069. 779Tax charged on income transferred
2070. Chapter 4: Disposals of assets through partnerships
2071. 779AApplication of Chapter
2072. 779BRelevant amount to be treated as income
2073. Part 17: Manufactured payments and repos Repealed
2074. Chapter 1: Introduction Repealed
2075. 780Overview of Part Repealed
2076. 781Key definitions Repealed
2077. Chapter 2: Manufactured dividends Repealed
2078. 782Meaning of “manufactured dividend” Repealed
2079. 783Treatment of payer of manufactured dividend Repealed
2080. 784Treatment of recipient of manufactured dividend Repealed
2081. 785Treatment of payer: Real Estate Investment Trusts Repealed
2082. 786Treatment of recipient: Real Estate Investment Trusts Repealed
2083. 787Exemption of manufactured dividends Repealed
2084. 788Statements about manufactured dividends Repealed
2085. 789Powers about administrative provisions Repealed
2086. Chapter 3: Manufactured overseas dividends Repealed
2087. 790Meaning of “manufactured overseas dividend” Repealed
2088. 791Treatment of payer of manufactured overseas dividend Repealed
2089. 792Company receiving manufactured overseas dividend fromUKresidentetc Repealed
2090. 793Section 792: amount treated as withheld Repealed
2091. 794Company receiving manufactured overseas dividend from foreign payer Repealed
2092. 795Exemption of manufactured overseas dividends Repealed
2093. Chapter 4: Further provision about manufactured payments Repealed
2094. Manufactured payments exceeding, or less than, underlying payments Repealed
2095. 796Manufactured dividends: amounts exceeding underlying payments Repealed
2096. 797Manufactured overseas dividends: amounts exceeding underlying payments Repealed
2097. 798Manufactured overseas dividends less than underlying payments Repealed
2098. Manufactured payments under arrangements with unallowable purpose Repealed
2099. 799Manufactured payments under arrangements with unallowable purpose Repealed
2100. 800Arrangements with an unallowable purpose Repealed
2101. 801Sections 799 and 800: supplementary Repealed
2102. Miscellaneous Repealed
2103. 802Powers about amounts representative of overseas dividends Repealed
2104. 803Power to deal with special cases Repealed
2105. 804Regulation-making powers: general Repealed
2106. Chapter 5: Stock lending arrangements and repos Repealed
2107. Interpretation Repealed
2108. 805“Stock lending arrangement” Repealed
2109. 806Section 805: supplementary Repealed
2110. 807“Creditor repo”, “creditor quasi-repo”, “debtor repo” and “debtor quasi-repo” Repealed
2111. Tax credits: stock lending arrangements and repos Repealed
2112. 808No tax credits for borrower under stock lending arrangement Repealed
2113. 809No tax credits for lender under creditor repo or creditor quasi-repo Repealed
2114. 810No tax credits for borrower under debtor repo or debtor quasi-repo Repealed
2115. 811Arrangements between companies to make distributions Repealed
2116. Deemed manufactured payments Repealed
2117. 812Deemed manufactured payments: stock lending arrangements Repealed
2118. Chapter 6: Interpretation of Part Repealed
2119. 813The gross amount of a manufactured overseas dividendetc Repealed
2120. 814Other interpretation Repealed
2121. Part 17A: Manufactured dividends
2122. 814AOverview of Part
2123. 814BKey definitions
2124. 814CTreatment of payer of manufactured dividend
2125. 814DTreatment of recipient of manufactured dividend
2126. Part 18: Transactions in land Repealed
2127. Introduction Repealed
2128. 815Introduction to Part Repealed
2129. 816Meaning of disposing of land Repealed
2130. 817Priority of other tax provisions Repealed
2131. Charge to tax on gains from transactions in land Repealed
2132. 818Charge to tax on gains from transactions in land Repealed
2133. 819Gains obtained from land disposals in some circumstances Repealed
2134. 820Person obtaining gain Repealed
2135. 821Company chargeable Repealed
2136. 822Method of calculating gain Repealed
2137. Further provisions relevant to the charge Repealed
2138. 823Transactions, arrangements, sales and realisations relevant for Part Repealed
2139. 824Tracing value Repealed
2140. 825Meaning of “another person” Repealed
2141. 826Valuations and apportionments Repealed
2142. Exemptions Repealed
2143. 827Gain attributable to period before intention to develop formed Repealed
2144. 828Disposals of shares in companies holding land as trading stock Repealed
2145. Recovery of tax Repealed
2146. 829Cases where consideration receivable by person not assessed Repealed
2147. 830Certificates of tax paid etc Repealed
2148. Clearances and power to obtain information Repealed
2149. 831Clearance procedure Repealed
2150. 832Power to obtain information Repealed
2151. Interpretation Repealed
2152. 833Interpretation of Part Repealed
2153. Part 19: Sale and lease-back etc
2154. Chapter 1: Payments connected with transferred land
2155. Introduction
2156. 834Overview of Chapter
2157. Application of the Chapter
2158. 835Transferor or associate becomes liable for payment of rent
2159. 836Transferor or associate becomes liable for payment other than rent
2160. 837Relevant corporation tax relief
2161. Relief (other than for certain insurance company expenses): restriction and carrying forward
2162. 838Relevant corporation tax relief: deduction not to exceed commercial rent
2163. Insurance company expenses: restriction and carrying forward of relief
2164. 839Deduction ... not to exceed commercial rent
2165. 840Carrying forward parts of payments
2166. 841Aggregation and apportionment of payments
2167. 842Payments made for later periods
2168. Interpretation etc
2169. 843Exclusion of service charges etc
2170. 844Commercial rent: comparison with rent under a lease
2171. 845Commercial rent: comparison with payments other than rent
2172. 846Lease and rent
2173. 847Associated persons
2174. 848Land outside the UK
2175. Chapter 2: New lease of land after assignment or surrender
2176. Introduction
2177. 849Overview of Chapter
2178. Application of the Chapter
2179. 850New lease after assignment or surrender
2180. Taxation of consideration
2181. 851Taxation of consideration
2182. 852Position where new lease does not include all original property
2183. Relief for rent under new lease
2184. 853Relief for rent under new lease
2185. New lease treated as ending
2186. 854New lease treated as ending
2187. 855Position where rent reduces
2188. 856Position where lease may be ended
2189. 857Position where lease may be varied
2190. 858Lease treated as ending: rentcharge
2191. Lease varied to provide for increased rent
2192. 859Lease varied to provide for increased rent
2193. Interpretation
2194. 860Relevant corporation tax relief
2195. 861Linked persons
2196. 862Lease, lessee, lessor and rent
2197. Chapter 3: Leased trading assets
2198. Introduction
2199. 863Overview of Chapter
2200. Application of the Chapter
2201. 864Leased trading assets
2202. Relief: restriction and carrying forward
2203. 865Tax deduction not to exceed commercial rent
2204. 866Long funding finance leases
2205. 867Commercial rent
2206. Interpretation
2207. 868Lease
2208. 869Relevant asset
2209. Chapter 4: Leased assets: capital sums
2210. Introduction
2211. 870Overview of Chapter
2212. Application of the Chapter
2213. 871Application of the Chapter
2214. 872Payment under lease
2215. 873Sum obtained
2216. Charge to corporation tax
2217. 874Charge to corporation tax
2218. 875Hire-purchase agreements
2219. 876Adjustments where sum obtained before payment made
2220. Obtaining of sum
2221. 877Sum obtained in respect of interest
2222. 878Sum obtained in respect of lessee's interest
2223. 879Disposal of interest to associate
2224. Apportionment
2225. 880Apportionment of payments made and of sums obtained
2226. 881Manner of apportionment
2227. Interpretation
2228. 882Associates
2229. 883Capital sum
2230. 884Lease
2231. 885Relevant asset
