Respond to a Corporation Tax penalty or enquiry
- 1 step
UK Act of Parliament
2009
United Kingdom
Corporation Tax Act 2009
At a glance
Enforced by
What's here
51 compliance obligations, 8 practical guides across 2 topics · 9 journeys
Penalty landscape
1 of 51 obligations carry a criminal penalty. 1 carries different penalties and 49 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trader 41
- Any Person 4
- Employer 1
- Director or Officer 1
Plus 4 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Set up a limited company
- 1 step
Manage your tax compliance
- 1 step
File your first Corporation Tax return
- 4 steps
Corporation Tax quick compliance check
- 2 steps
Start a business
- 1 step
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Direct — cites this Act
1 guidesSupporting — topic alignment
5 guidesMentioned in related content
2 guidesOther Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Employers also bound by 694 other Acts (top 5 shown)
- The Income Tax (Pay As You Earn) Regulations 2003 2003 236 duties
- Provision and Use of Work Equipment Regulations 1998 1998 120 duties
- TULRCA 1992 1992 72 duties
- Employment Rights (Northern Ireland) Order 1996 (current NI employment law) 1996 52 duties
- Income Tax (Earnings and Pensions) Act 2003 2003 50 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — Introduction
Browse 2 other sections in this Part — procedural / definitional / commencement
Overview of Act
Overview of the Corporation Tax Acts
Part 2 — Charge to corporation tax: basic provisions
Browse 64 other sections in this Part — procedural / definitional / commencement
Charge to corporation tax
Exclusion of charge to income tax
Exclusion of charge to capital gains tax
Territorial scope of charge
Arrangements for avoiding tax
Trade of dealing in or developing UK land
Profits accruing in fiduciary or representative capacity
Profits accruing under trusts
How tax is charged and assessed
Beginning of accounting period
End of accounting period
Companies with more than one accounting date
Companies being wound up
Overview of Chapter
Companies incorporated in the United Kingdom
Continuation of residence established under common law
SEs which transfer registered office to the United Kingdom
SCEs which transfer registered office to the United Kingdom
Companies treated as non-UK resident under double taxation arrangements
Exemption for profits or losses of foreign permanent establishments
Chargeable gains etc
Capital allowances etc
Income arising from immovable property
Profits and losses from investment business
Payments subject to deduction
Employee share acquisitions
Effect of election
Anti-diversion rule
What are “diverted profits”?
Modification of Chapter 3 of Part 9A of TIOPA 2010
Modification of Chapter 4 of Part 9A of TIOPA 2010
Modification of Chapter 5 of Part 9A of TIOPA 2010
Modification of Chapter 7 of Part 9A of TIOPA 2010
Modification of Chapter 9 of Part 9A of TIOPA 2010
Exemptions from anti-diversion rule
The excluded territories exemption
The low profits exemption
The low profit margin exemption
The tax exemption
Companies with total opening negative amount
Total opening negative amount: “matching”
Streaming
Streamed opening negative amounts: “matching”
Residual opening negative amount: “matching”
Transfers of foreign permanent establishment business
Exclusions
Insurance companies
Meaning of “full treaty territory”
Other interpretation
Chargeable profits
Profits attributable to permanent establishment: introduction
The separate enterprise principle
Transactions treated as being on arm's length terms
Provision of goods or services for permanent establishment
Application to insurance companies
Non-UK resident banks: introduction
Transfer of financial assets
Loans: attribution of financial assets and profits arising
Borrowing: permanent establishment acting as agent or intermediary
Allowable deductions
Restriction on deductions: costs
Restriction on deductions: payments in respect of intangible assets
Restriction on deductions: interest or other financing costs
Trade includes office
Part 3 — Trading income
Retraining courses: recovery of tax
- Notify HMRC if retraining course condition fails Employer
Gifts of trading stock to charities etc
Amended 6 timesReplacement of animals in herd
- Account for costs and receipts when replacing herd animals Trader
Amount of receipt if old animal slaughtered under disease control order
- Cap the taxable receipt from a replacement animal after a disease control slaughter Trader
Information if election made
Amended 1 timeInsurers receiving distributions etc
