Taxation (International and Other Provisions) Act 2010

2010 c. 8 · Enacted 18 March 2010 · Extends to United Kingdom

Contents

1. Part 1: Overview
2. 1Overview of Act
3. Part 2: Double taxation relief
4. Chapter 1: Double taxation arrangements and unilateral relief arrangements
5. Double taxation arrangements
6. 2Giving effect to arrangements made in relation to other territories
7. 3Arrangements may include retrospective or supplementary provision
8. 4Meaning of “double taxation” in sections 2 and 3
9. 5Orders under section 2: contents and procedure
10. 6The effect given by section 2 to double taxation arrangements
11. 7General regulations
12. Unilateral relief arrangements
13. 8Interpretation: “unilateral relief arrangements” means rules 1 to 9, etc
14. 9Rule 1: the unilateral entitlement to credit for non-UK tax
15. 10Rule 2: accrued income profits
16. 11Rule 3: interaction between double taxation arrangements and rules 1 and 2
17. 12Rule 4: cases in which, and calculation of, credit allowed for tax on dividends
18. 13Rule 5: credit for tax charged directly on dividend
19. 14Rule 6: credit for underlying tax on dividend paid to 10% associate of payer
20. 15Rule 7: credit for underlying tax on dividend paid to sub-10% associate
21. 16Rule 8: credit for underlying tax on dividend paid by exchanged associate
22. 17Rule 9: credit in relation to dividends for spared tax
23. Chapter 2: Double taxation relief by way of credit
24. Effect to be given to credit for foreign tax allowed against UK tax
25. 18Entitlement to credit for foreign tax reduces UK tax by amount of the credit
26. 19Time limits for claims for relief under section 18(2)
27. 20Foreign tax includes tax spared because of international development relief
28. Interpretation of Chapter
29. 21Meaning of “the arrangements”, “the non-UK territory”, “foreign tax” etc
30. Credits where same income charged to income tax in more than one tax year
31. 22Credit for foreign tax on overlap profit if credit for that tax already allowed Repealed
32. 23Time limits for claims for relief under section 22(2) Repealed
33. 24Claw-back of relief under section 22(2) Repealed
34. Cases in which credit not allowed
35. 25Credit not allowed if relief allowed against overseas tax
36. 26Credit not allowed under arrangements unless taxpayer is UK resident
37. 27Credit not allowed if person elects against credit
38. Exceptions to requirement to be UK resident
39. 28Unilateral relief for Isle of Man or Channel Islands tax
40. 29Unilateral relief for tax on income from employment or office
41. 30Unilateral relief for non-UK tax on non-resident's UK branch or agency etc
42. Calculating income or gains in respect of which credit is allowed
43. 31Calculation of income or gain where remittance basis does not apply
44. 32Calculation of amount received where UK tax charged on remittance basis
45. Limits on credit: general rules
46. 33Limit on credit: minimisation of the foreign tax
47. 34Reduction in credit: payment by reference to foreign tax
48. 35Disallowed credit: use as a deduction
49. Limit on, and reduction of, credit against income tax
50. 36Amount of limit
51. 37Credit against tax on trade income: further rules
52. 38Credit against tax on royalties: further rules
53. 39Credit reduced by reference to accrued income losses
54. Limit on credit against capital gains tax
55. 40Amount of limit
56. Limit on total credit against income tax and capital gains tax
57. 41Amount of limit
58. Limit on credit against corporation tax
59. 42Amount of limit
60. 43Profits attributable to permanent establishments for purposes of section 42(2)
61. 44Credit against tax on trade income
62. 45Credit against tax on trade income: anti-avoidance rules
63. 46Applying section 44(2): asset in hedging relationship with derivative contract
64. 47Applying section 44(2): royalty income
65. 48Applying section 44(2): “portfolio” of transactions, arrangements or assets
66. 49Restricting section 44(3) if company is a bank or connected with a bank
67. 49ALimit on credit in cases involving qualifying loan relationships of CFCs
68. 49BApplying section 42(2) to non-trading credits from loan relationships etc
69. Calculating tax for purposes of section 42(2)
70. 50Tax for period on loan relationships
71. 51Tax for period on intangible fixed assets
72. Allocation of deductions etc to profits for purposes of section 42
73. 52General deductions
74. 53Earlier years' non-trading deficits on loan relationships
75. 54Non-trading debits on loan relationships
76. 55Current year's non-trading deficits on loan relationships
77. 56Non-trading debits on intangible fixed assets
78. Taking account of foreign tax underlying dividends
79. 57Credit in respect of dividend: taking account of underlying tax
80. 58Calculation if dividend paid by non-resident company to resident company
81. 59Meaning of “relevant profits” in section 58
82. 60Underlying tax to be left out of account on claim to that effect
83. 61Calculation if section 58 does not apply
84. 62Meaning of “relevant profits” in section 61
85. Taking account of tax underlying dividends that is not foreign tax
86. 63Non-UK company dividend paid to 10% investor: relief for UK and other tax
87. Tax underlying dividend treated as underlying tax paid by dividend's recipient
88. 64Meaning of “dividend-paying chain” of companies
89. 65Relief for underlying tax paid by company lower in dividend-paying chain
90. 66Limitations on section 65(4)
91. Tax underlying dividends: restriction of relief, and particular cases
92. 67Restriction of relief if underlying tax at rate higher than rate of corporation tax
93. 68Meaning of “avoidance scheme” in section 67
94. 69Dividends paid out of transferred profits
95. 70Underlying tax reflecting interest on loans
96. 71Foreign taxation of group as single entity
97. Adjustment of foreign tax on profits of overseas permanent establishment
98. 71ACircumstances in which section 71B applies
99. 71BReduction of foreign tax paid on profits of overseas PE
100. Unrelieved foreign tax on profits of overseas permanent establishment
101. 72Application of section 73(1)
102. 73Carry-forward and carry-back of unrelieved foreign tax
103. 74Rules for carrying back unrelieved foreign tax
104. 75Two or more establishments treated as a single establishment
105. 76Former and subsequent establishments regarded as distinct establishments
106. 77Claims for relief under section 73(1)
107. 78Meaning of “overseas permanent establishment”
108. Action after adjustment of amount payable by way of UK or foreign tax
109. 79Time limits for action if tax adjustment makes credit excessive or insufficient
110. 80Duty to give notice that adjustment has rendered credit excessive
111. Schemes and arrangements designed to increase relief: anti-avoidance
112. 81Countering effect of avoidance arrangements
113. 82Conditions for the purposes of section 81(1)
114. 83Schemes and arrangements referred to in section 82(4)
115. 84Section 83(2) and (4): schemes enabling attribution of foreign tax
116. 85Section 83(2) and (4): schemes about effect of paying foreign tax
117. 85ASection 83(2) and (4): schemes involving deemed foreign tax
118. 86Section 83(2) and (4): schemes about claims or elections etc
119. 87Section 83(2) and (4): schemes that would reduce a person's tax liability
120. 88Section 83(2) and (4): schemes involving tax-deductible payments
121. 89Contents of counteraction notice Repealed
122. 90Consequences of counteraction notices Repealed
123. 91Counteraction notices given before tax return made Repealed
124. 92Counteraction notices given after tax return made Repealed
125. 93Amendment, closure notices and discovery assessments in section 92 cases Repealed
126. 94Information made available for the purposes of section 92(4) Repealed
127. 95Interpretation of sections 89 to 94 Repealed
128. Insurance companies
129. 96Companies with overseas branches: restriction of credit
130. 97Companies with more than one category of business: restriction of credit
131. 97ACommercial allocation of relevant income to different categories of long-term business
132. 98Attribution for section 97 purposes if category is gross roll-up business Repealed
133. 99Allocation of expenses etc in calculations under section 35 of CTA 2009
134. 100First limitation for purposes of section 99(2)
135. 101Second limitation for purposes of section 99(2)
136. 102Interpreting sections 99 to 101 for life assurance or gross roll-up business Repealed
137. 103Interpreting sections 99 to 101 ...
138. 104Interpreting sections 100 and 101: amounts referable to category of business
139. Chapter 3: Miscellaneous provisions
140. Application of Part for capital gains tax purposes
141. 105Meaning of “chargeable gain”
142. 106Chapters 1 and 2 apply to capital gains tax separately from other taxes
143. When foreign tax disregarded in applying Part for corporation tax purposes
144. 107Disregard of foreign tax referable to derivative contract
145. 108Disregard of foreign tax attributable to interest under a loan relationship
146. 109Repo cases in which no disregard under section 108
147. 110Stock-lending cases in which no disregard under section 108
148. Special rules for discretionary trusts
149. 111When payment to beneficiary treated as arising from foreign source
150. Deduction for foreign tax where no credit allowed
151. 112Deduction from income for foreign tax (instead of credit against UK tax)
152. 113Deduction from capital gain for foreign tax (instead of credit against UK tax)
153. 114Time limits for action if tax adjustment makes reduction too large or too small
154. 115Duty to give notice that adjustment has rendered reduction too large
155. European cross-border transfers of business
156. 116Introduction to section 117
157. 117Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets
158. European cross-border mergers
159. 118Introduction to section 119
160. 119Tax treated as chargeable in respect of transfer of loan relationship, derivative contract or intangible fixed assets
161. Transparent entities involved in cross-border transfers and mergers
162. 120Introduction to section 121
163. 121Tax treated as chargeable in respect of relevant transactions
164. Cross-border transfers and mergers: chargeable gains
165. 122Tax treated as chargeable in respect of gains on transfer of non-UK business
166. Interpretation of sections related to the Mergers Directive
167. 123Interpretation of sections 116 to 122
168. Cases about being taxed otherwise than in accordance with double taxation arrangements
169. 124Giving effect to solutions to cases and mutual agreements resolving cases
170. 125Effect of, and deadline for, presenting a case
171. The Arbitration Convention
172. 126Meaning of “the Arbitration Convention”
173. 127Giving effect to agreements, decisions and opinions under the Convention
174. 128Disclosure under the Convention
175. International dispute-resolution instruments and agreements
176. 128APower by regulations to give effect to international obligations etc
177. 128BGiving effect to requirements under section 128A regulations
178. 128CDisclosure under international obligations etc
179. Disclosure of information
180. 129Disclosure where relief given overseas for tax paid in the United Kingdom
181. Interpretation of double taxation arrangements
182. 130Interpreting provision about UK taxation of profits of foreign enterprises
183. 130AInterpreting provision about UK taxation of pensions etc
184. 131Interpreting provision about interest influenced by special relationship
185. 132Interpreting provision about royalties influenced by special relationship
186. 133Special relationship rule for royalties: matters to be shown by taxpayer
187. Assessments
188. 134Correcting assessments where relief is available
189. Part 3: Double taxation relief for special withholding tax
190. Introductory
191. 135Relief under this Part: introductory
192. 136Interpretation of Part
193. Credit etc for special withholding tax
194. 137Income tax credit etc for special withholding tax
195. 138Amount and application of the deemed tax under section 137
196. 139Capital gains tax credit etc for special withholding tax
197. 140Provisions about the deemed tax under section 139
198. 141Credit under Chapter 2 of Part 2 to be allowed first
199. Calculation of income or gain on remittance basis where special withholding tax levied
200. 142Conditions for purposes of section 143
201. 143Taking account of special withholding tax in calculating income or gains
202. Certificates to avoid levy of special withholding tax
203. 144Issue of certificate
204. 145Refusal to issue certificate and appeal against refusal
205. Part 4: Transfer pricing
206. Chapter 1: Basic transfer-pricing rule
207. 146Application of this Part
208. 147Tax calculations to be based on arm's length, not actual, provision
209. 148The “participation condition”
210. 148AParticipation condition treated as met: transfer pricing notice
211. Chapter 2: Key interpretative provisions
212. Meaning of certain expressions that first appear in section 147
213. 149“Actual provision” and “affected persons”
214. 150“Transaction” and “series of transactions”
215. 151“Arm's length provision”
216. 152Arm's length provision where actual provision relates to securities Repealed
217. 153Arm's length provision where security issued and guarantee given Repealed
218. 153ACertain guarantees not capable of being arm’s length
219. 153BElection for deemed guarantee