2232. 886Relevant tax relief
2233. Part 20: Tax avoidance involving leasing plant or machinery
2234. Chapter 1: Restrictions on use of losses in leasing partnerships
2235. 887When restrictions on leasing partnership losses under this Chapter apply
2236. 888Restrictions on leasing partnership losses
2237. 889Interpretation of Chapter
2238. Chapter 2: Capital payments in respect of leases treated as income
2239. 890Capital payments in respect of leases treated as income
2240. 891Apportionments for leases of plant or machinery and other property
2241. 892Deduction where failure to make relevant capital payment expected
2242. 893Meaning of “capital payment”, “relevant capital payment” etc
2243. 894Other interpretation of Chapter
2244. Chapter 3: Consideration for taking over payment obligations as lessee treated as income
2245. 894AConsideration for taking over payment obligations as lessee treated as income
2246. Part 21: Leasing arrangements: finance leases and loans
2247. Chapter 1: Introduction
2248. Introduction
2249. 895Overview of Part
2250. Meaning of expressions about rent
2251. 896Normal rent
2252. 897Accountancy rental earnings
2253. 898Rental earnings
2254. Chapter 2: Finance leases with return in capital form
2255. Introduction
2256. 899Arrangements to which this Chapter applies
2257. 900Purposes of this Chapter
2258. Leases to which this Chapter applies
2259. 901Application of this Chapter
2260. 902The conditions referred to in section 901(1)
2261. 903Provisions supplementing section 902
2262. 904The arrangements and circumstances referred to in section 902(8)
2263. Current lessor taxed by reference to accountancy rental earnings
2264. 905Current lessor taxed by reference to accountancy rental earnings
2265. Reduction of taxable rent by cumulative rental excesses
2266. 906Reduction of taxable rent by cumulative rental excesses: introduction
2267. 907Meaning of “accountancy rental excess” and “cumulative accountancy rental excess”
2268. 908Reduction of taxable rent by the cumulative accountancy rental excess
2269. 909Meaning of “normal rental excess” and “cumulative normal rental excess”
2270. 910Reduction of taxable rent by the cumulative normal rental excess
2271. Relief for bad debts by reduction of cumulative rental excesses
2272. 911Relief for bad debts: reduction of cumulative accountancy rental excess
2273. 912Recovery of bad debts following reduction under section 911
2274. 913Relief for bad debts: reduction of cumulative normal rental excess
2275. 914Recovery of bad debts following reduction under section 913
2276. Effect of disposals
2277. 915Effect of disposals of leases: general
2278. 916Assignments on which neither a gain nor a loss accrues
2279. Capital allowances: clawback of major lump sum
2280. 917Effect of capital allowances: introduction
2281. 918Cases where expenditure taken into account under Part 2, 5 or 8 of CAA 2001
2282. 919Cases where expenditure taken into account under other provisions of CAA 2001
2283. 920Capital allowances deductions: waste disposal and cemeteries
2284. 921Capital allowances deductions: films
2285. 922Contributors to capital expenditure
2286. Schemes to which this Chapter does not at first apply
2287. 923Pre-26 November 1996 schemes where this Chapter does not at first apply
2288. 924Post-25 November 1996 schemes to which Chapter 3 applied first
2289. Chapter 3: Other finance leases
2290. Introduction
2291. 925Introduction to Chapter
2292. 926Purpose of this Chapter
2293. Current lessor taxed by reference to accountancy rental earnings
2294. 927Leases to which this Chapter applies
2295. 928Current lessor taxed by reference to accountancy rental earnings
2296. Application of provisions of Chapter 2 for purposes of this Chapter
2297. 929Application of provisions of Chapter 2 for purposes of this Chapter
2298. Chapter 4: Supplementary provisions
2299. 930Pre-26 November 1996 schemes and post-25 November 1996 schemes
2300. 931Time apportionment where periods of account do not coincide
2301. 932Periods of account and related periods of account and accounting periods
2302. 933Connected persons
2303. 934Assets which represent the leased asset
2304. 935Parent undertakings and consolidated group accounts
2305. 936Assessments and adjustments
2306. 937Interpretation of Part
2307. Part 21A: Risk transfer schemes
2308. Introduction
2309. 937AOverview
2310. 937BGroup schemes and single company schemes
2311. Basic definitions
2312. 937CMeaning of “risk transfer scheme”
2313. 937DMeaning of “the scheme rate, index or value”
2314. 937EScheme losses and scheme profits
2315. 937FRing-fenced scheme losses and relevant scheme profits
2316. Treatment of ring-fenced scheme losses
2317. 937GRing-fenced scheme loss: treatment in period in which made
2318. 937HRing-fenced scheme loss: treatment in subsequent periods
2319. A company's losses pool and profits pool
2320. 937IA company's losses pool and profits pool
2321. General
2322. 937JTax capacity assumption
2323. 937KMeaning of “associated with”
2324. 937LInterpretation of references to economic losses and profits
2325. 937MForeign currency accounting
2326. 937NMeaning of “scheme”
2327. 937NAPriority
2328. Power to amend this Part
2329. 937OPower to amend this Part in its application to dealers in securities
2330. Part 21B: Group mismatch schemes
2331. 938ALosses and profits from group mismatch schemes to be disregarded
2332. 938BMeaning of “a group mismatch scheme” and “the scheme group”
2333. 938CMeaning of “scheme loss” and “scheme profit”
2334. 938DMeaning of “relevant tax advantage” etc and “the scheme period”
2335. 938EMeaning of “group”
2336. 938FMeaning of references to economic profits and losses
2337. 938GTax capacity assumption
2338. 938HMeaning of “scheme”
2339. 938ISchemes involving repos or quasi-repos
2340. 938JSchemes involving finance arrangements
2341. 938KTrading income
2342. 938LForeign companies and foreign permanent establishments
2343. 938MControlled foreign companies
2344. 938NPriority
2345. Part 21BA: Tax mismatch schemes
2346. 938OLosses and profits from tax mismatch scheme to be disregarded
2347. 938PMeaning of “tax mismatch scheme”
2348. 938QMeaning of “scheme loss” and “scheme profit”
2349. 938RMeaning of “relevant tax advantage” etc and “the scheme period”
2350. 938SMeaning of references to economic profits and losses
2351. 938TTax capacity assumption
2352. 938UMeaning of “scheme”
2353. 938VPriority
2354. Part 21C: Tainted charity donations
2355. Introduction
2356. 939AOverview of Part
2357. 939BRelievable charity donations
2358. Tainted donations
2359. 939CTainted donations
2360. 939DCircumstances in which financial advantage deemed to be obtained Repealed
2361. 939ECertain financial assistance to be ignored
2362. Removal of reliefs
2363. 939FRemoval of corporation tax relief where donation becomes tainted in same accounting period
2364. 939FAClawback of corporation tax relief where donation becomes tainted in later accounting period
2365. 939FBRemoval or clawback of corporation tax relief for associated donations
2366. Supplementary
2367. 939GConnected charities
2368. 939HConnected persons
2369. 939IMinor definitions
2370. Part 22: Miscellaneous provisions
2371. Chapter 1: Transfers of trade without a change of ownership
2372. Introduction
2373. 940AOverview of Chapter
2374. 940BMeaning of “transfer of a trade” and related expressions
2375. Transfers to which Chapter applies
2376. 940CTransfers to which Chapter applies
2377. 941The ownership condition
2378. 942Options that may be applied for the purposes of the ownership condition
2379. 943The tax condition
2380. Effect of Chapter in relation to transfers to which it applies
2381. 943ADisapplication of section 39
2382. 944Modified application of section 45
2383. 944AModified application of section 45A
2384. 944BModified application of section 45B