Amended 1 timeInsurers in financial difficulties: write-down orders
Amended 1 timeDividends etc granted by registered societies
Amended 1 timeRelief in respect of mineral royalties
Amended 1 timePayments by companies liable to pool betting duty
Amended 1 timeSite preparation expenditure: supplementary
Amended 4 timesSite restoration payments
Amended 4 timesDeduction for capital expenditure
Amended 2 timesAllocation of expenditure
- Allocate sound recording master costs fairly across accounting periods Trader
Transfer pricing rules to take precedence
Amended 6 timesValuation of trading stock on cessation
Amended 1 timeConnected persons
Amended 1 timeRelief for unremittable amounts
- Claim tax relief for unremittable overseas income Trader
Withdrawal of relief
- Bring withdrawn unremittable relief back into taxable profits Any Person
Application of Chapter
Amended 2 timesExtent of charge to tax
Amended 1 timeOther rules about what counts as post-cessation receipts
Amended 1 timeProvisions which must be given priority over this Part
Amended 1 timeBrowse 187 other sections in this Part — procedural / definitional / commencement
Overview of Part
Charge to tax on trade profits
Farming and market gardening
Commercial occupation of woodlands
Commercial occupation of land other than woodlands
Profits of mines, quarries and other concerns
Credit unions
Payments to company directors
Professionals in practice: incidental income from an office or employment
Effect of company starting or ceasing to be within charge to corporation tax
Tied premises
Caravan sites where trade carried on
Surplus business accommodation
Payments for wayleaves
Generally accepted accounting practice
Losses calculated on same basis as profits
Receipts and expenses
Items treated as receipts and expenses
Money's worth
Animals kept for trade purposes
Relationship between rules prohibiting and allowing deductions
Apportionment etc of profits and losses to accounting period
Capital expenditure
Expenses not wholly and exclusively for trade and unconnected losses
Bad debts
Car ... hire
Car ... hire: supplementary
Hiring cars (but not motor cycles) with low CO 2 emissions before 1 April 2013
Short-term hiring in and long-term hiring out
Connected persons: application of section 56
Patent royalties
Expenditure on integral features
Rental rebates
Pre-trading expenses
Tenants under taxed leases: introduction
Tenants occupying land for purposes of trade treated as incurring expenses
Limit on deductions if tenant entitled to mineral extraction allowance
Tenants dealing with land as property employed for purposes of trade
Restrictions on section 63 expenses: lease premium receipts
Restrictions on section 63 expenses: lease of part of premises
Replacement and alteration of trade tools
Payments for restrictive undertakings
Employees seconded to charities and educational establishments
Educational establishments
Payroll deduction schemes: contributions to agents' expenses
Counselling and other outplacement services
Retraining courses
Redundancy payments and approved contractual payments
Payments in respect of employment wholly in employer's trade
Payments in respect of employment in more than one capacity
Additional payments
Application of section 79 in cases involving partnerships
Payments made by the Government
Contributions to local enterprise organisations or urban regeneration companies
Meaning of “local enterprise organisation”
Approval of local enterprise agencies
Supplementary provisions with respect to approvals
Meaning of “urban regeneration company”
Contributions to flood and coastal erosion risk management projects
Interpretation of section 86A
Expenses of research and development
Payments to research associations, universities etc
Expenses connected with patents
Expenses connected with designs or trade marks
Payments to Export Credits Guarantee Department
Levies etc under FISMA 2000
Deductions in relation to salaried members
Capital receipts
Debts incurred and later released
Acquisition of trade: receipts from transferor's trade
Reverse premiums
Excluded cases
Tax treatment of reverse premiums
Arrangements not at arm's length
Connected persons and property arrangements
Distribution of assets of mutual concerns
Industrial development grants
Sums recovered under insurance policies etc
Repayments under FISMA 2000
s.104A
s.104B
s.104H
s.104N
s.104O
Meaning of “designated educational establishment”
Gifts of medical supplies and equipment
Receipt of benefits by donor or connected person
Election for application of herd basis rules