220. 154Interpretation of sections 153A and 153B
221. 155“Potential advantage” in relation to United Kingdom taxation
222. 156“Losses” and “profits”
223. “Direct participation” in management, control or capital of a person
224. 157Direct participation
225. “Indirect participation” in management, control or capital of a person
226. 158Indirect participation: defined by sections 159 to 161
227. 159Indirect participation: potential direct participant
228. 160Indirect participation: one of several major participants
229. 161Indirect participation: involvement in financing arrangements
230. 162Indirect participation: sections 148 , 175 and 219(2): further financing cases Repealed
231. 162AAgreements for common management
232. 162BArrangements to avoid participation condition
233. 163Meaning of “connected” in sections 159 and 161
234. Application of OECD principles
235. 164Part to be interpreted in accordance with OECD principles
236. Chapter 3: Exemptions from basic rule
237. 164AUK to UK Exemption
238. 165Exemption for dormant companies
239. 166Exemption for small and medium-sized enterprises
240. 167Small and medium-sized enterprises: exceptions from exemption
241. 167ASmall enterprises: exception from exemption: transfer pricing notice
242. 168Medium-sized enterprises: exception from exemption: transfer pricing notice
243. 169Giving of transfer pricing notices
244. 170Appeals against transfer pricing notices
245. 171Tax returns where transfer pricing notice given
246. 172Meaning of “small enterprise” and “medium-sized enterprise”
247. 173Meaning of “qualifying territory” and “non-qualifying territory”
248. 173AExchange gains and losses arising as a result of qualifying loan relationships and derivative contracts
249. Chapter 4: Position, if only one affected person potentially advantaged, of other affected person
250. Claim by affected person who is not advantaged
251. 174Claim by the affected person who is not potentially advantaged etc
252. 174AClaims under section 174 where disadvantaged person within charge to income tax
253. 175Application of section 174 where guarantee disallowed
254. 176Claims under section 174: advantaged person must have made return
255. 177Time for making, or amending, claim under section 174
256. 178Meaning of “return” in sections 176 and 177
257. Claims: special cases
258. 179Compensating payment if advantaged person is controlled foreign company
259. 180Application of section 174(2)(a) in relation to transfers of trading stock etc
260. Alternative way of claiming if borrowing is involved
261. 181Section 182 applies to claims where actual provision relates to borrowing
262. 182Making of section 182 claims
263. 183Giving effect to section 182 claims
264. 184Amending a section 182 claim if it is followed by relevant notice
265. Notification to persons who may be disadvantaged
266. 185Notice to potential claimants
267. 186Extending claim period if notice under section 185 not given or given late
268. Treatment of interest where claim made
269. 187Tax treatment if actual interest exceeds arm's length interest
270. Treatment of interest where claim prevented by section 174A
271. 187AExcess interest treated as a ... distribution
272. Adjustment of double taxation relief where claim made
273. 188Double taxation relief by way of credit for foreign tax
274. 189Double taxation relief by way of deduction for foreign tax
275. Interpretation of Chapter
276. 190Meaning of “relevant notice”
277. Chapter 5: Position of guarantor of affected person's borrowing liabilities
278. 191When sections 192 to 194 apply
279. 192Attribution to guarantor company of things done by borrower
280. 192AProvision for cases within Part 6A
281. 193Interaction between claims under sections 174 and 192(1)
282. 194Claims under section 192(1): general provisions
283. Chapter 6: Balancing payments
284. 195Qualifying conditions for purposes of section 196
285. 196Balancing payments between affected persons: no charge to, or relief from, tax
286. 197Qualifying conditions for purposes of section 198
287. 198Balancing payments by guarantor to borrower: no charge to, or relief from, tax
288. 199Pre-conditions for making election under section 200
289. 200Election to pay tax rather than make balancing payments
290. 201Pre-conditions for making election under section 202
291. 202Election, in guarantee case, to pay tax rather than make balancing payments
292. 203Elections under section 200 or 202
293. 204Meaning of “capital market condition” in sections 199 and 201
294. Chapter 7: Oil-related ring-fence trades
295. 205Provision made or imposed between ring-fence trade and other activities
296. 206Meaning of “oil-related ring-fence trade” in sections 205 and 218
297. 206AModification of basic rule where allowances restricted for certain expenditure
298. Chapter 8: Supplementary provisions and interpretation of Part
299. Unit trusts
300. 207Application of Part to unit trusts
301. ...
302. 208The determinations which require the Commissioners' sanction Repealed
303. 209Determinations exempt from requirement for Commissioners' sanction Repealed
304. 210The requirement for the Commissioners' sanction Repealed
305. 211Restriction of right to appeal against Commissioners' approval Repealed
306. Appeals
307. 212Appeals
308. Effect of Part on capital allowances and chargeable gains
309. 213Capital allowances
310. 214Chargeable gains
311. Adjustments
312. 215Manner of making adjustments to give effect to Part
313. Definitions
314. 216Meaning of “the relevant activities”
315. 217Meaning of “control” and “firm”
316. Part 4A: Assessment of unassessed transfer pricing profits
317. Chapter 1: Unassessed transfer pricing profits
318. 217AIntroduction
319. 217BUnassessed transfer pricing profits
320. Chapter 2: Conditions for being assessed
321. 217CConditions for being assessed under this Part at the UTPP rate
322. 217DEffective tax mismatch outcome
323. 217ETax design condition
324. Chapter 3: Assessment
325. 217FPreliminary notices
326. 217GRepresentations by the company
327. 217HAssessment
328. 217IAmendment of company tax return by company
329. 217JAmendment of assessment by HMRC
330. 217KNo postponement except before assessment is finalised for tax on same profits
331. 217LClosure notices: rules relating to period for amendments
332. 217MAppeal against assessment
333. 217NReview of assessment
334. 217PSettling of appeal by agreement
335. 217QNo repayment
336. 217RExclusion of reliefs, deductions and set-offs
337. 217SAssessment otherwise than at UTPP rate: no deduction for excess losses
338. Chapter 4: Interpretation
339. Interpretation
340. 217TInterpretation
341. Part 5: Advance pricing agreements
342. 218Meaning of “advance pricing agreement”
343. 219Meaning of “associate” in section 218(2)(e)
344. 220Effect of agreement on party to it
345. 221Effect of revocation of agreement or breach of its conditions
346. 222Effect of agreement on non-parties
347. 223Application for agreement
348. 224Provision in agreement about years ended or begun before agreement made
349. 225Modification and revocation of agreement
350. 226Annulment of agreement for misrepresentation
351. 227Penalty for misrepresentation in connection with agreement
352. 228Party to agreement: duty to provide information
353. 229Modifications of agreement for double taxation purposes
354. 230Interpretation of Part: meaning of “Commissioners” and “officer”
355. Part 6: Tax arbitrage Repealed
356. Introduction Repealed
357. 231Overview Repealed
358. Deduction notices Repealed
359. 232Deduction notices Repealed
360. 233The deduction scheme conditions Repealed
361. 234Schemes achieving UK tax advantage for a company Repealed
362. 235Further provisions about deduction notices Repealed
363. Deduction schemes Repealed
364. 236Schemes involving hybrid entities Repealed
365. 237Instruments of alterable character Repealed
366. 238Shares subject to conversion Repealed
367. 239Securities subject to conversion Repealed
368. 240Debt instruments treated as equity Repealed
369. 241Scheme including issue of shares not conferring qualifying beneficial entitlement Repealed
370. 242Scheme including transfer of rights under a security Repealed
371. Consequences of deduction notices Repealed
372. 243Consequences of deduction notices Repealed
373. 244The rule against double deduction Repealed
374. 245Application of the rule against deduction for untaxable payments Repealed
375. 246Cases where payee's non-liability treated as not a result of scheme Repealed
376. 247Cases where payee treated as having reduced liability as a result of scheme Repealed
377. 248The rule against deduction for untaxable payments Repealed
378. Receipt notices Repealed
379. 249Receipt notices Repealed
380. 250The receipt scheme conditions Repealed
381. 251Amounts within corporation tax Repealed
382. 252Further provisions about receipt notices Repealed
383. 253Exception for dealers Repealed
384. 254Rule for calculation or recalculation of income etc following receipt notice Repealed
385. General provisions about deduction notices and receipt notices Repealed
386. 255Notices given before tax return made Repealed
387. 256Notices given after tax return made Repealed
388. 257Amendments, closure notices and discovery assessments where section 256 applies Repealed
389. Interpretation Repealed
390. 258Schemes and series of transactions Repealed
391. 259Minor definitions Repealed
392. Part 6A: Hybrid and other mismatches
393. Chapter 1: Introduction
394. 259AOverview of Part
395. Chapter 2: Key definitions
396. Meaning of “tax”
397. 259B“Tax” means certain taxes on income and includes foreign tax etc
398. Equivalent provision to this Part under foreign law
399. 259BAReferences to equivalent provision to this Part under the law of a territory outside the United Kingdom
400. Payments and quasi-payments etc
401. 259BBMeaning of “payment”, “quasi-payment”, “payer”, “payee” etc
402. Ordinary income
403. 259BCThe basic rules
404. 259BDChargeable companies in respect of CFCs and foreign CFCs
405. Hybrid entity etc
406. 259BEMeaning of “hybrid entity”, “investor” and “investor jurisdiction”
407. Permanent establishments
408. 259BFMeaning of “permanent establishment”
409. Chapter 3: Hybrid and other mismatches from financial instruments
410. Introduction
411. 259COverview of Chapter
412. Application of Chapter
413. 259CACircumstances in which the Chapter applies
414. 259CBHybrid or otherwise impermissible deduction/non-inclusion mismatches and their extent
415. 259CCInterpretation of section 259CB
416. Counteraction
417. 259CDCounteraction where the payer is within the charge to corporation tax for the payment period
418. 259CECounteraction where a payee is within the charge to corporation tax
419. Chapter 4: Hybrid transfer deduction/non-inclusion mismatches
420. Introduction
421. 259DOverview of Chapter
422. Application of Chapter
423. 259DACircumstances in which the Chapter applies
424. 259DBMeaning of “hybrid transfer arrangement”, “underlying instrument” etc
425. 259DCHybrid transfer deduction/non-inclusion mismatches and their extent
426. 259DDInterpretation of section 259DC
427. 259DEThe financial trader exclusion
428. Counteraction
429. 259DFCounteraction where the payer is within the charge to corporation tax for the payment period
430. 259DGCounteraction where a payee is within the charge to corporation tax
431. Chapter 5: Hybrid payer deduction/non-inclusion mismatches
432. Introduction
433. 259EOverview of Chapter
434. Application of Chapter
435. 259EACircumstances in which the Chapter applies
436. 259EBHybrid payer deduction/non-inclusion mismatches and their extent
437. Counteraction
438. 259ECCounteraction where the hybrid payer is within the charge to corporation tax for the payment period
439. 259EDCounteraction where a payee is within the charge to corporation tax
440. Chapter 6: Deduction/non-inclusion mismatches relating to transfers by permanent establishments
441. Introduction
442. 259FOverview of Chapter
443. Application of Chapter
444. 259FACircumstances in which the Chapter applies
445. Counteraction
446. 259FBCounteraction of the excessive PE deduction
447. 259FCMeaning of excessive PE inclusion income
448. Chapter 7: Hybrid payee deduction/non-inclusion mismatches
449. Introduction
450. 259GOverview of Chapter
451. Application of Chapter
452. 259GACircumstances in which the Chapter applies
453. 259GBHybrid payee deduction/non-inclusion mismatches and their extent
454. Counteraction
455. 259GCCounteraction where the payer is within the charge to corporation tax for the payment period
456. 259GDCounteraction where the investor is within the charge to corporation tax
457. 259GECounteraction where a hybrid payee is an LLP
458. Chapter 8: Multinational payee deduction/non-inclusion mismatches
459. Introduction
460. 259HOverview of Chapter
461. Application of Chapter
462. 259HACircumstances in which the Chapter applies
463. 259HBMultinational payee deduction/non-inclusion mismatches and their extent
464. Counteraction
465. 259HCCounteraction of the multinational payee deduction/non-inclusion mismatch
466. Chapter 9: Hybrid entity double deduction mismatches
467. Introduction
468. 259IOverview of Chapter
469. Application of Chapter
470. 259IACircumstances in which the Chapter applies
471. Counteraction
472. 259IBCounteraction where the investor is within the charge to corporation tax
473. 259ICCounteraction where the hybrid entity is within the charge to corporation tax