2385. 944CModified application of section 45F
2386. 944DModified application of section 303B
2387. 944EModified application of section 303D
2388. 945Cases in which predecessor retains more liabilities than assets
2389. 946Rules for determining “L”
2390. 947Rules for determining “A”
2391. 948Modified application of CAA 2001
2392. 949Dual resident investing companies
2393. 950Transfers of trades involving business of leasing plant or machinery
2394. Supplementary
2395. 951Part of trade treated as separate trade
2396. 952Apportionment if part of trade treated as separate trade
2397. 953Application of Chapter to further transfers of a trade
2398. Chapter 2: Transfers of trade to obtain balancing allowances
2399. 954Transfer of activities on complete cessation of trade
2400. 955Transfer of activities on part cessation of trade
2401. 956Apportionment if part of trade treated as separate trade
2402. 957Chapter 2: supplementary
2403. Chapter 3: Transfer of relief within partnerships
2404. 958Application
2405. 959Arrangements for transfer of relief
2406. 960Restrictions on use of reliefs
2407. 961Non-trading profits and losses
2408. 962Interpretation of Chapter
2409. Chapter 4: Surrender of tax refund within group
2410. 963Power to surrender tax refund
2411. 964Effects of surrender of tax refund
2412. 965Interest on tax overpaid or underpaid
2413. 966Payments for surrendered tax refunds
2414. Chapter 5: Set off of income tax deductions against corporation tax
2415. 967Deductions from payments received by UK resident companies
2416. 968Deductions from payments received by non-UK resident companies
2417. Chapter 6: Collection etc of tax from UK representatives of non-UK resident companies
2418. 969Introduction to Chapter
2419. 970Obligations and liabilities in relation to corporation tax
2420. 971Exceptions
2421. 972Interpretation of Chapter
2422. Chapter 7: Recovery of unpaid corporation tax due from non-UK resident company
2423. 973Introduction to Chapter
2424. 974Case in which this Chapter applies
2425. 975Meaning of “the relevant period”
2426. 976Meaning of “related company”
2427. 977Notice requiring payment of unpaid tax
2428. 978Time limit for giving notice
2429. 979Amount payable in consortium case
2430. 980Chapter 7: supplementary
2431. Chapter 8: Exemptions
2432. Trade unions and employers' associations
2433. 981Exemption for trade unions and eligible employers' associations
2434. 982Qualifying income or gains
2435. 983Meaning of “trade union” and “eligible employers' association”
2436. Local authorities etc
2437. 984Local authorities and local authority associations
2438. Health service bodies
2439. 985Health service bodies
2440. 986Meaning of “health service body”
2441. 987NHS foundation trusts
2442. Police
2443. 987AChief constables etc (England and Wales)
2444. Education Authority of Northern Ireland
2445. 987BEducation Authority of Northern Ireland
2446. Northern Ireland Housing Executive
2447. 987CNorthern Ireland Housing Executive
2448. Reserve Bank of India and State Bank of Pakistan
2449. 988Issue departments of the Reserve Bank of India and the State Bank of Pakistan
2450. Agricultural societies
2451. 989Agricultural societies
2452. Chapter 9: Other miscellaneous provisions
2453. UK Economic Interest Groupings and European Economic Interest Groupings
2454. 990UK Economic Interest Groupings and European Economic Interest Groupings
2455. Harbour reorganisation schemes
2456. 991Harbour reorganisation schemes: corporation tax Repealed
2457. 992Harbour reorganisation schemes: capital allowances etc Repealed
2458. 993Harbour reorganisation schemes: chargeable gains Repealed
2459. 994Transfer of part of trade Repealed
2460. 995Interpretation of sections 991 to 994 Repealed
2461. Groups: use of different accounting practices
2462. 996Use of different accounting practices within a group of companies
2463. Sporting testimonial payments and associated payments
2464. 996ADeductions from total profits for sporting testimonial payments and associated payments
2465. Part 23: Company distributions
2466. Chapter 1: Introduction
2467. 997Overview of Part
2468. Chapter 2: Matters which are distributions
2469. Introduction
2470. 998Overview of Chapter
2471. 999Priority of negative rules
2472. Meaning of “distribution”
2473. 1000Meaning of “distribution”
2474. 1001Provisions related to paragraphs A to H in section 1000(1)
2475. Distributions, other than dividends, in respect of shares
2476. 1002Exceptions for certain transfers of assets or liabilities between a company and its members Repealed
2477. Redeemable share capital
2478. 1003Redeemable share capital
2479. Securities issued otherwise than for new consideration
2480. 1004Securities issued otherwise than for new consideration
2481. Distributions in respect of non-commercial securities
2482. 1005Meaning of “non-commercial securities”
2483. 1006Distributions exceeding consideration received for issue of security
2484. 1007Securities issued at premium representing new consideration
2485. 1008Consideration for issue of security exceeding amount of principal
2486. Exceptions to section 1008
2487. 1009Securities reflecting dividends on certain shares etc: exclusion of section 1008
2488. 1010Meaning of “qualifying index” in section 1009
2489. 1011Meaning of “associated company” in section 1009
2490. 1012Hedging arrangements
2491. 1013Exception to section 1012
2492. 1014Meaning of “hedging arrangements”
2493. Distributions in respect of special securities
2494. 1015Meaning of “special securities”
2495. 1016Meaning of “equity note” in section 1015
2496. 1017Section 1015: other interpretation
2497. 1018The principal secured: special securities
2498. 1019Relevant alternative finance return
2499. Transfers of assets or liabilities treated as distributions
2500. 1020Transfers of assets or liabilities treated as distributions
2501. 1021Section 1020: exceptions Repealed
2502. Bonus issue following repayment of share capital
2503. 1022Bonus issue following repayment of share capital treated as distribution
2504. 1023Exceptions to section 1022(3)
2505. Interpretation of references to repayment of share capital
2506. 1024Premiums paid on redemption of share capital
2507. 1025Share capital issued at a premium representing new consideration
2508. 1026Distributions following a bonus issue
2509. 1027Cap on amount of distributions affected by section 1026
2510. 1027ADistributions following reduction of share capital
2511. 1028Certain payments connected with exempt distributions
2512. Chapter 3: Matters which are not distributions
2513. Introduction
2514. 1029Overview of Chapter
2515. Distributions in a winding up
2516. 1030Distribution in respect of share capital in a winding up
2517. Distributions prior to dissolution of company
2518. 1030ADistributions in respect of share capital prior to dissolution of company
2519. 1030BSection 1030A: effect of company not being dissolved, etc
2520. Distribution as part of a cross-border merger
2521. 1031Distribution as part of a cross-border merger
2522. Payments of interest
2523. 1032Interest etc paid in respect of certain securities
2524. ...
2525. 1032APayment in respect of tier two capital Repealed
2526. Purchase of own shares
2527. 1033Purchase by unquoted trading company of own shares
2528. 1034Requirements as to residence
2529. 1035Requirement as to period of ownership
2530. 1036Determining the period of ownership
2531. 1037Requirement as to reduction of seller's interest as shareholder
2532. 1038Section 1037: effect of entitlement to profits
2533. 1039Requirements where purchasing company is a member of a group
2534. 1040Determining whether interests as shareholders in a group are substantially reduced
2535. 1041Section 1040: effect of entitlement to profits
2536. 1042Other requirements
2537. 1043Relaxation of requirements in certain cases