Meaning of “animal”, “herd”, “production herd” etc
Other interpretative provisions
Initial cost of herd and value of herd
Addition of animals to herd
Sale of animals from herd
Sale of whole or substantial part of herd
Acquisition of new herd begun within 5 years of sale
Section 118: sale for reasons outside farmer's control
Replacement of part sold begun within 5 years of sale
Section 120: sale for reasons outside farmer's control
Herd basis elections
Five year gap in which no production herd kept
Slaughter under disease control order
Preventing abuse of the herd basis rules
Further assessment etc if herd basis rules apply
Application of Chapter 8A
Right to make claim
Book value
Effect of claim for spreading of profits
Adjustment: cessation of trading
Time limits etc for spreading claim
Interpretation
Taxation of amounts taken to reserves
Conversion etc of securities held as circulating capital
Incidental costs of issuing qualifying shares
Annual payments paid by a credit union
Compensation payments: restriction of deductions
Companies affected by section 133A: amounts treated as received
The disclosure condition
Excluded expenses
Meaning of “banking company”
“Excluded company”
Meaning of “relevant regulated activity”
Investment bank
Meaning of “insurance company”
Meaning of “customer”
“Compensation” and related expressions
Associated companies
Application of sections 133A and 133B in relation to corporate partner
Powers to amend
Purchase or sale of woodlands
Lease premiums etc: reduction of receipts
Mineral exploration and access
Deduction for deemed employment payment
Special rules for partnerships
Deduction for deemed employment payments
Intermediaries providing worker's services to public authority or medium or large client
Deduction for site preparation expenditure
Allocation of site preparation expenditure
Cemeteries and crematoria: introduction
Allocation of ancillary capital expenditure
Exclusion of expenditure met by subsidies
Niches, memorials and inscriptions: introduction
Allowable deductions: niches
Allowable deductions: memorials
Allowable deductions: inscriptions
Costs of the building
Revenue nature of expenditure
Interpretation of sections 150 and 151
Reserves of marketing authorities and certain other statutory bodies
Conditions to be met by reserve fund
Interpretation of sections 153 and 154
Meaning of “trading stock”
Trading stock appropriated by trader
Trading stock supplied by trader
Disposals not made in the course of trade
Acquisitions not made in the course of trade
Meaning of “trading stock”
Basis of valuation of trading stock
Sale basis of valuation: sale to unconnected person
Sale basis of valuation: sale to connected person
Sale basis of valuation: election by connected persons
Cost to buyer of stock valued on sale basis of valuation
Meaning of “sale” and related expressions
Determination of questions
Application of Chapter
Restrictions on relief
Meaning of “know-how” etc
Disposal of know-how if trade continues to be carried on
Disposal of know-how as part of disposal of all or part of a trade
Seller controlled by buyer etc
Giving effect to positive and negative adjustments
Calculation of the adjustment
No adjustment for certain expenses previously brought into account
Cases where adjustment not required until assets realised or written off
Change from realisation basis to mark to market
Election for spreading if section 185 applies
Transfer of insurance business
Charge to tax on post-cessation receipts
Basic meaning of “post-cessation receipt”
Debts paid after cessation
Debts released after cessation
Transfer of rights if transferee does not carry on trade
Transfer of trading stock
Allowable deductions
Further rules about allowable deductions
Election to carry back
Deductions already made are not displaced
Election given effect in accounting period in which receipt is received
Part 4 — Property income
Overview of Part
Amended 1 timeOverview of Chapter
Amended 2 timesActivities not for generating income from land
Amended 1 timeCharge to tax on profits of a property business
Amended 1 timeProfits of a property business: application of trading income rules
Amended 6 timesLoan relationships and derivative contracts
Amended 1 timeRelationship between rules prohibiting and allowing deductions
Amended 3 timesSection 240: supplementary
Amended 2 timesDetermination by tribunal
Amended 1 timeInformation about effective duration of lease
Amended 1 timeFurnished lettings
Amended 1 timeWear and tear allowance: election
Amended 1 timeMeaning of “eligible” in relation to a dwelling-house