474. 259ICADeemed dual inclusion income for the purposes of section 259IC
475. 259IDSection 259ID income for the purposes of section 259IC Repealed
476. Chapter 10: Dual territory double deduction cases
477. Introduction
478. 259JOverview of Chapter
479. Application of Chapter
480. 259JACircumstances in which the Chapter applies
481. Counteraction
482. 259JBCounteraction where mismatch arises because of a dual resident company
483. 259JCCounteraction where mismatch arises because of a relevant multinational and the UK is the parent jurisdiction
484. 259JDCounteraction where mismatch arises because of a relevant multinational and is not counteracted in the parent jurisdiction
485. 259JEMeaning of excessive PE inclusion income
486. Chapter 11: Imported mismatches
487. Introduction
488. 259KOverview of Chapter
489. Application of Chapter
490. 259KACircumstances in which the Chapter applies
491. 259KBMeaning of “dual territory double deduction”, “excessive PE deduction” and “PE jurisdiction”
492. Counteraction
493. 259KCDenial of the relevant deduction in relation to the imported mismatch payment
494. 259KDDeductions from dual inclusion income
495. 259KELimit on reduction under section 259KC
496. 259KFProvision for cases within Part 4
497. Chapter 12: Adjustments in light of subsequent events etc
498. 259LAdjustments where suppositions cease to be reasonable
499. 259LADeduction from taxable total profits where an amount of ordinary income arises late
500. 259LBAdjustments in light of later treatment for accounting purposes
501. Chapter 12A: Allocation of dual inclusion income within group
502. Introduction
503. 259ZMOverview of Chapter
504. Application of Chapter
505. 259ZMACircumstances in which Chapter applies
506. Allocation of DII surplus
507. 259ZMBClaims for allocation of DII surplus
508. 259ZMCThe unused part of the DII surplus
509. 259ZMDThe unused part of the DII shortfall
510. Groups
511. 259ZMEGroups of companies
512. “Dual inclusion income” and “counteraction amount”
513. 259ZMFMeaning of “dual inclusion income” and “counteraction amount”
514. Chapter 13: Anti-avoidance
515. 259MCountering the effect of avoidance arrangements
516. Chapter 13A: Special provision concerning transparent funds
517. 259MAMeaning of “transparent fund”
518. 259MBApplication of Chapters 3, 4, 5 and 7
519. 259MCApplication of Chapter 9
520. 259MDApplication of Chapter 11
521. Chapter 14: Interpretation
522. Financial instruments
523. 259NMeaning of “financial instrument”
524. Relevant investment funds
525. 259NAMeaning of “relevant investment fund”
526. Control groups and related persons
527. 259NBControl groups
528. 259NCRelated persons
529. 259NDMeaning of “50% investment” and “25% investment”
530. Qualifying institutional investors etc
531. 259NDAMeaning of “qualifying institutional investor” etc
532. Partnerships
533. 259NETreatment of a person who is a member of a partnership
534. Securitisation companies
535. 259NEZASecuritisation companies
536. Priority
537. 259NEAPriority
538. Relevant debt relief circumstances
539. 259NEBRelevant debt relief circumstances: introductory
540. 259NECRelease of debts
541. 259NEDRelease of connected companies debts
542. 259NEERelease of connected companies debts during creditor’s insolvency
543. 259NEFCorporate rescue: debt released shortly after connection arises
544. Definitions
545. 259NFDefinitions
546. Part 7: Tax treatment of financing costs and income
547. Chapter 1: Introduction Repealed
548. 260Introduction Repealed
549. Chapter 2: Application of Part Repealed
550. 261Application of Part Repealed
551. 262UK net debt of worldwide group for period of account of worldwide group Repealed
552. 263Net debt of a company Repealed
553. 264Worldwide gross debt of worldwide group for period of account of the group Repealed
554. 265References to amounts disclosed in balance sheet of a company Repealed
555. 265ADifferent accounting treatment used at company and group levels Repealed
556. 266Qualifying financial services groups Repealed
557. 267Qualifying activities Repealed
558. 268Lending activities and activities ancillary to lending activities Repealed
559. 269Insurance activities and insurance-related activities Repealed
560. 270Relevant dealing in financial instruments Repealed
561. 271UK trading income of the worldwide group Repealed
562. 272Worldwide trading income of the worldwide group Repealed
563. 273Foreign currency accounting Repealed
564. 273AMeaning of “group securitisation company” Repealed
565. Chapter 3: Disallowance of deductions Repealed
566. 274Application of Chapter and meaning of “total disallowed amount” Repealed
567. 275Meaning of “company to which this Chapter applies” Repealed
568. 275AMeaning of “dual resident investing company” Repealed
569. 276Appointment of authorised company for relevant period of account Repealed
570. 277Meaning of “the reporting body” Repealed
571. 278Statement of allocated disallowances: submission Repealed
572. 279Statement of allocated disallowances: submission of revised statement Repealed
573. 280Statement of allocated disallowances: requirements Repealed
574. 280AStatement of allocated disallowances: dual resident investing companies Repealed
575. 281Statement of allocated disallowances: effect Repealed
576. 282Company tax returns Repealed
577. 283Power to make regulations about statement of allocated disallowances Repealed
578. 284Failure of reporting body to submit statement of allocated disallowances Repealed
579. 284ASection 284: supplementary Repealed
580. 285Powers to make regulations in relation to reductions under section 284 Repealed
581. Chapter 4: Exemption of financing income Repealed
582. 286Application of Chapter and meaning of “total disallowed amount” Repealed
583. 287Meaning of “company to which this Chapter applies” Repealed
584. 288Appointment of authorised company for relevant period of account Repealed
585. 289Meaning of “the reporting body” Repealed
586. 290Statement of allocated exemptions: submission Repealed
587. 291Statement of allocated exemptions: submission of revised statement Repealed
588. 292Statement of allocated exemptions: requirements Repealed
589. 293Statement of allocated exemptions: effect Repealed
590. 294Company tax returns Repealed
591. 295Power to make regulations about statement of allocated exemptions Repealed
592. 296Failure of reporting body to submit statement of allocated exemptions Repealed
593. 297Power to make regulations in relation to reductions under section 296 Repealed
594. 298Balancing payments between group companies: no tax charge or relief Repealed
595. 298AApplication of Chapter to financing income amounts determined under section 314A Repealed
596. Chapter 5: Intra-group financing income where payer denied deduction Repealed
597. 299Tax exemption for certain financing income received from EEA companies Repealed
598. 300Meaning of “relevant associate” Repealed
599. 301Meaning of “tax-resident” and “EEA territory” Repealed
600. 302Qualifying EEA tax relief for payment in current or previous period Repealed
601. 303Qualifying EEA tax relief for payment in future period Repealed
602. 304References to tax of a territory Repealed
603. 305Financing income amounts of a company Repealed
604. Chapter 6: Tax avoidance Repealed
605. 305ASchemes preventing this Part applying to a large group Repealed
606. 306Schemes involving manipulation of rules in Chapter 2 Repealed
607. 307Schemes involving manipulation of rules in Chapters 3 and 4 Repealed
608. 308Meaning of “relevant net deduction” Repealed
609. 309Calculation of amounts Repealed
610. 310Meaning of “carried-back amount” and “carried-forward amount” Repealed
611. 311Schemes involving manipulation of rules in Chapter 5 Repealed
612. 312Meaning of “scheme” and “excluded scheme” Repealed
613. Chapter 7: “Financing expense amount” and “financing income amount” Repealed
614. 313The financing expense amounts of a company Repealed
615. 314The financing income amounts of a company Repealed
616. 314AThe financing income amounts of a chargeable company under Part 9A Repealed
617. 315Interpretation of sections 313 and 314 Repealed
618. 316Group treasury companies Repealed
619. 317Real estate investment trusts Repealed
620. 317ACompanies with permanent establishments profits election Repealed
621. 318Companies engaged in oil extraction activities Repealed
622. 318AIndustrial and provident societies Repealed
623. 319Intra-group short-term finance: financing expense Repealed
624. 320Intra-group short-term finance: financing income Repealed
625. 321Short-term loan relationships Repealed
626. 322Stranded deficits in non-trading loan relationships: financing expense Repealed
627. 323Stranded deficits in non-trading loan relationships: financing income Repealed
628. 324Stranded management expenses in non-trading loan relationships: financing expense Repealed
629. 325Stranded management expenses in non-trading loan relationships: financing income Repealed
630. 326Charities Repealed
631. 327Educational and public bodies Repealed
632. 328Interpretation of sections 316 to 327 Repealed
633. Chapter 8: “Tested expense amount” and “tested income amount” Repealed
634. 329The tested expense amount Repealed
635. 330The tested income amount Repealed
636. 331Companies with net financing deduction or net financing income that is small Repealed
637. 331ZAElections disapplying sections 329(5) and 330(5) Repealed
638. 331AMismatches between tax treatment and accounting treatment Repealed
639. Chapter 9: “Available amount” Repealed
640. 332The available amount Repealed
641. 332AGroups containing securitisation companies Repealed
642. 332AAChange of accounting standards: investment entities Repealed
643. 332BPartnerships: expenses of borrowing Repealed
644. 332CPartnerships: other expenses Repealed
645. 333Group members with income from oil extraction subject to particular tax treatment in UK Repealed
646. 334Group members with income from shipping subject to particular tax treatment in UK Repealed
647. 335Group members with income from property rental subject to particular tax treatment in UK Repealed
648. 336Meaning of accounting expressions used in this Chapter Repealed
649. 336AMismatches between tax treatment and accounting treatment Repealed
650. Chapter 10: Other interpretative and supplementary provisions Repealed
651. 337The worldwide group Repealed
652. 338Meaning of “group” Repealed
653. 339Meaning of “ultimate parent” Repealed
654. 340Meaning of “corporate entity” Repealed
655. 341Meaning of “relevant non-corporate entity” Repealed
656. 342Treatment of entities stapled to corporate, or relevant non-corporate, entities Repealed
657. 343Treatment of business combinations Repealed
658. 344Meaning of “large” in relation to a group Repealed
659. 345Meaning of “UK group company” and “relevant group company” Repealed
660. 346Financial statements of the worldwide group Repealed
661. 347Non-compliant financial statements of the worldwide group Repealed
662. 348Non-existent financial statements of the worldwide group Repealed
663. 348AFinancial statements: business combinations to which the worldwide group is a party Repealed
664. 349References to amounts disclosed in financial statements Repealed
665. 350Translation of amounts disclosed in financial statements Repealed
666. 351Expressions taking their meaning from international accounting standards Repealed
667. 352Meaning of “relevant accounting period” Repealed
668. 353Other expressions Repealed
669. 353AEffect of Part on parties to capital market arrangements Repealed
670. 353AAPower to make regulations where accounting standards change Repealed
671. 353BRegulations and orders Repealed
672. Part 8: Offshore funds ETC
673. Tax treatment of participants in offshore funds
674. 354Power to make regulations about tax treatment of participants
675. 355Meaning of “offshore fund”
676. 356Meaning of “mutual fund”
677. 357Exceptions to definition of “mutual fund”
678. 358Meaning of “relevant income-producing asset”
679. 359Power to make regulations about exceptions to definition of “mutual fund”
680. Supplementary
681. 360Treatment of umbrella arrangements
682. 361Treatment of arrangements comprising more than one class of interest
683. 362Meaning of “participant” and “participation”
684. 363Meaning of “umbrella arrangements” and “part of umbrella arrangements”
685. 363AResidence of undertakings for collective investment in transferable securities and alternative investment funds
686. Part 9: Amendments to relocate provisions of tax legislation
687. 364Oil activities
688. 365Alternative finance arrangements
689. 366Power to amend the alternative finance provisions
690. 367Leasing arrangements: finance leases and loans
691. 368Sale and lease-back etc
692. 369Factoring of income etc
693. 370UK representatives of non-UK residents
694. 371Miscellaneous relocations
695. Part 9A: Controlled foreign companies
696. Chapter 1: Overview
697. 371AAOverview of Part
698. Chapter 2: The CFC charge
699. 371BAIntroduction to the CFC charge
700. 371BBThe CFC charge gateway
701. 371BCCharging the CFC charge
702. 371BDChargeable companies
703. 371BECompanies which are managers of offshore funds etc
704. 371BFCompanies which are participants in offshore funds
705. 371BGCompanies holding shares as trading assets etc
706. 371BHCompanies carrying on BLAGAB
707. 371BIBanking companies
708. Chapter 3: The CFC charge gateway: determining which (if any) of Chapters 4 to 8 applies
709. 371CADoes Chapter 4 apply?