2538. Purchase of own shares: supplementary
2539. 1044Advance clearance of payments by Commissioners
2540. 1045Advance clearance: supplementary
2541. 1046Information and returns
2542. 1047Meaning of “group” and “51% subsidiary” in sections 1033 to 1047
2543. 1048Sections 1033 to 1047: other interpretation
2544. Stock dividends
2545. 1049Stock dividends
2546. 1050Application of section 1049 where bonus share capital is converted etc
2547. 1051“Bonus share capital” and “in lieu of a cash dividend”
2548. 1052Share capital to which section 1049 applies: returns
2549. 1053Return periods
2550. Building society payments
2551. 1054Building society payments
2552. Registered society payments
2553. 1055Registered societies : interest and share dividends
2554. 1056Dividend or bonus relating to transactions
2555. Payments made by UK agricultural or fishing co-operatives
2556. 1057UK agricultural or fishing co-operatives: interest and share dividends
2557. 1058Meaning of “UK agricultural or fishing co-operative”
2558. Supplementary provisions
2559. 1059Associated persons
2560. 1060Associated persons: trustees
2561. 1061Associated persons: personal representatives
2562. 1062Connected persons
2563. 1063Section 1062: supplementary
2564. Chapter 4: Special rules for distributions made by certain companies
2565. Close companies
2566. 1064Certain expenses of close companies treated as distributions
2567. 1065Exception for benefits treated as employment income etc
2568. 1066Exception for certain transfers between UK resident companies
2569. 1067Companies acting in concert or under arrangements
2570. 1068Meaning of “participator” in sections 1064 to 1067
2571. 1069Additional persons treated as participators
2572. Companies carrying on a mutual business
2573. 1070Companies carrying on a mutual business
2574. Companies not carrying on a business
2575. 1071Companies not carrying on a business
2576. Members of a 90% group
2577. 1072Members of a 90% group
2578. Chapter 5: Demergers
2579. Introduction
2580. 1073Key terms etc
2581. 1074Purpose of provisions about demergers
2582. Exempt distributions
2583. 1075Exempt distributions
2584. 1076Transfer of shares in subsidiaries to members
2585. 1077Transfer by distributing company and issue of shares by transferee company
2586. 1078Division of business in a cross-border transfer
2587. 1079“The distributing company”
2588. 1080Meaning of “relevant company”
2589. Exemption by virtue of section 1076 or 1077: conditions
2590. 1081General conditions
2591. 1082Conditions for distributions within section 1076(a)
2592. 1083Conditions for distributions within section 1077(1)
2593. 1084Cases where condition K does not apply
2594. 1085Conditions to be met if the distributing company is a 75% subsidiary
2595. Chargeable payments
2596. 1086Chargeable payments connected with exempt distributions
2597. 1087Chargeable payments not deductible in calculating profits
2598. 1088Meaning of “chargeable payment”
2599. 1089Meaning of “chargeable payment”: unquoted companies
2600. 1090Meaning of “company concerned in an exempt distribution”
2601. Advance clearance
2602. 1091Advance clearance of distributions
2603. 1092Advance clearance of payments
2604. 1093Requirements relating to applications for clearance
2605. 1094Decision of the Commissioners or tribunal
2606. Information and returns
2607. 1095Exempt distributions: returns
2608. 1096Chargeable payments etc: returns
2609. 1097Information about person for whom a payment is received Repealed
2610. Supplementary
2611. 1098Meaning of “unquoted company”
2612. 1099Other definitions etc
2613. Chapter 6: Information and returns: further provisions
2614. General duties to provide information
2615. 1100Certain distributions: right to request a statement
2616. 1101Other distributions etc: returns and information
2617. 1102Other distributions etc: additional information
2618. 1103Power to modify or replace sections 1101 and 1102
2619. Companies and nominees required to provide tax certificates
2620. 1104Company distributing dividend or interest: duty to provide tax certificates
2621. 1105Duties of nominees
2622. 1106Meaning of “tax certificate” etc
2623. 1107Penalties
2624. 1108Alternative means of compliance with sections 1104 and 1105
2625. Chapter 7: Tax credits
2626. 1109Tax credits for certain recipients of exempt qualifying distributions Repealed
2627. 1110Recovery of overpaid tax credit etc Repealed
2628. 1111Section 1110: supplementary Repealed
2629. Chapter 8: Interpretation of Part
2630. 1112Arrangements between companies
2631. 1113“In respect of shares”
2632. 1114“In respect of securities”
2633. 1115“New consideration”
2634. 1116References to married persons, or civil partners, living together
2635. 1117Other interpretation
2636. Part 24: Corporation Tax Acts definitions etc
2637. Chapter 1: Definitions
2638. 1118Introduction to Chapter
2639. 1119The definitions
2640. 1120“Bank”
2641. 1121“Company”
2642. 1122“Connected” persons
2643. 1123“Connected” persons: supplementary
2644. 1124“Control”
2645. 1125“Farming” and related expressions
2646. 1126“Franked investment income” Repealed
2647. 1127“Generally accepted accounting practice” and related expressions
2648. 1128“Grossing up”
2649. 1129“Hire-purchase agreement”
2650. 1130“Local authority”
2651. 1131“Local authority association”
2652. 1132“Offshore installation”
2653. 1133Regulations about the meaning of “offshore installation”
2654. 1134“Oil and gas exploration and appraisal”
2655. 1135“Property investment LLP”
2656. 1136“Qualifying distribution” Repealed
2657. 1137“Recognised stock exchange”
2658. 1138“Research and development”
2659. 1139“Tax advantage”
2660. 1140“Unauthorised unit trust”
2661. Chapter 2: Permanent establishments
2662. General
2663. 1140AIntroduction
2664. 1141Permanent establishments of companies
2665. Circumstances where there is no permanent establishment
2666. 1142Agent of independent status
2667. 1143Preparatory or auxiliary activities
2668. 1144Alternative finance arrangements
2669. Brokers
2670. 1145The independent broker conditions
2671. Investment managers
2672. 1146The independent investment manager conditions
2673. 1147Investment managers: the 20% rule Repealed
2674. 1148Section 1147: interpretation Repealed
2675. 1149Application of 20% rule to collective investment schemes Repealed
2676. 1150Meaning of “investment manager” and “investment transaction”
2677. Lloyd's agents
2678. 1151Lloyd's agents Repealed
2679. Supplementary
2680. 1152Investment managers: disregard of certain chargeable profits Repealed
2681. 1153Miscellaneous
2682. Chapter 3: Subsidiaries
2683. 1154Meaning of “51% subsidiary”, “75% subsidiary” and “90% subsidiary”
2684. 1155Indirect ownership of ordinary share capital
2685. 1156Calculation of amounts owned indirectly: main rules
2686. 1157Adding fractions together
2687. Chapter 4: Investment trusts
2688. 1158Meaning of “investment trust”
2689. 1159Approval
2690. 1160Calculation of income Repealed
2691. 1161The income retention condition: exceptions Repealed
2692. 1162The 15% holding limit: exceptions Repealed
2693. 1163Basic meaning of “holding in a company” Repealed
2694. 1164More about the meaning of “holding in a company” Repealed
2695. 1165Other interpretation Repealed
2696. Chapter 5: Other Corporation Tax Acts provisions
2697. 1166Scotland
2698. 1167Sources of income within the charge to corporation tax or income tax
2699. 1168Payment of dividends
2700. 1169Settlements and trustees
2701. 1170Territorial sea of the United Kingdom
2702. 1171Orders and regulations
2703. 1172Apportionment to different periods
2704. 1173Miscellaneous charges
2705. Part 25: Definitions for purposes of Act and final provisions
2706. Definitions for the purposes of Act
2707. 1174Abbreviated references to Acts
2708. 1175Claims and elections
2709. 1176Meaning of “connected” persons and “control”