Amended 1 timeEffect of wear and tear allowance election
Amended 1 timeRestrictions on relief
Amended 1 timeRelief in respect of mineral royalties
Amended 1 timeMutual business
Amended 1 timeOverview of Chapter
Amended 6 timesMeaning of “qualifying holiday accommodation”
Amended 2 timesUnder-used holiday accommodation: averaging elections
Amended 3 timesUnder-used holiday accommodation: letting condition not met
Amended 3 timesCapital allowances and loss relief: UK property business
Amended 3 timesCapital allowances and loss relief: overseas property business
Amended 3 timesDeduction for management expenses of owner of mineral rights
Amended 1 timeOther rules about what counts as a “post-cessation receipt”
Amended 1 timeEffect of company starting or ceasing to be within charge to corporation tax
Amended 1 timeBrowse 71 other sections in this Part — procedural / definitional / commencement
Meaning of “property business”
UK property business
Overseas property business
Meaning of “generating income from land”
Items treated as receipts and expenses
Certain amounts brought into account under Part 3
Overview of Chapter
Meaning of “short-term lease”
Lease premiums
Amount treated as lease premium where work required
Sums payable instead of rent
Sums payable for surrender of lease
Sums payable for variation or waiver of terms of lease
Sums to which sections 217 to 221 do not apply
Assignments for profit of lease granted at undervalue
Provisions supplementary to section 222
Sales with right to reconveyance
Sale and leaseback transactions
Provisions supplementary to sections 224 and 225
Circumstances in which additional calculation rule applies
The additional calculation rule
The additional calculation rule: special cases
Meaning of “unused amount” and “unreduced amount”
Deductions for expenses under section 232
Tenants under taxed leases treated as incurring expenses
Restrictions on section 232 expenses: the additional calculation rule
Restrictions on section 232 expenses: lease of part of premises
Limit on reductions and deductions
Payment of tax by instalments
Statement of accuracy for purposes of section 222
Claim for repayment of tax payable by virtue of section 224
Claim for repayment of tax payable by virtue of section 225
Appeals against proposed determinations
Rules for determining effective duration of lease
Applying the rules in section 243
Provisions about premiums
Interpretation
Acquisition of business: receipts from transferor's UK property business
Reverse premiums
Replacement domestic items relief
Deduction for expenditure on energy-saving items
Regulations
Deduction for expenditure on sea walls
Transfer of interest in premises
Ending of lease of premises
Transfer involving person within the charge to income tax
Nature of item apportioned on sale of estate or interest in land
Adjustment on change of basis
Giving effect to positive and negative adjustments
Expenditure on integral features
Meaning of “commercial letting of furnished holiday accommodation”
Meaning of “relevant period” in sections 267 and 268
Charge to tax on rent receivable in connection with a UK section 39(4) concern
Meaning of “rent receivable in connection with a UK section 39(4) concern”
Relief in respect of mineral royalties
Meaning of “mineral lease or agreement” and “mineral royalties”
Extended meaning of “mineral royalties” etc in Northern Ireland
Power to determine what counts as “mineral royalties”
Charge to tax on rent receivable for a UK electric-line wayleave
Meaning of “rent receivable for a UK electric-line wayleave”
Extent of charge to tax
Charge to tax on post-cessation receipts
Extent of charge to tax
Basic meaning of “post-cessation receipt”
Transfer of rights if transferee does not carry on UK property business
Allowable deductions
Election to carry back
Provisions which must be given priority over this Part
Priority between Chapters within this Part
Overseas property businesses and overseas land: adaptation of rules
Meaning of “lease” and “premises”
Part 5 — Loan Relationships
Trading credits and debits to be brought into account under Part 3
Amended 1 timeMeaning of trade and purposes of trade
Amended 3 timesMethod of bringing non-trading deficits into account
- Account for non-trading deficits from loan relationships Trader
Calculation of non-trading profits and deficits from loan relationships: non-trading credits and debits
Amended 3 times“Loan relationship”, “creditor relationship”, “debtor relationship”
Amended 2 timesOverview of Chapter
Amended 4 timesMatters in respect of which amounts to be brought into account