710. 371CBDoes Chapter 5 apply?
711. 371CCIncidental non-trading finance profits: the 5% rule
712. 371CDIncidental non-trading finance profits: the further 5% rule
713. 371CEDoes Chapter 6 apply?
714. 371CEASection 371CE: meaning of “group treasury company”
715. 371CFDoes Chapter 7 apply?
716. 371CGDoes Chapter 8 apply?
717. Chapter 4: The CFC charge gateway: profits attributable to UK activities
718. 371DAIntroduction to Chapter
719. 371DBThe steps
720. 371DCExclusion: UK activities a minority of total activities
721. 371DDExclusion: economic value
722. 371DEExclusion: independent companies' arrangements
723. 371DFExclusion: trading profits (the basic rule)
724. 371DGExclusion: trading profits (business premises condition)
725. 371DHExclusion: trading profits (income condition)
726. 371DIExclusion: trading profits (management expenditure condition)
727. 371DJExclusion: trading profits (IP condition)
728. 371DKExclusion: trading profits (export of goods condition)
729. 371DLExclusion: trading profits (anti-avoidance)
730. Chapter 5: The CFC charge gateway: non-trading finance profits
731. 371EAThe basic rule
732. 371EBUK activities
733. 371ECCapital investment from the UK
734. 371EDArrangements in lieu of dividends etc to UK resident companies etc
735. 371EELeases to UK resident companies etc
736. Chapter 6: The CFC charge gateway: trading finance profits
737. 371FAThe basic rule
738. 371FBQualifying loan relationships
739. 371FCLoans from foreign permanent establishments of UK resident companies
740. 371FDExclusion: banking business
741. 371FEExclusion: insurance business
742. Chapter 7: The CFC charge gateway: captive insurance business
743. 371GAThe basic rule
744. Chapter 8: The CFC charge gateway: solo consolidation
745. 371HAThe basic rule
746. Chapter 9: Exemptions for profits from qualifying loan relationships
747. 371IAThe basic rule
748. 371IBLoans funded out of qualifying resources
749. 371ICWhat is the “qualifying value” of “relevant pre-acquisition funds or other assets”?
750. 371IDThe 75% exemption
751. 371IEThe “matched interest profits” exemption
752. 371IFDetermining the profits of a qualifying loan relationship
753. 371IGWhat is a “qualifying loan relationship”?
754. 371IHExclusions from definition of “qualifying loan relationship”
755. 371IIPower to amend definitions
756. 371IJClaims
757. Chapter 10: The exempt period exemption
758. 371JAIntroduction to Chapter
759. 371JBThe basic rule
760. 371JCWhen does an exempt period begin?
761. 371JDHow long is an exempt period?
762. 371JEAdjustment of profits passing through the CFC charge gateway
763. 371JFAnti-avoidance
764. 371JGAmendment of company tax returns
765. Chapter 11: The excluded territories exemption
766. 371KAIntroduction to Chapter
767. 371KBThe basic rule
768. 371KCHow to determine the territory in which a CFC is resident
769. 371KDWhat is “the threshold amount”?
770. 371KECategory A income: the basic rule
771. 371KFCategory A income: permanent establishments in excluded territories
772. 371KGCategory B income
773. 371KHCategory C income
774. 371KICategory D income
775. 371KJThe IP condition
776. Chapter 12: The low profits exemption
777. 371LAIntroduction to Chapter
778. 371LBThe basic rule
779. 371LCAnti-avoidance
780. Chapter 13: The low profit margin exemption
781. 371MAIntroduction to Chapter
782. 371MBThe basic rule
783. 371MCAnti-avoidance
784. Chapter 14: The tax exemption
785. 371NAIntroduction to Chapter
786. 371NBThe basic rule
787. 371NCReductions to “the local tax amount”
788. 371NDWhat are “designer rate tax provisions”?
789. 371NEHow to determine “the corresponding UK tax”
790. Chapter 15: Relevant interests in a CFC
791. Introduction
792. 371OAApplication of Chapter
793. 371OBProvision about interpretation
794. What is a “relevant interest” in a CFC?
795. 371OC“Relevant interests” of UK resident companies
796. 371OD“Relevant interests” of persons related to UK resident companies
797. 371OEOther “relevant interests”
798. Chapter 16: Creditable tax of a CFC
799. 371PAWhat is “creditable tax”?
800. Chapter 17: Apportionment of a CFC's chargeable profits and creditable tax
801. Introduction
802. 371QAApplication of Chapter
803. 371QBProvision about interpretation
804. How are the apportionments to be made?
805. 371QCThe basic rules
806. 371QDApportionments to be made in proportion to shareholding
807. 371QEIndirect shareholdings
808. 371QFVariable shareholdings
809. 371QGAnti-avoidance
810. Chapter 18: Control etc
811. 371RAOverview of Chapter
812. 371RBLegal and economic control
813. 371RCLegal and economic control: the 40% rule
814. 371RDLegal and economic control: supplementary provision
815. 371REControl determined by reference to accounting standards
816. 371RFPower to amend section 371RE etc
817. 371RGCompanies in which a UK resident company has more than a 50% investment
818. Chapter 19: Assumed taxable total profits, assumed total profits and the corporation tax assumptions
819. Overview
820. 371SAOverview of Chapter
821. “Assumed taxable total profits” and “assumed total profits”
822. 371SBWhat are “assumed taxable total profits” and “assumed total profits”?
823. “The corporation tax assumptions”
824. 371SCWhat are “the corporation tax assumptions”?
825. 371SDUK residence etc
826. 371SEClose company
827. 371SFClaims and elections
828. 371SGDisapplication of assumption in section 371SF(1)
829. 371SHElections under section 9A of CTA 2010
830. 371SIModification of sections 6 and 7 of CTA 2010
831. 371SJElections for leases to be treated as long funding leases
832. 371SKIntangible fixed assets
833. 371SKARestrictions on certain deductions: deductions allowances
834. 371SLGroup relief etc
835. 371SLACorporate interest restriction
836. 371SMCapital allowances
837. 371SNUnremittable overseas income
838. 371SOTax advantages
839. 371SPDisguised interest: application of Chapter 2A of Part 6 of CTA 2009
840. 371SQShares accounted for as liabilities: application of section 521C of CTA 2009
841. 371SRDouble taxation relief: countering effect of avoidance arrangements
842. Chapter 20: Residence of CFCs
843. 371TAThe basic rule
844. 371TBHow to determine the territory in which the CFC is resident
845. 371TCElections and designations about residence
846. Chapter 21: Management
847. 371UAIntroduction to Chapter
848. 371UBApplication of the Taxes Acts to the CFC charge
849. 371UBAPayments in respect of a charge on a banking company: information to be provided
850. 371UCJust and reasonable apportionments
851. 371UDRelief against sum charged Repealed
852. 371UEAppeals affecting more than one person
853. 371UFRecovery of sum charged from other UK resident companies
854. Chapter 22: Supplementary provision
855. 371VADefinitions
856. 371VBAccounting periods
857. 371VCAccounting profits
858. 371VDAdjustments to accounting profits
859. 371VECell companies etc
860. 371VFConnected persons etc
861. 371VGFinance profits
862. 371VHInterests in companies
863. 371VIProperty business profits
864. 371VIARelevant finance leases
865. 371VJRegulations
866. Part 10: Corporate interest restriction
867. Chapter 1: Introduction
868. 372Overview
869. 373Meaning of “subject to interest restrictions”, “the total disallowed amount” etc
870. 374Interest restriction returns
871. Chapter 2: Disallowance and reactivation of tax-interest expense amounts
872. 375Disallowance of deductions: full interest restriction return submitted
873. 376Disallowance of deductions: no return, or non-compliant return, submitted
874. 377Disallowance of deductions: identification of the tax-interest amounts to be left out of account
875. 378Disallowed tax-interest expense amounts carried forward
876. 379Reactivation of interest
877. 380Reactivation of deductions: identification of the tax-interest amounts to be brought into account
878. 381Set-off of disallowances and reactivations in the same accounting period
879. Chapter 3: Tax-interest amounts
880. Tax-interest expense and income amounts: basic rules
881. 382The tax-interest expense amounts of a company
882. 383Relevant loan relationship debits
883. 384Relevant derivative contract debits
884. 385The tax-interest income amounts of a company
885. 386Relevant loan relationship credits
886. 387Relevant derivative contract credits
887. Double taxation relief
888. 388Double taxation relief
889. Net tax-interest expense
890. 389The “net tax-interest expense” or “net tax-interest income” of a company
891. 390The worldwide group's aggregate net tax-interest expense and income
892. Interpretation
893. 391Meaning of “impairment loss”
894. 391AAmounts capitalised in carrying value of intangible fixed assets
895. Chapter 4: Interest capacity
896. 392The interest capacity of a worldwide group for a period of account
897. 393Amount of interest allowance for a period that is “available” in a later period
898. 394When interest allowance is “used”
899. 395Amount of interest allowance for a period of account that is “unexpired” in later period
900. 395ACarry forward of interest allowance: new holding company
901. Chapter 5: Interest allowance
902. Interest allowance
903. 396The interest allowance of a worldwide group for a period of account
904. 397Basic interest allowance calculated using fixed ratio method
905. 398Basic interest allowance calculated using group ratio method
906. 399The group ratio percentage
907. 400The debt cap
908. 400ACarry forward of excess debt cap: new holding company
909. Effect of group ratio (blended) election
910. 401Effect of group ratio (blended) election on group ratio percentage
911. 402Effect of group ratio (blended) election on group ratio debt cap
912. 403Calculations under sections 401 and 402: investor worldwide groups
913. 404Meaning of “investor”, “related party investor” and investor's “share”
914. Chapter 6: Tax-EBITDA
915. 405The aggregate tax-EBITDA of a worldwide group
916. 406The tax-EBITDA of a company
917. 407Amounts not brought into account in determining a company's tax-EBITDA