2710. Final provisions
2711. 1177Minor and consequential amendments
2712. 1178Power to make consequential provision
2713. 1179Power to undo changes
2714. 1180Transitional provisions and savings
2715. 1181Repeals and revocations
2716. 1182Index of defined expressions
2717. 1183Extent
2718. 1184Commencement
2719. 1185Short title
2720. Schedule 1: Minor and consequential amendments
2721. Part 1: Income and Corporation Taxes Act 1988
2722. 1Paragraph 1
2723. 2Paragraph 2
2724. 3Paragraph 3
2725. 4Paragraph 4
2726. 5Paragraph 5
2727. 6Paragraph 6
2728. 7Paragraph 7
2729. 8Paragraph 8
2730. 9Paragraph 9 Repealed
2731. 10Paragraph 10 Repealed
2732. 11Paragraph 11
2733. 12Paragraph 12
2734. 13Paragraph 13
2735. 14Paragraph 14
2736. 15Paragraph 15
2737. 16Paragraph 16
2738. 17Paragraph 17
2739. 18Paragraph 18
2740. 19Paragraph 19 Repealed
2741. 20Paragraph 20
2742. 21Paragraph 21
2743. 22Paragraph 22
2744. 23Paragraph 23
2745. 24Paragraph 24
2746. 25Paragraph 25
2747. 26Paragraph 26
2748. 27Paragraph 27
2749. 28Paragraph 28
2750. 29Paragraph 29
2751. 30Paragraph 30
2752. 31Paragraph 31
2753. 32Paragraph 32
2754. 33Paragraph 33
2755. 34Paragraph 34
2756. 35Paragraph 35
2757. 36Paragraph 36
2758. 37Paragraph 37
2759. 38Paragraph 38
2760. 39Paragraph 39
2761. 40Paragraph 40
2762. 41Paragraph 41
2763. 42Paragraph 42 Repealed
2764. 43Paragraph 43 Repealed
2765. 44Paragraph 44 Repealed
2766. 45Paragraph 45 Repealed
2767. 46Paragraph 46 Repealed
2768. 47Paragraph 47 Repealed
2769. 48Paragraph 48 Repealed
2770. 49Paragraph 49 Repealed
2771. 50Paragraph 50 Repealed
2772. 51Paragraph 51 Repealed
2773. 52Paragraph 52
2774. 53Paragraph 53
2775. 54Paragraph 54
2776. 55Paragraph 55
2777. 56Paragraph 56
2778. 57Paragraph 57
2779. 58Paragraph 58
2780. 59Paragraph 59
2781. 60Paragraph 60
2782. 61Paragraph 61
2783. 62Paragraph 62
2784. 63Paragraph 63
2785. 64Paragraph 64
2786. 65Paragraph 65
2787. 66Paragraph 66
2788. 67Paragraph 67
2789. 68Paragraph 68
2790. 69Paragraph 69
2791. 70Paragraph 70
2792. 71Paragraph 71
2793. 72Paragraph 72
2794. 73Paragraph 73
2795. 74Paragraph 74
2796. 75Paragraph 75
2797. 76Paragraph 76
2798. 77Paragraph 77
2799. 78Paragraph 78
2800. 79Paragraph 79
2801. 80Paragraph 80
2802. 81Paragraph 81
2803. 82Paragraph 82
2804. 83Paragraph 83
2805. 84Paragraph 84
2806. 85Paragraph 85
2807. 86Paragraph 86
2808. 87Paragraph 87
2809. 88Paragraph 88
2810. 89Paragraph 89
2811. 90Paragraph 90
2812. 91Paragraph 91
2813. 92Paragraph 92
2814. 93Paragraph 93
2815. 94Paragraph 94
2816. 95Paragraph 95
2817. 96Paragraph 96
2818. 97Paragraph 97
2819. 98Paragraph 98
2820. 99Paragraph 99
2821. 100Paragraph 100
2822. 101Paragraph 101
2823. 102Paragraph 102
2824. 103Paragraph 103 Repealed
2825. 104Paragraph 104
2826. 105Paragraph 105
2827. 106Paragraph 106
2828. 107Paragraph 107
2829. 108Paragraph 108
2830. 109Paragraph 109
2831. 110Paragraph 110
2832. 111Paragraph 111
2833. 112Paragraph 112
2834. 113Paragraph 113
2835. 114Paragraph 114
2836. 115Paragraph 115
2837. 116Paragraph 116 Repealed
2838. 117Paragraph 117
2839. 118Paragraph 118
2840. 119Paragraph 119
2841. 120Paragraph 120
2842. 121Paragraph 121
2843. 122Paragraph 122
2844. 123Paragraph 123
2845. 124Paragraph 124
2846. 125Paragraph 125
2847. 126Paragraph 126
2848. 127Paragraph 127
2849. 128Paragraph 128
2850. 129Paragraph 129
2851. 130Paragraph 130
2852. 131Paragraph 131
2853. 132Paragraph 132
2854. 133Paragraph 133
2855. 134Paragraph 134
2856. 135Paragraph 135
2857. 136Paragraph 136
2858. 137Paragraph 137
2859. 138Paragraph 138
2860. 139Paragraph 139
2861. 140Paragraph 140
2862. 141Paragraph 141
2863. 142Paragraph 142
2864. 143Paragraph 143
2865. 144Paragraph 144
2866. 145Paragraph 145
2867. 146Paragraph 146
2868. 147Paragraph 147
2869. 148Paragraph 148
2870. 149Paragraph 149
2871. Part 2: Other enactments
2872. Finance Act 1930
2873. 150Paragraph 150
2874. Finance Act (Northern Ireland) 1954 (c. 23(N.I.))
2875. 151Paragraph 151
2876. Taxes Management Act 1970
2877. 152Paragraph 152
2878. 153Paragraph 153 Repealed
2879. 154Paragraph 154
2880. 155Paragraph 155
2881. 156Paragraph 156
2882. 157Paragraph 157
2883. 158Paragraph 158
2884. 159Paragraph 159
2885. Oil Taxation Act 1975
2886. 160Paragraph 160
2887. 161Paragraph 161
2888. 162Paragraph 162
2889. 163Paragraph 163
2890. 164Paragraph 164
2891. 165Paragraph 165
2892. 166Paragraph 166
2893. 167Paragraph 167
2894. Solicitors (Northern Ireland) Order 1976 (S.I. 1976/582 (N.I. 12))
2895. 168Paragraph 168
2896. Alcoholic Liquor Duties Act 1979
2897. 169Paragraph 169
2898. Finance Act 1980
2899. 170Paragraph 170
2900. 171Paragraph 171
2901. 172Paragraph 172
2902. Betting and Gaming Duties Act 1981
2903. 173Paragraph 173
2904. 174Paragraph 174
2905. 175Paragraph 175
2906. Finance Act 1982
2907. 176Paragraph 176
2908. 177Paragraph 177
2909. 178Paragraph 178
2910. Finance Act 1983
2911. 179Paragraph 179
2912. Oil Taxation Act 1983
2913. 180Paragraph 180
2914. 181Paragraph 181
2915. 182Paragraph 182
2916. 183Paragraph 183
2917. 184Paragraph 184
2918. Finance Act 1984
2919. 185Paragraph 185
2920. 186Paragraph 186
2921. 187Paragraph 187
2922. Inheritance Tax Act 1984
2923. 188Paragraph 188
2924. 189Paragraph 189
2925. 190Paragraph 190
2926. 191Paragraph 191
2927. 192Paragraph 192
2928. Police and Criminal Evidence Act 1984
2929. 193Paragraph 193
2930. Administration of Justice Act 1985 (c. 61)
2931. 194Paragraph 194
2932. Finance Act 1986
2933. 195Paragraph 195
2934. 196Paragraph 196 Repealed
2935. 197Paragraph 197
2936. 198Paragraph 198
2937. 199Paragraph 199
2938. 200Paragraph 200
2939. 201Paragraph 201
2940. Gas Act 1986
2941. 202Paragraph 202
2942. Finance Act 1987
2943. 203Paragraph 203
2944. 204Paragraph 204
2945. 205Paragraph 205
2946. Local Government Finance Act 1988
2947. 206Paragraph 206
2948. 207Paragraph 207 Repealed
2949. 208Paragraph 208 Repealed
2950. 209Paragraph 209
2951. 210Paragraph 210
2952. Housing Act 1988
2953. 211Paragraph 211
2954. Finance Act 1989
2955. 212Paragraph 212
2956. 213Paragraph 213 Repealed
2957. 214Paragraph 214 Repealed
2958. 215Paragraph 215
2959. 216Paragraph 216
2960. 217Paragraph 217
2961. Electricity Act 1989
2962. 218Paragraph 218
2963. Police and Criminal Evidence (Northern Ireland) Order 1989 (S.I. 1989/1341 (N.I. 12))
2964. 219Paragraph 219
2965. Finance Act 1990
2966. 220Paragraph 220
2967. Finance Act 1991
2968. 221Paragraph 221
2969. 222Paragraph 222
2970. 223Paragraph 223
2971. 224Paragraph 224
2972. Taxation of Chargeable Gains Act 1992
2973. 225Paragraph 225
2974. 226Paragraph 226
2975. 227Paragraph 227
2976. 228Paragraph 228
2977. 229Paragraph 229
2978. 230Paragraph 230
2979. 231Paragraph 231
2980. 232Paragraph 232
2981. 233Paragraph 233
2982. 234Paragraph 234
2983. 235Paragraph 235
2984. 236Paragraph 236
2985. 237Paragraph 237
2986. 238Paragraph 238
2987. 239Paragraph 239
2988. 240Paragraph 240
2989. 241Paragraph 241
2990. 242Paragraph 242
2991. 243Paragraph 243
2992. 244Paragraph 244
2993. 245Paragraph 245
2994. 246Paragraph 246
2995. 247Paragraph 247
2996. 248Paragraph 248
2997. 249Paragraph 249
2998. 250Paragraph 250
2999. 251Paragraph 251 Repealed