918. 408Excluded relevant intangibles debits and excluded relevant intangibles credits
919. 409Double taxation relief
920. Chapter 7: Group-interest and group-EBITDA
921. Group-interest
922. 410Net group-interest expense
923. 411“Relevant expense amount” and “relevant income amount”
924. 412Section 411: interpretation
925. 413Adjusted net group-interest expense
926. 414Qualifying net group-interest expense
927. 415Section 414: interpretation
928. Group-EBITDA
929. 416Group-EBITDA
930. 417The capital (expenditure) adjustment
931. 418The capital (fair value movement) adjustment
932. 419The capital (disposals) adjustment
933. Treatment of derivative contracts in financial statements of worldwide group
934. 420Derivative contracts subject to fair value accounting
935. 421Derivative contracts subject to fair value accounting: interpretation
936. Effect of group-EBITDA (chargeable gains) election
937. 422Group-EBITDA (chargeable gains) election
938. Effect of interest allowance (alternative calculation) election
939. 423Capitalised interest brought into account for tax purposes in accordance with GAAP
940. 424Employers' pension contributions
941. 424AUnpaid employees’ remuneration
942. 425Employee share acquisitions
943. 426Changes in accounting policy
944. Effect of interest allowance (non-consolidated investment) election
945. 427Group interest and group-EBITDA
946. 428Section 427: associated worldwide groups
947. 429Meaning of “non-consolidated associate”
948. Effect of interest allowance (consolidated partnerships) election
949. 430Interest allowance (consolidated partnerships) election
950. Interpretation
951. 431Interpretation of Chapter
952. Chapter 8: Public infrastructure
953. Overview
954. 432Overview of Chapter
955. Key concepts
956. 433Meaning of “qualifying infrastructure company”
957. 434Elections under section 433
958. 435Group elections modifying the operation of sections 433 and 434
959. 436Meaning of “qualifying infrastructure activity”
960. 437Section 436: supplementary
961. Exemption and related provision
962. 438Exemption for interest payable to third parties etc
963. 438AApplication of section 438: certain creditors treated as qualifying infrastructure companies
964. 439Exemption in respect of certain pre-13 May 2016 loan relationships
965. 440Loans etc made by qualifying infrastructure companies to be ignored
966. 441Tax-EBITDA of qualifying infrastructure company to be nil
967. 442Amounts of qualifying infrastructure company left out of account for other purposes
968. 443Interest capacity for group with qualifying infrastructure company etc
969. Supplementary
970. 444Joint venture companies
971. 445Joint venture groups
972. 446Joint ventures: supplementary
973. 447Partnerships and other transparent entities
974. 448Decommissioning
975. 449Minor definitions for purposes of this Chapter
976. Chapter 9: Cases involving particular types of company or business
977. Banking companies
978. 450Banking companies
979. Oil and gas
980. 451Oil and gas
981. REITs
982. 452Real Estate Investment Trusts
983. Insurance companies etc
984. 453Insurance entities
985. 454Members of Lloyd's
986. Investment managers
987. 454AInvestments held by investment managers
988. Shipping companies
989. 455Shipping companies subject to tonnage tax
990. Fair value accounting
991. 456Creditor relationships of companies determined on basis of fair value accounting
992. 457Elections under section 456: deemed debits and credits
993. Exemption for tax-interest expense or income amounts
994. 458Co-operative and community benefit societies etc
995. 459Charities
996. Leases
997. 460Long funding operating leases and finance leases
998. Chapter 10: Anti-avoidance
999. 461Counteracting effect of avoidance arrangements
1000. Chapter 11: Interpretation etc
1001. Related parties
1002. 462Expressions relating to “related parties”: introduction
1003. 463Whether a person is generally a “related party” of another
1004. 464Meaning of “25% investment”
1005. 465Attribution of rights and interests
1006. 466Certain loan relationships etc to be treated as made between related parties
1007. 467Holdings of debt and equity in same proportions
1008. 468Debts with same rights where unrelated parties hold more than 50%
1009. 469Debt restructuring
1010. 470Ordinary independent financing arrangements by banks and others
1011. 471Loans made by relevant public bodies
1012. 472Finance leases granted before 20 March 2017
1013. Determining the worldwide group
1014. 473Meaning of “a worldwide group”, “ultimate parent” etc
1015. 474Interpretation of section 473: “relevant entity”
1016. 475Meaning of “non-consolidated subsidiary” and “consolidated subsidiary”
1017. 476Continuity of identity of a worldwide group through time
1018. 477Treatment of stapled entities
1019. 478Treatment of business combinations
1020. Financial statements and periods of account
1021. 479“Financial statements” of a worldwide group
1022. 480“Period of account” of worldwide group
1023. 481Actual financial statements not drawn up on acceptable principles
1024. 482Actual financial statements drawn up on acceptable principles but consolidating wrong subsidiaries
1025. 483Actual financial statements covering more than one worldwide group
1026. 484No actual financial statements: ultimate parent draws up financial statements
1027. 485No actual financial statements: other cases
1028. 486Election altering period of account deemed under section 485
1029. 487Actual financial statements ignored if for too long a period or too late
1030. 488Meaning of “IAS financial statements”
1031. 489References to amounts recognised in financial statements
1032. Other definitions
1033. 490Meaning of “relevant accounting period”
1034. 491Meaning of “relevant public body”
1035. 492Meaning of “UK group company”
1036. 493Embedded derivatives
1037. 494Other interpretation
1038. Regulations
1039. 495Financial statements: different treatment by group or members
1040. 496Parties to capital market arrangements
1041. 497Change in accounting standards
1042. 498Regulations
1043. Part 11: General provisions
1044. Subordinate legislation
1045. 499Orders and regulations
1046. Interpretation
1047. 500Abbreviated references to Acts
1048. Final provisions
1049. 501Minor and consequential amendments
1050. 502Transitional provisions and savings
1051. 503Repeals and revocations
1052. 504Index of defined expressions
1053. 505Extent
1054. 506Commencement
1055. 507Short title
1056. Schedule A1: Assessment of unassessed transfer pricing profits: partnerships and Lloyd’s syndicates
1057. Part 1: Corporate partner’s unassessed transfer pricing profits
1058. 1Unassessed transfer pricing profits: corporate partners
1059. Part 2: Conditions for being assessed
1060. 2Conditions for being assessed
1061. Part 3: Assessment
1062. 3Preliminary notices
1063. 4Representations by the partnership
1064. 5Assessment
1065. 6Amendment of partnership return by partnership
1066. 7Amendment of assessment by HMRC
1067. 8No postponement except before assessment is finalised for tax on same profits
1068. 9Closure notices: rules relating to period for amendments
1069. 10Appeal against assessment
1070. 11Review of assessment
1071. 12Settling of appeal by agreement
1072. Part 4: Application to Lloyd’s syndicates
1073. 13Introduction
1074. 14Modifications to Parts 1 to 3 of this Schedule
1075. Schedule 1: Oil activities: new Chapter 16A of Part 2 of ITTOIA 2005
1076. 1Paragraph 1
1077. 2Paragraph 2
1078. Schedule 2: Alternative finance arrangements
1079. Part 1: New Part 10A of ITA 2007
1080. 1Paragraph 1
1081. 2Paragraph 2
1082. 3Paragraph 3
1083. 4Paragraph 4
1084. 5Paragraph 5
1085. 6Paragraph 6
1086. 7Paragraph 7
1087. 8Paragraph 8
1088. 9Paragraph 9
1089. 10Paragraph 10
1090. 11Paragraph 11
1091. 12Paragraph 12
1092. 13Paragraph 13
1093. 14Paragraph 14
1094. 15Paragraph 15
1095. 16Paragraph 16
1096. 17Paragraph 17
1097. 18Paragraph 18
1098. 19Paragraph 19
1099. 20Paragraph 20
1100. 21Paragraph 21
1101. 22Paragraph 22
1102. 23Paragraph 23
1103. 24Paragraph 24
1104. 25Paragraph 25
1105. 26Paragraph 26
1106. Part 2: New Chapter 4 of Part 4 of TCGA 1992
1107. 27Paragraph 27
1108. 28Paragraph 28
1109. 29Paragraph 29
1110. 30Paragraph 30
1111. 31Paragraph 31
1112. 32Paragraph 32
1113. 33Paragraph 33
1114. 34Paragraph 34
1115. 35Paragraph 35
1116. 36Paragraph 36
1117. 37Paragraph 37
1118. 38Paragraph 38
1119. 39Paragraph 39
1120. 40Paragraph 40
1121. 41Paragraph 41
1122. 42Paragraph 42
1123. 43Paragraph 43
1124. 44Paragraph 44
1125. 45Paragraph 45
1126. Part 3: Other amendments
1127. Income and Corporation Taxes Act 1988 (c. 1)
1128. 46Paragraph 46
1129. 47Paragraph 47
1130. Income Tax (Earnings and Pensions) Act 2003 (c. 1)
1131. 48Paragraph 48
1132. 49Paragraph 49
1133. Income Tax Act 2007 (c. 3)
1134. 50Paragraph 50
1135. 51Paragraph 51
1136. 52Paragraph 52
1137. 53Paragraph 53
1138. 54Paragraph 54
1139. 55Paragraph 55
1140. Schedule 3: Leasing arrangements: finance leases and loans
1141. Part 1: New Part 11A of ITA 2007
1142. 1Paragraph 1
1143. 2Paragraph 2
1144. 3Paragraph 3
1145. 4Paragraph 4
1146. 5Paragraph 5
1147. Part 2: New section 37A of TCGA 1992
1148. 6Paragraph 6
1149. 7Paragraph 7
1150. Schedule 4: Sale and lease-back etc: new Part 12A of ITA 2007
1151. 1Paragraph 1
1152. 2Paragraph 2
1153. 3Paragraph 3
1154. 4Paragraph 4
1155. 5Paragraph 5
1156. Schedule 5: Factoring of income etc: new Chapters 5B and 5C of Part 13 of ITA 2007
1157. 1Paragraph 1
1158. 2Paragraph 2
1159. 3Paragraph 3
1160. 4Paragraph 4
1161. 5Paragraph 5
1162. 6Paragraph 6
1163. 7Paragraph 7
1164. Schedule 6: UK Representatives of non-UK residents
1165. Part 1: New Chapters 2B and 2C of Part 14 of ITA 2007
1166. 1Paragraph 1
1167. 2Paragraph 2
1168. 3Paragraph 3
1169. 4Paragraph 4
1170. 5Paragraph 5
1171. 6Paragraph 6
1172. 7Paragraph 7
1173. 8Paragraph 8
1174. 9Paragraph 9
1175. 10Paragraph 10
1176. 11Paragraph 11
1177. 12Paragraph 12
1178. 13Paragraph 13