3000. 252Paragraph 252
3001. 253Paragraph 253
3002. 254Paragraph 254
3003. 255Paragraph 255
3004. 256Paragraph 256
3005. 257Paragraph 257
3006. 258Paragraph 258
3007. 259Paragraph 259 Repealed
3008. 260Paragraph 260
3009. 261Paragraph 261
3010. 262Paragraph 262
3011. 263Paragraph 263
3012. 264Paragraph 264
3013. 265Paragraph 265
3014. 266Paragraph 266
3015. 267Paragraph 267
3016. 268Paragraph 268
3017. 269Paragraph 269
3018. Finance (No.2) Act 1992(c. 48)
3019. 270Paragraph 270
3020. Electricity (Northern Ireland) Order 1992 (S.I. 1992/231 (N.I. 1))
3021. 271Paragraph 271
3022. Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15))
3023. 272Paragraph 272
3024. Charities Act 1993
3025. 273Paragraph 273 Repealed
3026. 274Paragraph 274 Repealed
3027. 275Paragraph 275 Repealed
3028. Finance Act 1993
3029. 276Paragraph 276
3030. 277Paragraph 277
3031. 278Paragraph 278
3032. 279Paragraph 279
3033. Finance Act 1994
3034. 280Paragraph 280
3035. 281Paragraph 281
3036. 282Paragraph 282 Repealed
3037. 283Paragraph 283
3038. 284Paragraph 284
3039. Value Added Tax Act 1994
3040. 285Paragraph 285
3041. Finance Act 1995
3042. 286Paragraph 286
3043. 287Paragraph 287
3044. 288Paragraph 288
3045. 289Paragraph 289
3046. 290Paragraph 290
3047. Finance Act 1996
3048. 291Paragraph 291
3049. 292Paragraph 292
3050. 293Paragraph 293
3051. Broadcasting Act 1996
3052. 294Paragraph 294
3053. Gas (Northern Ireland) Order 1996 (S.I. 1996/275 (N.I. 2))
3054. 295Paragraph 295
3055. Finance Act 1997 (c. 16)
3056. 296Paragraph 296
3057. Finance Act 1998
3058. 297Paragraph 297
3059. Petroleum Act 1998
3060. 298Paragraph 298
3061. Regional Development Agencies Act 1998
3062. 299Paragraph 299 Repealed
3063. Finance Act 1999
3064. 300Paragraph 300
3065. 301Paragraph 301
3066. 302Paragraph 302
3067. Commonwealth Development Corporation Act 1999
3068. 303Paragraph 303
3069. Greater London Authority Act 1999
3070. 304Paragraph 304
3071. 305Paragraph 305
3072. 306Paragraph 306
3073. 307Paragraph 307
3074. Finance Act 2000
3075. 308Paragraph 308
3076. 309Paragraph 309
3077. 310Paragraph 310
3078. 311Paragraph 311
3079. 312Paragraph 312
3080. 313Paragraph 313
3081. 314Paragraph 314
3082. 315Paragraph 315
3083. 316Paragraph 316
3084. 317Paragraph 317
3085. 318Paragraph 318
3086. Trustee Act 2000
3087. 319Paragraph 319
3088. Transport Act 2000
3089. 320Paragraph 320
3090. 321Paragraph 321
3091. 322Paragraph 322
3092. Capital Allowances Act 2001
3093. 323Paragraph 323
3094. 324Paragraph 324
3095. 325Paragraph 325
3096. 326Paragraph 326
3097. 327Paragraph 327
3098. 328Paragraph 328
3099. 329Paragraph 329
3100. 330Paragraph 330
3101. 331Paragraph 331
3102. 332Paragraph 332
3103. 333Paragraph 333
3104. 334Paragraph 334
3105. 335Paragraph 335
3106. 336Paragraph 336
3107. 337Paragraph 337
3108. 338Paragraph 338
3109. 339Paragraph 339
3110. 340Paragraph 340
3111. 341Paragraph 341
3112. 342Paragraph 342
3113. 343Paragraph 343
3114. 344Paragraph 344
3115. 345Paragraph 345
3116. 346Paragraph 346
3117. 347Paragraph 347 Repealed
3118. 348Paragraph 348
3119. 349Paragraph 349
3120. 350Paragraph 350
3121. 351Paragraph 351
3122. 352Paragraph 352
3123. 353Paragraph 353
3124. 354Paragraph 354
3125. 355Paragraph 355
3126. 356Paragraph 356
3127. 357Paragraph 357
3128. 358Paragraph 358
3129. 359Paragraph 359
3130. 360Paragraph 360
3131. 361Paragraph 361
3132. 362Paragraph 362
3133. 363Paragraph 363
3134. 364Paragraph 364 Repealed
3135. 365Paragraph 365
3136. Finance Act 2001
3137. 366Paragraph 366 Repealed
3138. Trustee Act (Northern Ireland) 2001 (c. 14 (N.I.))
3139. 367Paragraph 367
3140. Finance Act 2002
3141. 368Paragraph 368
3142. 369Paragraph 369
3143. 370Paragraph 370
3144. 371Paragraph 371
3145. 372Paragraph 372 Repealed
3146. 373Paragraph 373
3147. 374Paragraph 374
3148. 375Paragraph 375
3149. 376Paragraph 376 Repealed
3150. 377Paragraph 377
3151. Income Tax (Earnings and Pensions) Act 2003
3152. 378Paragraph 378
3153. 379Paragraph 379
3154. 380Paragraph 380
3155. 381Paragraph 381
3156. 382Paragraph 382
3157. 383Paragraph 383
3158. 384Paragraph 384
3159. 385Paragraph 385
3160. 386Paragraph 386
3161. 387Paragraph 387
3162. 388Paragraph 388
3163. 389Paragraph 389
3164. 390Paragraph 390
3165. 391Paragraph 391
3166. 392Paragraph 392
3167. 393Paragraph 393
3168. 394Paragraph 394
3169. 395Paragraph 395
3170. 396Paragraph 396
3171. 397Paragraph 397
3172. 398Paragraph 398
3173. 399Paragraph 399
3174. Finance Act 2003
3175. 400Paragraph 400
3176. 401Paragraph 401
3177. 402Paragraph 402
3178. 403Paragraph 403
3179. 404Paragraph 404
3180. 405Paragraph 405
3181. 406Paragraph 406
3182. 407Paragraph 407
3183. 408Paragraph 408
3184. 409Paragraph 409
3185. 410Paragraph 410
3186. 411Paragraph 411
3187. 412Paragraph 412
3188. 413Paragraph 413
3189. 414Paragraph 414
3190. 415Paragraph 415
3191. 416Paragraph 416
3192. 417Paragraph 417
3193. 418Paragraph 418
3194. 419Paragraph 419
3195. 420Paragraph 420
3196. 421Paragraph 421
3197. Housing (Northern Ireland) Order 2003 (S.I. 2003/412 (N.I. 2))
3198. 422Paragraph 422
3199. Finance Act 2004
3200. 423Paragraph 423
3201. 424Paragraph 424
3202. 425Paragraph 425
3203. 426Paragraph 426
3204. 427Paragraph 427
3205. 428Paragraph 428
3206. 429Paragraph 429
3207. 430Paragraph 430
3208. 431Paragraph 431
3209. 432Paragraph 432
3210. Energy Act 2004
3211. 433Paragraph 433
3212. 434Paragraph 434
3213. 435Paragraph 435
3214. 436Paragraph 436
3215. 437Paragraph 437
3216. 438Paragraph 438
3217. Companies (Audit, Investigations and Community Enterprise) Act 2004
3218. 439Paragraph 439
3219. Scotland Act 1998 (Transfer of Functions to the Scottish Ministers etc) Order 2004 (S.I. 2004/2030)
3220. 440Paragraph 440
3221. 441Paragraph 441
3222. 442Paragraph 442
3223. 443Paragraph 443
3224. Income Tax (Trading and Other Income) Act 2005
3225. 444Paragraph 444
3226. 445Paragraph 445
3227. 446Paragraph 446
3228. 447Paragraph 447
3229. 448Paragraph 448
3230. 449Paragraph 449
3231. 450Paragraph 450
3232. 451Paragraph 451
3233. 452Paragraph 452
3234. 453Paragraph 453
3235. 454Paragraph 454
3236. 455Paragraph 455
3237. 456Paragraph 456 Repealed
3238. 457Paragraph 457
3239. 458Paragraph 458
3240. 459Paragraph 459
3241. 460Paragraph 460
3242. 461Paragraph 461
3243. 462Paragraph 462
3244. 463Paragraph 463
3245. 464Paragraph 464
3246. 465Paragraph 465
3247. 466Paragraph 466
3248. 467Paragraph 467
3249. 468Paragraph 468
3250. 469Paragraph 469
3251. 470Paragraph 470
3252. 471Paragraph 471
3253. 472Paragraph 472
3254. Finance Act 2005
3255. 473Paragraph 473
3256. 474Paragraph 474
3257. 475Paragraph 475
3258. 476Paragraph 476
3259. 477Paragraph 477
3260. Railways Act 2005
3261. 478Paragraph 478
3262. Finance (No. 2) Act 2005 (c. 22)
3263. 479Paragraph 479
3264. Finance Act 2006
3265. 480Paragraph 480
3266. 481Paragraph 481
3267. 482Paragraph 482
3268. 483Paragraph 483
3269. 484Paragraph 484
3270. 485Paragraph 485
3271. 486Paragraph 486
3272. Companies Act 2006
3273. 487Paragraph 487
3274. 488Paragraph 488
3275. 489Paragraph 489 Repealed
3276. 490Paragraph 490
3277. Charities Act 2006 (c. 50)
3278. 491Paragraph 491 Repealed
3279. 492Paragraph 492 Repealed
3280. 493Paragraph 493 Repealed
3281. Income Tax Act 2007
3282. 494Paragraph 494
3283. 495Paragraph 495
3284. 496Paragraph 496
3285. 497Paragraph 497
3286. 498Paragraph 498
3287. 499Paragraph 499
3288. 500Paragraph 500
3289. 501Paragraph 501
3290. 502Paragraph 502
3291. 503Paragraph 503
3292. 504Paragraph 504
3293. 505Paragraph 505
3294. 506Paragraph 506
3295. 507Paragraph 507
3296. 508Paragraph 508
3297. 509Paragraph 509
3298. 510Paragraph 510
3299. 511Paragraph 511
3300. 512Paragraph 512
3301. 513Paragraph 513
3302. 514Paragraph 514
3303. 515Paragraph 515
3304. 516Paragraph 516
3305. 517Paragraph 517
3306. 518Paragraph 518
3307. 519Paragraph 519
3308. 520Paragraph 520
3309. 521Paragraph 521
3310. 522Paragraph 522
3311. 523Paragraph 523
3312. 524Paragraph 524
3313. 525Paragraph 525
3314. 526Paragraph 526
3315. 527Paragraph 527
3316. 528Paragraph 528
3317. 529Paragraph 529
3318. 530Paragraph 530
3319. 531Paragraph 531
3320. 532Paragraph 532 Repealed
3321. 533Paragraph 533 Repealed
3322. 534Paragraph 534 Repealed
3323. 535Paragraph 535 Repealed
3324. 536Paragraph 536
3325. 537Paragraph 537 Repealed
3326. 538Paragraph 538 Repealed
3327. 539Paragraph 539
3328. 540Paragraph 540 Repealed
3329. 541Paragraph 541 Repealed
3330. 542Paragraph 542 Repealed
3331. 543Paragraph 543 Repealed
3332. 544Paragraph 544
3333. 545Paragraph 545 Repealed
3334. 546Paragraph 546 Repealed
3335. 547Paragraph 547
3336. 548Paragraph 548
3337. 549Paragraph 549
3338. 550Paragraph 550
3339. 551Paragraph 551
3340. 552Paragraph 552
3341. 553Paragraph 553
3342. 554Paragraph 554
3343. 555Paragraph 555
3344. 556Paragraph 556
3345. 557Paragraph 557
3346. 558Paragraph 558
3347. 559Paragraph 559
3348. 560Paragraph 560
3349. 561Paragraph 561
3350. 562Paragraph 562
3351. 563Paragraph 563
3352. 564Paragraph 564
3353. 565Paragraph 565
3354. 566Paragraph 566
3355. 567Paragraph 567
3356. 568Paragraph 568
3357. 569Paragraph 569
3358. 570Paragraph 570
3359. 571Paragraph 571
3360. 572Paragraph 572
3361. Finance Act 2007
3362. 573Paragraph 573
3363. 574Paragraph 574
3364. 575Paragraph 575
3365. Finance Act 2008
3366. 576Paragraph 576
3367. 577Paragraph 577
3368. 578Paragraph 578
3369. 579Paragraph 579
3370. 580Paragraph 580
3371. 581Paragraph 581
3372. 582Paragraph 582
3373. 583Paragraph 583
3374. Crossrail Act 2008 (c. 18)
3375. 584Paragraph 584
3376. Charities Act (Northern Ireland) 2008 (c. 12 (N.I.))
3377. 585Paragraph 585
3378. 586Paragraph 586
3379. 587Paragraph 587
3380. Transfer of Housing Corporation Functions (Modifications and Transitional Provisions) Order 2008 (S.I. 2008/2839)
3381. 588Paragraph 588
3382. Corporation Tax Act 2009 (c. 4)
3383. 589Paragraph 589
3384. 590Paragraph 590
3385. 591Paragraph 591
3386. 592Paragraph 592
3387. 593Paragraph 593
3388. 594Paragraph 594
3389. 595Paragraph 595
3390. 596Paragraph 596
3391. 597Paragraph 597
3392. 598Paragraph 598
3393. 599Paragraph 599
3394. 600Paragraph 600
3395. 601Paragraph 601
3396. 602Paragraph 602 Repealed
3397. 603Paragraph 603 Repealed
3398. 604Paragraph 604
3399. 605Paragraph 605
3400. 606Paragraph 606
3401. 607Paragraph 607
3402. 608Paragraph 608
3403. 609Paragraph 609
3404. 610Paragraph 610
3405. 611Paragraph 611
3406. 612Paragraph 612
3407. 613Paragraph 613
3408. 614Paragraph 614
3409. 615Paragraph 615 Repealed
3410. 616Paragraph 616
3411. 617Paragraph 617
3412. 618Paragraph 618
3413. 619Paragraph 619
3414. 620Paragraph 620
3415. 621Paragraph 621
3416. 622Paragraph 622
3417. 623Paragraph 623
3418. 624Paragraph 624
3419. 625Paragraph 625
3420. 626Paragraph 626
3421. 627Paragraph 627
3422. 628Paragraph 628
3423. 629Paragraph 629
3424. 630Paragraph 630
3425. 631Paragraph 631
3426. 632Paragraph 632
3427. 633Paragraph 633
3428. 634Paragraph 634
3429. 635Paragraph 635 Repealed
3430. 636Paragraph 636 Repealed
3431. 637Paragraph 637
3432. 638Paragraph 638
3433. 639Paragraph 639
3434. 640Paragraph 640
3435. 641Paragraph 641
3436. 642Paragraph 642
3437. 643Paragraph 643
3438. 644Paragraph 644
3439. 645Paragraph 645
3440. 646Paragraph 646
3441. 647Paragraph 647
3442. 648Paragraph 648
3443. 649Paragraph 649
3444. 650Paragraph 650
3445. 651Paragraph 651
3446. 652Paragraph 652
3447. 653Paragraph 653
3448. 654Paragraph 654
3449. 655Paragraph 655
3450. 656Paragraph 656
3451. 657Paragraph 657
3452. 658Paragraph 658
3453. 659Paragraph 659
3454. 660Paragraph 660
3455. 661Paragraph 661
3456. 662Paragraph 662
3457. 663Paragraph 663 Repealed
3458. 664Paragraph 664
3459. 665Paragraph 665
3460. 666Paragraph 666
3461. 667Paragraph 667
3462. 668Paragraph 668
3463. 669Paragraph 669
3464. 670Paragraph 670
3465. 671Paragraph 671 Repealed
3466. 672Paragraph 672 Repealed
3467. 673Paragraph 673 Repealed
3468. 674Paragraph 674 Repealed
3469. 675Paragraph 675
3470. 676Paragraph 676
3471. 677Paragraph 677
3472. 678Paragraph 678
3473. 679Paragraph 679
3474. 680Paragraph 680
3475. 681Paragraph 681
3476. 682Paragraph 682
3477. 683Paragraph 683
3478. 684Paragraph 684
3479. 685Paragraph 685
3480. 686Paragraph 686
3481. 687Paragraph 687
3482. 688Paragraph 688
3483. 689Paragraph 689
3484. 690Paragraph 690
3485. 691Paragraph 691
3486. 692Paragraph 692
3487. 693Paragraph 693
3488. 694Paragraph 694
3489. 695Paragraph 695
3490. 696Paragraph 696
3491. 697Paragraph 697
3492. 698Paragraph 698
3493. 699Paragraph 699
3494. 700Paragraph 700
3495. 701Paragraph 701
3496. 702Paragraph 702
3497. 703Paragraph 703
3498. 704Paragraph 704
3499. Saving Gateway Accounts Act 2009 (c. 8)
3500. 705Paragraph 705 Repealed
3501. Finance Act 2009 (c. 10)
3502. 706Paragraph 706
3503. 707Paragraph 707
3504. 708Paragraph 708
3505. 709Paragraph 709
3506. 710Paragraph 710
3507. 711Paragraph 711
3508. 712Paragraph 712
3509. 713Paragraph 713
3510. 714Paragraph 714
3511. 715Paragraph 715
3512. 716Paragraph 716
3513. 717Paragraph 717
3514. 718Paragraph 718
3515. 719Paragraph 719
3516. 720Paragraph 720
3517. 721Paragraph 721
3518. 722Paragraph 722 Repealed
3519. 723Paragraph 723
3520. 724Paragraph 724
3521. Schedule 2: Transitionals and savings etc
3522. Part 1: General provisions
3523. Continuity of the law: general
3524. 1Paragraph 1
3525. 2Paragraph 2
3526. 3Paragraph 3
3527. 4Paragraph 4
3528. 5Paragraph 5
3529. 6Paragraph 6
3530. 7Paragraph 7
3531. General saving for old transitional provisions and savings
3532. 8Paragraph 8
3533. Interpretation
3534. 9Paragraph 9
3535. Part 2: Changes in the law
3536. 10Paragraph 10
3537. Part 3: Currency
3538. Sterling equivalent of certain losses carried back to an earlier period
3539. 11Paragraph 11
3540. Adjustment of certain sterling losses carried back to an earlier period
3541. 12Paragraph 12
3542. Right of company to elect for alternative provision to apply
3543. 13Paragraph 13
3544. 14Paragraph 14
3545. 15Paragraph 15
3546. 16Paragraph 16
3547. Part 4: Loss relief (other than share loss relief)
3548. Carry forward loss reliefs
3549. 17Paragraph 17
3550. Trade loss relief against total profits
3551. 18Paragraph 18
3552. 19Paragraph 19
3553. Transfers of trade to obtain relief
3554. 20Paragraph 20
3555. Dealings in commodity futures