1179. 14Paragraph 14
1180. 15Paragraph 15
1181. 16Paragraph 16
1182. 17Paragraph 17
1183. 18Paragraph 18
1184. 19Paragraph 19
1185. 20Paragraph 20
1186. 21Paragraph 21
1187. 22Paragraph 22
1188. 23Paragraph 23
1189. Part 2: New Part 7A of TCGA 1992
1190. 24Paragraph 24
1191. 25Paragraph 25
1192. 26Paragraph 26
1193. 27Paragraph 27
1194. 28Paragraph 28
1195. 29Paragraph 29
1196. 30Paragraph 30
1197. 31Paragraph 31
1198. 32Paragraph 32
1199. 33Paragraph 33
1200. Schedule 7: Miscellaneous relocations
1201. Part 1: Relocation of section 38 of, and Schedule 15 to, FA 1973
1202. Taxes Management Act 1970 (c. 9)
1203. 1Paragraph 1
1204. 2Paragraph 2
1205. 3Paragraph 3
1206. 4Paragraph 4
1207. 5Paragraph 5
1208. Finance Act 1973 (c. 51)
1209. 6Paragraph 6
1210. 7Paragraph 7
1211. 8Paragraph 8
1212. Oil Taxation Act 1975 (c. 22)
1213. 9Paragraph 9
1214. 10Paragraph 10
1215. Part 2: Relocation of section 24 of FA 1974
1216. Taxes Management Act 1970 (c. 9)
1217. 11Paragraph 11
1218. 12Paragraph 12
1219. 13Paragraph 13
1220. 14Paragraph 14
1221. Finance Act 1974 (c. 30)
1222. 15Paragraph 15
1223. 16Paragraph 16
1224. Part 3: Relocation of section 42 of ICTA
1225. Taxes Management Act 1970 (c. 9)
1226. 17Paragraph 17
1227. 18Paragraph 18
1228. Income and Corporation Taxes Act 1988 (c. 1)
1229. 19Paragraph 19
1230. 20Paragraph 20
1231. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1232. 21Paragraph 21
1233. 22Paragraph 22
1234. Corporation Tax Act 2009 (c. 4)
1235. 23Paragraph 23
1236. 24Paragraph 24
1237. Part 4: Relocation of section 84A of ICTA
1238. Income and Corporation Taxes Act 1988 (c. 1)
1239. 25Paragraph 25
1240. 26Paragraph 26
1241. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1242. 27Paragraph 27
1243. 28Paragraph 28
1244. 29Paragraph 29
1245. Part 5: Relocation of section 152 of ICTA
1246. Taxes Management Act 1970 (c. 9)
1247. 30Paragraph 30
1248. 31Paragraph 31
1249. 32Paragraph 32
1250. Income and Corporation Taxes Act 1988 (c. 1)
1251. 33Paragraph 33
1252. 34Paragraph 34
1253. Part 6: Relocation of section 337A(2) of ICTA
1254. Income and Corporation Taxes Act 1988
1255. 35Paragraph 35
1256. 36Paragraph 36
1257. 37Paragraph 37
1258. Corporation Tax Act 2009 (c. 4)
1259. 38Paragraph 38
1260. 39Paragraph 39
1261. Part 7: Relocation of section 475 of ICTA
1262. Income and Corporation Taxes Act 1988 (c. 1)
1263. 40Paragraph 40
1264. 41Paragraph 41
1265. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1266. 42Paragraph 42
1267. 43Paragraph 43
1268. Part 8: Relocation of section 700 of ICTA
1269. Income and Corporation Taxes Act 1988 (c. 1)
1270. 44Paragraph 44
1271. 45Paragraph 45
1272. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1273. 46Paragraph 46
1274. 47Paragraph 47
1275. Part 9: Relocation of section 787 of ICTA
1276. Income and Corporation Taxes Act 1988 (c. 1)
1277. 48Paragraph 48
1278. 49Paragraph 49
1279. Income Tax Act 2007 (c. 3)
1280. 50Paragraph 50
1281. 51Paragraph 51
1282. 52Paragraph 52
1283. Part 10: Relocation of sections 130 to 132 of FA 1988
1284. Taxes Management Act 1970 (c. 9)
1285. 53Paragraph 53
1286. 54Paragraph 54
1287. Finance Act 1988 (c. 39)
1288. 55Paragraph 55
1289. 56Paragraph 56
1290. Part 11: Relocation of section 151 of FA 1989
1291. Taxes Management Act 1970 (c. 9)
1292. 57Paragraph 57
1293. 58Paragraph 58
1294. Finance Act 1989 (c. 26)
1295. 59Paragraph 59
1296. 60Paragraph 60
1297. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1298. 61Paragraph 61
1299. 62Paragraph 62
1300. Part 12: Relocation of Schedule 12 to F(No.2)A 1992 so far as applying for income tax purposes
1301. Finance (No.2) Act 1992 (c. 48)
1302. 63Paragraph 63
1303. 64Paragraph 64
1304. 65Paragraph 65
1305. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1306. 66Paragraph 66
1307. 67Paragraph 67
1308. Income Tax Act 2007 (c. 3)
1309. 68Paragraph 68
1310. 69Paragraph 69
1311. 70Paragraph 70
1312. 71Paragraph 71
1313. 72Paragraph 72
1314. Part 13: Relocation of section 200 of FA 1996 so far as applying for income tax purposes
1315. Finance Act 1996 (c. 8)
1316. 73Paragraph 73
1317. 74Paragraph 74
1318. Income Tax Act 2007 (c. 3)
1319. 75Paragraph 75
1320. 76Paragraph 76
1321. 77Paragraph 77
1322. Part 14: Relocation of section 36 of FA 1998 and section 111 of FA 2009
1323. Taxes Management Act 1970 (c. 9)
1324. 78Paragraph 78
1325. 79Paragraph 79
1326. 80Paragraph 80
1327. Finance Act 1998 (c. 36)
1328. 81Paragraph 81
1329. 82Paragraph 82
1330. Finance Act 2009 (c. 10)
1331. 83Paragraph 83
1332. 84Paragraph 84
1333. Part 15: Relocation of section 118 of FA 1998
1334. Taxes Management Act 1970 (c. 9)
1335. 85Paragraph 85
1336. 86Paragraph 86
1337. Finance Act 1998 (c. 36)
1338. 87Paragraph 87
1339. 88Paragraph 88
1340. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1341. 89Paragraph 89
1342. 90Paragraph 90
1343. Income Tax Act 2007 (c. 3)
1344. 91Paragraph 91
1345. 92Paragraph 92
1346. 93Paragraph 93
1347. Part 16: Relocation of section 144 of FA 2000
1348. Taxes Management Act 1970 (c. 9)
1349. 94Paragraph 94
1350. 95Paragraph 95
1351. Finance Act 2000 (c. 17)
1352. 96Paragraph 96
1353. 97Paragraph 97
1354. Serious Organised Crime and Police Act 2005 (c. 15)
1355. 98Paragraph 98
1356. 99Paragraph 99
1357. Serious Crime Act 2007 (c. 27)
1358. 100Paragraph 100
1359. 101Paragraph 101
1360. Part 17: Relocation of section 199 of FA 2003
1361. Taxes Management Act 1970 (c. 9)
1362. 102Paragraph 102
1363. 103Paragraph 103
1364. 104Paragraph 104
1365. Finance Act 2003 (c. 14)
1366. 105Paragraph 105
1367. 106Paragraph 106
1368. Part 18: Relocation of section 61 of F(No.2)A 2005
1369. Finance Act 1998 (c. 36)
1370. 107Paragraph 107
1371. 108Paragraph 108
1372. Finance (No. 2) Act 2005 (c. 22)
1373. 109Paragraph 109
1374. 110Paragraph 110
1375. Part 19: Relocation of paragraph 13 of Schedule 13 to FA 2007
1376. Income Tax Act 2007 (c. 3)
1377. 111Paragraph 111
1378. 112Paragraph 112
1379. 113Paragraph 113 Repealed
1380. Finance Act 2007 (c. 11)
1381. 114Paragraph 114
1382. 115Paragraph 115
1383. Schedule 7A: Interest restriction returns
1384. Part 1: The reporting company
1385. Appointment by a worldwide group of a reporting company
1386. 1Paragraph 1
1387. Appointment of company where purported return submitted
1388. 1AParagraph 1A
1389. Revocation by worldwide group of appointment under paragraph 1
1390. 2Paragraph 2
1391. Regulations supplementing paragraphs 1 and 2
1392. 3Paragraph 3
1393. Appointment of reporting company by Revenue and Customs
1394. 4Paragraph 4
1395. Appointment by officer of Revenue and Customs of replacement reporting company
1396. 5Paragraph 5
1397. Obligation of reporting company to notify group members of its status
1398. 6Paragraph 6
1399. Submission of interest restriction returns by reporting companies
1400. 7Paragraph 7
1401. 7AParagraph 7A
1402. Revised interest restriction return
1403. 8Paragraph 8
1404. Extended period for submission of full return for period where no restriction
1405. 9Paragraph 9
1406. Meaning of “consenting company” and “non-consenting company”
1407. 10Paragraph 10
1408. ...
1409. 11Paragraph 11 Repealed
1410. Penalty for submission of return where no reporting company appointed
1411. 11AParagraph 11A
1412. 11BParagraph 11B
1413. Part 2: Contents of interest restriction return
1414. Elections
1415. 12Paragraph 12
1416. Group ratio election
1417. 13Paragraph 13
1418. Group ratio (blended) election
1419. 14Paragraph 14
1420. Group-EBITDA (chargeable gains) election
1421. 15Paragraph 15
1422. Interest allowance (alternative calculation) election
1423. 16Paragraph 16
1424. Interest allowance (non-consolidated investment) election
1425. 17Paragraph 17
1426. Interest allowance (consolidated partnerships) election
1427. 18Paragraph 18
1428. Abbreviated return election
1429. 19Paragraph 19
1430. Required contents of interest restriction return: full returns and abbreviated returns
1431. 20Paragraph 20
1432. Statement of calculations
1433. 21Paragraph 21
1434. Statement of allocated interest restrictions
1435. 22Paragraph 22
1436. A company's pro-rata share of the total disallowed amount
1437. 23Paragraph 23
1438. Accounting period's pro-rata share of the total disallowed amount
1439. 24Paragraph 24
1440. Statement of allocated interest reactivations
1441. 25Paragraph 25
1442. “Amount available for reactivation” of company in period of account of group
1443. 26Paragraph 26
1444. Estimated information in statements
1445. 27Paragraph 27
1446. Correction of return by officer of Revenue and Customs
1447. 28Paragraph 28
1448. Penalty for failure to deliver return
1449. 29Paragraph 29
1450. 29AParagraph 29A
1451. Penalty for incorrect or uncorrected return
1452. 30Paragraph 30
1453. Meaning of “deliberate inaccuracy that is concealed” and discovering inaccuracy after return submitted
1454. 31Paragraph 31
1455. Inaccuracy in return attributable to another company
1456. 32Paragraph 32
1457. Reductions in amount of penalty for disclosure or special circumstances
1458. 33Paragraph 33
1459. Assessment, payment and enforcement of penalty
1460. 34Paragraph 34
1461. Right to appeal against penalty or its amount
1462. 35Paragraph 35
1463. Procedure on appeal
1464. 36Paragraph 36
1465. Payments between companies in respect of penalties
1466. 37Paragraph 37
1467. Part 3: Duty to keep and preserve records
1468. Duty to keep and preserve records
1469. 38Paragraph 38
1470. Penalty for failure to keep and preserve records
1471. 39Paragraph 39
1472. Part 4: Enquiry into interest restriction return
1473. Notice of enquiry
1474. 40Paragraph 40
1475. Normal time limits for opening enquiry
1476. 41Paragraph 41
1477. Extended time limits for opening enquiries: discovery of errors
1478. 42Paragraph 42
1479. Scope of enquiry
1480. 43Paragraph 43
1481. Enquiry into return for wrong period or wrong group
1482. 44Paragraph 44
1483. Amendment of self-assessment during enquiry to prevent loss of tax
1484. 45Paragraph 45