3556. 21Paragraph 21
3557. Leasing contracts and company reconstructions
3558. 22Paragraph 22
3559. Reliefs for limited partners not to exceed contribution to the firm
3560. 23Paragraph 23
3561. Reliefs for members of LLPs not to exceed contribution to the LLP
3562. 24Paragraph 24
3563. Loss relief against miscellaneous income: Case VI losses under ICTA
3564. 25Paragraph 25
3565. Write-off of government investment
3566. 26Paragraph 26
3567. Part 5: Losses on disposal of shares
3568. Disposals of new shares
3569. 27Paragraph 27
3570. Qualifying trading companies
3571. 28Paragraph 28
3572. The trading requirement
3573. 29Paragraph 29
3574. Ceasing to meet trading requirement because of administration or receivership
3575. 30Paragraph 30
3576. The control and independence requirement
3577. 31Paragraph 31
3578. The qualifying subsidiaries requirement
3579. 32Paragraph 32
3580. The property managing subsidiaries requirement
3581. 33Paragraph 33
3582. The gross assets requirement
3583. 34Paragraph 34
3584. The unquoted status requirement
3585. 35Paragraph 35
3586. Power to amend requirements by Treasury order
3587. 36Paragraph 36
3588. Relief after an exchange of shares for shares in another company
3589. 37Paragraph 37
3590. substitution of new shares for old shares
3591. 38Paragraph 38
3592. Interpretation of Chapter
3593. 39Paragraph 39
3594. 40Paragraph 40
3595. Meaning of “qualifying 90% subsidiary”
3596. 41Paragraph 41
3597. Meaning of “qualifying subsidiary”
3598. 42Paragraph 42
3599. Meaning of “excluded activities”
3600. 43Paragraph 43
3601. Excluded activities: wholesale and retail distribution
3602. 44Paragraph 44
3603. Excluded activities: leasing of ships
3604. 45Paragraph 45
3605. Excluded activities: receipt of royalties and licence fees
3606. 46Paragraph 46
3607. 47Paragraph 47
3608. 48Paragraph 48
3609. Excluded activities: provision of services or facilities for another business
3610. 49Paragraph 49
3611. Meaning of a company being “in administration”
3612. 50Paragraph 50
3613. Application in relation to corresponding bonus shares
3614. 51Paragraph 51
3615. Part 6: Group Relief
3616. 52Paragraph 52
3617. 53Paragraph 53
3618. 54Paragraph 54
3619. 55Paragraph 55
3620. Part 7: Charitable donations relief
3621. Condition as to repayment
3622. 56Paragraph 56
3623. Restrictions on associated benefits
3624. 57Paragraph 57
3625. Enactment of extra-statutory concession
3626. 58Paragraph 58
3627. Part 8: CITR
3628. 59Paragraph 59
3629. Part 9: Oil activities
3630. Regional development grants
3631. 60Paragraph 60
3632. Part 10: Leasing plant or machinery
3633. Disapplication of Chapter 2 of Part 9
3634. 61Paragraph 61
3635. Disapplication of sections 360 and 361 and modification of section 360 in some cases
3636. 62Paragraph 62
3637. Disapplication of provisions about cases where sections 360 to 369 do not apply
3638. 63Paragraph 63
3639. 64Paragraph 64
3640. Relief for expenses otherwise carried forward: losses incurred in accounting periods ending before 22 April 2009
3641. 65Paragraph 65
3642. 66Paragraph 66
3643. 67Paragraph 67
3644. Modifications of sales of lessors Chapters in Part 9 where the relevant date is before 22 April 2009
3645. 68Paragraph 68
3646. Part 11: Close companies
3647. Exceptions to the charge under section 455
3648. 69Paragraph 69
3649. Part 12: Charitable companies etc
3650. Transactions in deposits
3651. 70Paragraph 70
3652. Exemption for investment income
3653. 71Paragraph 71
3654. Exemption for certain miscellaneous income
3655. 72Paragraph 72
3656. Transactions with substantial donors
3657. 73Paragraph 73 Repealed
3658. 74Paragraph 74 Repealed
3659. 75Paragraph 75 Repealed
3660. 76Paragraph 76 Repealed
3661. Non-charitable expenditure
3662. 77Paragraph 77
3663. Part 13: Real Estate Investment Trusts
3664. Notice under section 523 or 524
3665. 78Paragraph 78
3666. Property rental business: excluded business
3667. 79Paragraph 79
3668. Part 14: Co-operative housing associations and self-build societies
3669. Concurrent exercise of functions
3670. 80Paragraph 80
3671. 81Paragraph 81
3672. Delegation of functions to the Regulator of Social Housing
3673. 82Paragraph 82
3674. 83Paragraph 83
3675. Part 15: Transactions in securities
3676. Transactions in securities: general
3677. 84Paragraph 84
3678. Transactions in securities: meaning of relevant companies for the purposes of sections 737 and 738
3679. 85Paragraph 85
3680. Part 16: Factoring of income etc
3681. Transfers of income streams
3682. 86Paragraph 86
3683. Application of Chapter 2 of Part 16 (finance arrangements) to pre-6 June 2006 arrangements
3684. 87Paragraph 87
3685. Application of section 771 (finance arrangements: exceptions)
3686. 88Paragraph 88
3687. Application of section 779 (income-transfer under loan or credit transaction)
3688. 89Paragraph 89
3689. Part 17: Manufactured payments and repos Repealed
3690. Manufactured dividends and manufactured overseas dividends: distributions paid before 1 July 2009 Repealed
3691. 90Paragraph 90 Repealed
3692. 91Paragraph 91 Repealed
3693. Manufactured overseas dividends: overseas dividends paid before 22 April 2009 Repealed
3694. 92Paragraph 92 Repealed
3695. Deemed manufactured payments: stock lending arrangements Repealed
3696. 93Paragraph 93 Repealed
3697. 94Paragraph 94 Repealed
3698. Part 18: Sale and lease-back etc
3699. New lease of land after assignment or surrender: right to new lease existed pre-22 June 1971
3700. 95Paragraph 95
3701. Part 19: Tax avoidance involving leasing plant or machinery
3702. Relevant capital payments: pre-12 March 2008 payments and obligations
3703. 96Paragraph 96
3704. Relevant capital payments: leases whose inception is before 22 April 2009
3705. 97Paragraph 97
3706. Part 20: Leasing arrangements: finance leases and loans
3707. Old bad debts
3708. 98Paragraph 98
3709. Part 21: Transfers of trade without a change in ownership
3710. 99Paragraph 99
3711. 100Paragraph 100
3712. Part 22: Use of different accounting practices within a group
3713. 101Paragraph 101
3714. Part 23: Company distributions
3715. Amount of principal secured: non-commercial securities
3716. 102Paragraph 102
3717. Meaning of “special securities”
3718. 103Paragraph 103
3719. Amount of principal secured: special securities
3720. 104Paragraph 104
3721. Bonus issue following repayment of share capital
3722. 105Paragraph 105
3723. Share capital issued as paid up otherwise than by receipt of new consideration
3724. 106Paragraph 106
3725. Interest etc paid in respect of certain securities
3726. 107Paragraph 107
3727. Stock dividends
3728. 108Paragraph 108
3729. 109Paragraph 109
3730. Exempt distributions
3731. 110Paragraph 110
3732. Eligibility for tax credits
3733. 111Paragraph 111
3734. Recovery of overpaid tax credits etc
3735. 112Paragraph 112
3736. Part 24: Corporation Tax Acts definitions etc
3737. 113Paragraph 113
3738. 114Paragraph 114
3739. 115Paragraph 115
3740. Schedule 3: Repeals and revocations
3741. 1General
3742. 2Repeals and revocations having effect for corporation tax purposes only
3743. Schedule 4: Index of defined expressions