1485. Revision of interest restriction return during enquiry
1486. 46Paragraph 46
1487. Completion of enquiry
1488. 47Paragraph 47
1489. Direction to complete enquiry
1490. 48Paragraph 48
1491. Conclusions of enquiry
1492. 49Paragraph 49
1493. Interest restriction returns to be submitted to an officer of Revenue and Customs
1494. 50Paragraph 50
1495. Return in relation to a worldwide group: other entities part of another group
1496. 51Paragraph 51
1497. Appeal against closure notice or notice under paragraph 51
1498. 52Paragraph 52
1499. New groups without existing reporting company
1500. 53Paragraph 53
1501. Matters required to be done on a “just and reasonable” basis
1502. 54Paragraph 54
1503. References to a reporting company where replaced
1504. 55Paragraph 55
1505. Part 5: Determinations by officers of Revenue and Customs
1506. Power of Revenue and Customs to make determinations where no return filed etc
1507. 56Paragraph 56
1508. Time limit: interest restriction return following determination under paragraph 56
1509. 57Paragraph 57
1510. Power of Revenue and Customs to make determinations following enquiry
1511. 58Paragraph 58
1512. Appeal against determination under paragraph 58
1513. 59Paragraph 59
1514. Part 6: Information powers exercisable by members of group
1515. Provision of information to and by the reporting company
1516. 60Paragraph 60
1517. Provision of information between members of group where no reporting company appointed
1518. 61Paragraph 61
1519. Part 7: Information powers exercisable by officers of Revenue and Customs
1520. Power to obtain information and documents from members of worldwide group
1521. 62Paragraph 62
1522. Power to obtain information and documents from third parties
1523. 63Paragraph 63
1524. Notices following submitted interest restriction returns
1525. 64Paragraph 64
1526. Appeals
1527. 65Paragraph 65
1528. Application of provisions of Schedule 36 to FA 2008
1529. 66Paragraph 66
1530. References to checking an interest restriction return etc
1531. 67Paragraph 67
1532. Part 8: Company tax returns
1533. Elections under section 375, 377 or 380
1534. 68Paragraph 68
1535. Amendments to take account of operation of this Part of this Act (including elections)
1536. 69Paragraph 69
1537. Other cases where company must amend its return etc
1538. 70Paragraph 70
1539. Failure to comply with a requirement to amend company tax return
1540. 70AParagraph 70A
1541. Regulations for purposes of paragraph 70(2) etc
1542. 71Paragraph 71
1543. Consequential claims to company tax returns
1544. 72Paragraph 72
1545. Meaning of “company tax return”
1546. 73Paragraph 73
1547. Part 9: Supplementary
1548. Double jeopardy
1549. 74Paragraph 74
1550. Notice of appeal
1551. 75Paragraph 75
1552. Conclusiveness of amounts stated in interest restriction return
1553. 76Paragraph 76
1554. Schedule 8: Minor and consequential amendments
1555. Part 1: Double taxation relief
1556. Taxes Management Act 1970 (c. 9)
1557. 1Paragraph 1
1558. 2Paragraph 2
1559. 3Paragraph 3
1560. 4Paragraph 4
1561. 5Paragraph 5
1562. 6Paragraph 6
1563. 7Paragraph 7
1564. Income and Corporation Taxes Act 1988 (c. 1)
1565. 8Paragraph 8
1566. 9Paragraph 9 Repealed
1567. 10Paragraph 10
1568. 11Paragraph 11
1569. 12Paragraph 12
1570. 13Paragraph 13
1571. 14Paragraph 14
1572. 15Paragraph 15
1573. 16Paragraph 16
1574. 17Paragraph 17
1575. 18Paragraph 18
1576. 19Paragraph 19
1577. 20Paragraph 20
1578. 21Paragraph 21
1579. 22Paragraph 22
1580. 23Paragraph 23
1581. 24Paragraph 24
1582. 25Paragraph 25
1583. 26Paragraph 26
1584. 27Paragraph 27
1585. 28Paragraph 28
1586. 29Paragraph 29
1587. 30Paragraph 30 Repealed
1588. 31Paragraph 31 Repealed
1589. 32Paragraph 32
1590. 33Paragraph 33
1591. 34Paragraph 34 Repealed
1592. 35Paragraph 35
1593. 36Paragraph 36
1594. Finance Act 1989 (c. 26)
1595. 37Paragraph 37
1596. 38Paragraph 38 Repealed
1597. 39Paragraph 39
1598. Taxation of Chargeable Gains Act 1992 (c. 12)
1599. 40Paragraph 40
1600. 41Paragraph 41
1601. 42Paragraph 42
1602. 43Paragraph 43
1603. 44Paragraph 44
1604. 45Paragraph 45
1605. 46Paragraph 46
1606. 47Paragraph 47
1607. Finance Act 1993 (c. 34)
1608. 48Paragraph 48
1609. 49Paragraph 49
1610. 50Paragraph 50
1611. Finance (No. 2) Act 1997 (c. 58)
1612. 51Paragraph 51 Repealed
1613. 52Paragraph 52 Repealed
1614. Finance Act 1998 (c. 36)
1615. 53Paragraph 53
1616. 54Paragraph 54
1617. Finance Act 2000 (c. 17)
1618. 55Paragraph 55
1619. 56Paragraph 56
1620. Capital Allowances Act 2001 (c. 2)
1621. 57Paragraph 57
1622. 58Paragraph 58
1623. Income Tax (Earnings and Pensions) Act 2003 (c. 1)
1624. 59Paragraph 59
1625. 60Paragraph 60
1626. Finance Act 2004 (c. 12)
1627. 61Paragraph 61
1628. 62Paragraph 62
1629. 63Paragraph 63
1630. 64Paragraph 64
1631. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1632. 65Paragraph 65
1633. 66Paragraph 66 Repealed
1634. 67Paragraph 67 Repealed
1635. 68Paragraph 68
1636. 69Paragraph 69
1637. 70Paragraph 70
1638. Income Tax Act 2007 (c. 3)
1639. 71Paragraph 71
1640. 72Paragraph 72
1641. 73Paragraph 73
1642. 74Paragraph 74
1643. 75Paragraph 75
1644. 76Paragraph 76
1645. 77Paragraph 77
1646. 78Paragraph 78
1647. 79Paragraph 79
1648. 80Paragraph 80
1649. 81Paragraph 81
1650. 82Paragraph 82 Repealed
1651. 83Paragraph 83
1652. 84Paragraph 84
1653. 85Paragraph 85
1654. 86Paragraph 86
1655. Finance Act 2008 (c. 9)
1656. 87Paragraph 87
1657. 88Paragraph 88
1658. Corporation Tax Act 2009 (c. 4)
1659. 89Paragraph 89
1660. 90Paragraph 90
1661. 91Paragraph 91
1662. 92Paragraph 92
1663. 93Paragraph 93
1664. 94Paragraph 94
1665. 95Paragraph 95
1666. 96Paragraph 96
1667. 97Paragraph 97
1668. 98Paragraph 98
1669. 99Paragraph 99
1670. 100Paragraph 100
1671. 101Paragraph 101
1672. Finance Act 2009 (c. 10)
1673. 102Paragraph 102
1674. 103Paragraph 103
1675. 104Paragraph 104
1676. 105Paragraph 105
1677. Part 2: Transfer pricing and advance pricing agreements
1678. Taxes Management Act 1970 (c. 9)
1679. 106Paragraph 106
1680. 107Paragraph 107
1681. 108Paragraph 108
1682. Income and Corporation Taxes Act 1988 (c. 1)
1683. 109Paragraph 109
1684. 110Paragraph 110
1685. 111Paragraph 111
1686. Finance Act 1998 (c. 36)
1687. 112Paragraph 112
1688. 113Paragraph 113
1689. 114Paragraph 114
1690. Finance Act 1999 (c. 16)
1691. 115Paragraph 115
1692. 116Paragraph 116
1693. 117Paragraph 117
1694. 118Paragraph 118
1695. Finance Act 2000 (c. 17)
1696. 119Paragraph 119
1697. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1698. 120Paragraph 120
1699. 121Paragraph 121
1700. 122Paragraph 122
1701. Corporation Tax Act 2009 (c. 4)
1702. 123Paragraph 123
1703. 124Paragraph 124
1704. 125Paragraph 125
1705. 126Paragraph 126
1706. 127Paragraph 127
1707. 128Paragraph 128
1708. 129Paragraph 129
1709. 130Paragraph 130
1710. 131Paragraph 131
1711. 132Paragraph 132
1712. 133Paragraph 133
1713. 134Paragraph 134
1714. 135Paragraph 135
1715. 136Paragraph 136
1716. 137Paragraph 137
1717. 138Paragraph 138
1718. 139Paragraph 139
1719. 140Paragraph 140
1720. 141Paragraph 141
1721. 142Paragraph 142
1722. 143Paragraph 143
1723. 144Paragraph 144
1724. 145Paragraph 145
1725. 146Paragraph 146
1726. 147Paragraph 147
1727. 148Paragraph 148
1728. Finance Act 2009 (c. 10)
1729. 149Paragraph 149
1730. 150Paragraph 150
1731. Part 3: Tax arbitrage
1732. Finance (No. 2) Act 2005 (c. 22)
1733. 151Paragraph 151
1734. 152Paragraph 152
1735. 153Paragraph 153
1736. 154Paragraph 154
1737. 155Paragraph 155
1738. Part 4: Tax treatment of financing costs and income
1739. Taxes Management Act 1970 (c. 9)
1740. 156Paragraph 156
1741. 157Paragraph 157
1742. Finance Act 2009
1743. 158Paragraph 158
1744. 159Paragraph 159
1745. 160Paragraph 160
1746. Part 5: Offshore funds
1747. Inheritance Tax Act 1984 (c. 51)
1748. 161Paragraph 161
1749. 162Paragraph 162
1750. Taxation of Chargeable Gains Act 1992 (c. 12)
1751. 163Paragraph 163
1752. 164Paragraph 164
1753. 165Paragraph 165
1754. 166Paragraph 166
1755. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1756. 167Paragraph 167
1757. 168Paragraph 168
1758. Finance Act 2008 (c. 9)
1759. 169Paragraph 169
1760. 170Paragraph 170
1761. Corporation Tax Act 2009 (c. 4)
1762. 171Paragraph 171
1763. 172Paragraph 172
1764. Finance Act 2009 (c. 10)
1765. 173Paragraph 173
1766. 174Paragraph 174
1767. Part 6: Oil activities
1768. Finance Act 1980 (c. 48)
1769. 175Paragraph 175
1770. 176Paragraph 176
1771. Finance Act 1982 (c. 39)
1772. 177Paragraph 177
1773. 178Paragraph 178
1774. 179Paragraph 179
1775. Income and Corporation Taxes Act 1988 (c. 1)
1776. 180Paragraph 180
1777. 181Paragraph 181
1778. 182Paragraph 182
1779. 183Paragraph 183
1780. 184Paragraph 184
1781. Finance Act 1991 (c. 31)
1782. 185Paragraph 185
1783. 186Paragraph 186
1784. Finance Act 1999 (c. 16)
1785. 187Paragraph 187
1786. 188Paragraph 188
1787. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1788. 189Paragraph 189
1789. 190Paragraph 190
1790. 191Paragraph 191
1791. Income Tax Act 2007 (c. 3)
1792. 192Paragraph 192
1793. 193Paragraph 193
1794. Part 7: Alternative finance arrangements
1795. Finance Act 1986 (c. 41)
1796. 194Paragraph 194
1797. 195Paragraph 195
1798. 196Paragraph 196
1799. 197Paragraph 197
1800. Taxation of Chargeable Gains Act 1992 (c. 12)
1801. 198Paragraph 198
1802. 199Paragraph 199
1803. 200Paragraph 200
1804. 201Paragraph 201
1805. 202Paragraph 202
1806. Income Tax (Earnings and Pensions) Act 2003 (c. 1)
1807. 203Paragraph 203
1808. 204Paragraph 204
1809. Finance Act 2003 (c. 14)
1810. 205Paragraph 205
1811. 206Paragraph 206
1812. 207Paragraph 207
1813. 208Paragraph 208
1814. 209Paragraph 209
1815. 210Paragraph 210
1816. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1817. 211Paragraph 211
1818. 212Paragraph 212
1819. Finance Act 2005 (c. 7)
1820. 213Paragraph 213
1821. 214Paragraph 214
1822. 215Paragraph 215
1823. Finance Act 2006 (c. 25)
1824. 216Paragraph 216
1825. 217Paragraph 217
1826. 218Paragraph 218
1827. Income Tax Act 2007 (c. 3)
1828. 219Paragraph 219
1829. 220Paragraph 220
1830. 221Paragraph 221
1831. 222Paragraph 222
1832. 223Paragraph 223
1833. Corporation Tax Act 2009 (c. 4)
1834. 224Paragraph 224
1835. 225Paragraph 225
1836. 226Paragraph 226
1837. Finance Act 2009 (c. 10)
1838. 227Paragraph 227
1839. 228Paragraph 228
1840. 229Paragraph 229
1841. Part 8: Leasing arrangements: finance leases and loans
1842. Taxation of Chargeable Gains Act 1992 (c. 12)
1843. 230Paragraph 230
1844. 231Paragraph 231
1845. Finance Act 1997 (c. 16)
1846. 232Paragraph 232
1847. Capital Allowances Act 2001 (c. 2)
1848. 233Paragraph 233
1849. 234Paragraph 234
1850. 235Paragraph 235
1851. 236Paragraph 236
1852. Income Tax Act 2007 (c. 3)
1853. 237Paragraph 237
1854. 238Paragraph 238
1855. 239Paragraph 239
1856. Part 9: Sale and lease-back etc
1857. Income and Corporation Taxes Act 1988 (c. 1)
1858. 240Paragraph 240
1859. 241Paragraph 241
1860. 242Paragraph 242
1861. Taxation of Chargeable Gains Act 1992 (c. 12)
1862. 243Paragraph 243
1863. 244Paragraph 244
1864. Broadcasting Act 1996 (c. 55)
1865. 245Paragraph 245
1866. 246Paragraph 246
1867. Finance Act 1999 (c. 16)
1868. 247Paragraph 247
1869. 248Paragraph 248
1870. Greater London Authority Act 1999 (c. 29)
1871. 249Paragraph 249
1872. 250Paragraph 250
1873. Transport Act 2000 (c. 38)
1874. 251Paragraph 251
1875. 252Paragraph 252
1876. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1877. 253Paragraph 253
1878. 254Paragraph 254
1879. 255Paragraph 255
1880. Income Tax Act 2007 (c. 3)
1881. 256Paragraph 256
1882. 257Paragraph 257
1883. 258Paragraph 258
1884. 259Paragraph 259
1885. 260Paragraph 260
1886. 261Paragraph 261
1887. Corporation Tax Act 2009 (c. 4)
1888. 262Paragraph 262
1889. 263Paragraph 263
1890. Part 10: Factoring of income etc
1891. Income and Corporation Taxes Act 1988 (c. 1)
1892. 264Paragraph 264
1893. 265Paragraph 265
1894. 266Paragraph 266
1895. Taxation of Chargeable Gains Act 1992 (c. 12)
1896. 267Paragraph 267
1897. 268Paragraph 268
1898. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1899. 269Paragraph 269
1900. 270Paragraph 270
1901. Income Tax Act 2007 (c. 3)
1902. 271Paragraph 271
1903. 272Paragraph 272
1904. 273Paragraph 273
1905. 274Paragraph 274
1906. 275Paragraph 275
1907. Part 11: UK representatives of non-UK residents
1908. Finance Act 1995 (c. 4)
1909. 276Paragraph 276
1910. 277Paragraph 277
1911. 278Paragraph 278
1912. 279Paragraph 279
1913. Income Tax Act 2007 (c. 3)
1914. 280Paragraph 280
1915. 281Paragraph 281
1916. 282Paragraph 282
1917. 283Paragraph 283
1918. 284Paragraph 284
1919. 285Paragraph 285
1920. 286Paragraph 286
1921. Part 12: Amendments for purposes connected with other tax law rewrite Acts
1922. Solicitors (Northern Ireland) Order 1976 (S.I. 1976/582 (N.I. 12))
1923. 287Paragraph 287
1924. 288Paragraph 288
1925. Administration of Justice Act 1985 (c. 61)
1926. 289Paragraph 289
1927. 290Paragraph 290
1928. Income and Corporation Taxes Act 1988 (c. 1)
1929. 291Paragraph 291
1930. 292Paragraph 292
1931. Broadcasting Act 1996 (c. 55)
1932. 293Paragraph 293
1933. 294Paragraph 294
1934. Greater London Authority Act 1999 (c. 29)
1935. 295Paragraph 295
1936. 296Paragraph 296
1937. Income Tax (Earnings and Pensions) Act 2003 (c. 1)
1938. 297Paragraph 297
1939. 298Paragraph 298
1940. 299Paragraph 299
1941. 300Paragraph 300
1942. Finance Act 2004 (c. 12)
1943. 301Paragraph 301
1944. 302Paragraph 302
1945. Finance Act 2005 (c. 7)
1946. 303Paragraph 303
1947. 304Paragraph 304
1948. 305Paragraph 305
1949. Income Tax Act 2007 (c. 3)
1950. 306Paragraph 306
1951. 307Paragraph 307
1952. Corporation Tax Act 2009 (c. 4)
1953. 308Paragraph 308
1954. 309Paragraph 309
1955. 310Paragraph 310
1956. 311Paragraph 311
1957. 312Paragraph 312
1958. Part 13: General
1959. Taxes Management Act 1970 (c. 9)
1960. 313Paragraph 313
1961. 314Paragraph 314
1962. Income and Corporation Taxes Act 1988 (c. 1)
1963. 315Paragraph 315
1964. 316Paragraph 316
1965. Taxation of Chargeable Gains Act 1992 (c. 12)
1966. 317Paragraph 317
1967. 318Paragraph 318
1968. 319Paragraph 319
1969. Finance Act 1998 (c. 36)
1970. 320Paragraph 320
1971. 321Paragraph 321
1972. Income Tax (Earnings and Pensions) Act 2003 (c. 1)
1973. 322Paragraph 322
1974. 323Paragraph 323
1975. Income Tax (Trading and Other Income) Act 2005 (c. 5)
1976. 324Paragraph 324
1977. 325Paragraph 325
1978. Income Tax Act 2007 (c. 3)
1979. 326Paragraph 326
1980. 327Paragraph 327
1981. 328Paragraph 328
1982. Corporation Tax Act 2009 (c. 4)
1983. 329Paragraph 329
1984. 330Paragraph 330
1985. Finance Act 2009 (c. 10)
1986. 331Paragraph 331
1987. 332Paragraph 332
1988. Schedule 9: Transitionals and savings etc
1989. Part 1: General provisions
1990. Continuity of the law: general
1991. 1Paragraph 1
1992. 2Paragraph 2
1993. 3Paragraph 3
1994. 4Paragraph 4
1995. 5Paragraph 5
1996. 6Paragraph 6
1997. 7Paragraph 7
1998. General saving for old transitional provisions and savings
1999. 8Paragraph 8
2000. Interpretation
2001. 9Paragraph 9
2002. Part 2: Changes in the law
2003. 10Paragraph 10
2004. Part 3: Double taxation relief
2005. Conversion of references to the profits tax in old arrangements
2006. 11Paragraph 11
2007. Effect in relation to capital gains tax of arrangements given effect before introduction of that tax
2008. 12Paragraph 12
2009. Double taxation arrangements to which section 11(3) applies
2010. 13Paragraph 13
2011. Unilateral relief for underlying tax on dividends
2012. 14Paragraph 14
2013. Time limits for claims for relief
2014. 15Paragraph 15
2015. Taking account of underlying tax
2016. 16Paragraph 16
2017. Reduction in credit: payment by reference to foreign tax
2018. 17Paragraph 17
2019. Credit against corporation tax on trade income: anti-avoidance
2020. 18Paragraph 18
2021. Credit against corporation tax on trade income: banks
2022. 19Paragraph 19
2023. Meaning of “relevant profits” in section 58
2024. 20Paragraph 20
2025. Conditions for relief for underlying tax paid by company lower in dividend-paying chain
2026. 21Paragraph 21
2027. Application of sections 109 and 110 in relation to pre-1 October 2007 cases
2028. 22Paragraph 22
2029. Income increased by amounts paid by reference to foreign tax for which deduction allowed
2030. 23Paragraph 23
2031. Offshore fund treated after 1 December 2009 as distributing fund under repealed Chapter 5 of Part 17 of ICTA
2032. 24Paragraph 24
2033. Limited effect of amendments of sections 806A to 806J of ICTA
2034. 25Paragraph 25
2035. Interpretative rules saved for the purposes of applying sections 806A to 806K of ICTA to distributions paid before 1 July 2009
2036. 26Paragraph 26
2037. Repealed references to Part 18 of ICTA saved for purposes of sections 806A to 806K of ICTA
2038. 27Paragraph 27
2039. Part 4: Transfer pricing
2040. Transfer pricing: meaning of potential advantage
2041. 28Paragraph 28
2042. Part 5: Advance pricing agreements
2043. 29Paragraph 29
2044. Part 6: Tax avoidance (arbitrage)
2045. Arbitrage: contributions to capital of UK resident companies before 16 March 2005
2046. 30Paragraph 30
2047. Part 7: Tax treatment of financing costs and income Repealed
2048. Periods of account in relation to which Part 7 does not have effect Repealed
2049. 31Paragraph 31 Repealed
2050. Exclusion of certain debits and credits Repealed
2051. 32Paragraph 32 Repealed
2052. Part 8: Offshore funds
2053. Restriction on regulation-making power under section 354
2054. 33Paragraph 33
2055. 34Paragraph 34
2056. Part 9: Oil activities
2057. Regional development grants
2058. 35Paragraph 35
2059. Reimbursement by defaulter in respect of certain abandonment expenditure
2060. 36Paragraph 36
2061. Part 10: Alternative finance arrangements
2062. Alternative finance arrangements entered into before certain dates etc
2063. 37Paragraph 37
2064. Alternative finance arrangements not offshore funds
2065. 38Paragraph 38
2066. Alternative finance arrangements entered into before 15 October 2009
2067. 39Paragraph 39
2068. 40Paragraph 40
2069. Part 11: Sale and lease-back etc
2070. New lease of land after assignment or surrender: right to new lease existed pre-22 June 1971
2071. 41Paragraph 41
2072. Part 12: Factoring of income etc
2073. Application of Chapter 5B of Part 13 of ITA 2007 (finance arrangements) to pre-6 June 2006 arrangements
2074. 42Paragraph 42
2075. Application of section 809BZN of ITA 2007 (finance arrangements: exceptions)
2076. 43Paragraph 43
2077. Application of section 809CZC of ITA 2007 (income-transfer under loan or credit transaction)
2078. 44Paragraph 44
2079. Part 13: Miscellaneous relocations
2080. Application of sections 925A to 925F of ITA 2007 (repos)
2081. 45Paragraph 45
2082. Schedule 10: Repeals and revocations
2083. 1Double taxation relief
2084. 2Transfer pricing and advance pricing agreements
2085. 3Tax arbitrage
2086. 4Tax treatment of financing costs and income
2087. 5Offshore funds
2088. 6Oil activities
2089. 7Alternative finance arrangements
2090. 8Leasing arrangements: finance leases and loans
2091. 9Sale and lease-back etc
2092. 10Factoring of income etc
2093. 11UK representatives of non-UK residents
2094. 12Miscellaneous relocations
2095. 13Repeals for purposes connected with other tax law rewrite Acts
2096. Schedule 11: Index of defined expressions used in Parts 2 to 8
2097. 1Double taxation relief: index of defined expressions used in Parts 2 and 3
2098. 2Transfer pricing: index of defined expressions used in Part 4
2099. 2AUnassessed transfer pricing profits: index of defined expressions used in Part 4A
2100. 3Advance pricing agreements: index of defined expressions used in Part 5
2101. 4Tax arbitrage: index of defined expressions used in Part 6 Repealed
2102. 4AHybrid and other mismatches: index of defined expressions used in Part 6A
2103. 5Tax treatment of financing costs and income: index of defined expressions used in Part 7 Repealed
2104. 6Offshore funds: index of defined expressions used in Part 8
2105. 7Corporate interest restriction: index of defined expressions used in Part 10