Amended 4 timesGeneral principles about the bringing into account of credits and debits
Amended 2 timesAmounts recognised in determining a company's profit or loss
Amended 5 timesPower to make regulations about recognised amounts
Amended 5 timesAmounts not fully recognised for accounting purposes: introduction
Amended 23 timesDetermination of credits and debits where amounts not fully recognised
Amended 8 times- Compute loan relationship credits/debits on full-recognition assumption with restrictions Trader
Basis of accounting: “amortised cost basis”, “fair value accounting” and “fair value”
Amended 12 timesIntroduction to sections 316 and 318
Amended 4 timesChange of basis of accounting involving change of value
Amended 1 timeCarrying value
Amended 3 timesChange of accounting basis following cessation of loan relationship
Amended 6 timesCredits and debits treated as relating to capital expenditure
Amended 3 timesAmounts recognised in other comprehensive income and not transferred to profit or loss
Amended 3 times- Include OCI amounts in tax computations when loan relationship is derecognised Trader
Hybrid capital instruments: amounts recognised in equity
Amended 3 timesCredits and debits recognised in equity
Amended 1 timeRestriction on debits resulting from release of loans to participators etc
Amended 1 timeRelease of debts: cases where credits not required to be brought into account
Amended 12 timesMeaning of expressions relating to insolvency etc
Amended 2 timesSubstantial modification: cases where credits not required to be brought into account
Amended 2 timesInsurers in financial difficulties: write-down orders
Amended 2 timesRestriction on debits resulting from revaluation
Amended 1 timeWriting off government investments
Amended 2 timesExchange gains and losses
Amended 12 timesArrangements that have a “one-way exchange effect”
Amended 12 timesMeaning of “relevant exchange gain” and “relevant exchange loss”
Amended 12 timesMeaning of “test day”
Amended 12 timesCounterfactual currency movement assumptions
Amended 12 timesCounterfactual currency movement assumptions: treatment of options
Amended 12 timesMeaning of “option”
Amended 12 timesMeaning of “relevant contingent contract” and “operative condition”
Amended 12 timesOther interpretative provisions
Amended 12 timesPre-loan relationship and abortive expenses
Amended 2 timesCompany is not, or has ceased to be, party to loan relationship
- Include loan relationship profits/losses in tax even after leaving the relationship Trader
Company ceasing to be party to loan relationship
Amended 1 timeRepo, stock lending and other transactions
Amended 1 timeCompany ceasing to be UK resident
Amended 1 timeNon-UK resident company ceasing to hold loan relationship for section 333(2) purposes
Amended 3 timesTransfers of loans on group transactions
Amended 3 timesTransfers of loans on insurance business transfers
Amended 5 timesGroup transfers and transfers of insurance business: transfer at notional carrying value
Amended 3 timesIssues of new securities on reorganisations: disposal at notional carrying value
Amended 2 timesTransferee leaving group otherwise than because of exempt distribution
Amended 4 timesTransferee leaving group because of exempt distribution
Amended 3 timesDisapplication of Chapter where transferor party to avoidance
Amended 1 timeApplication of amortised cost basis to connected companies relationships
Amended 4 timesCompanies beginning to be connected
Amended 1 timeCompanies ceasing to be connected
Amended 1 timeIntroduction to Chapter
Amended 3 timesExclusion of debits for impaired or released connected companies debts
Amended 1 timeExclusion of credits on release of connected companies debts: general
Amended 7 timesExclusion of credits on release of connected companies debts during creditor's insolvency
Amended 2 timesAcquisition of creditor rights by connected company at undervalue
Amended 5 timesThe corporate rescue exception
Amended 5 timesThe debt-for-debt exception
Amended 5 timesThe equity-for-debt exception
Amended 5 timesCorporate rescue: debt released shortly after acquisition
Amended 5 timesParties becoming connected where creditor's rights subject to impairment adjustment etc
Amended 9 timesCorporate rescue: debt released shortly after connection arises
Amended 9 timesCompanies connected for sections 361 to 362A
Amended 5 timesArrangements for avoiding section 361 or 362
Amended 5 timesIntroduction to Chapter
Amended 3 timesInterpretation
Amended 8 timesIntroduction to Chapter
Amended 3 timesLate interest treated as not accruing until paid in some cases
Amended 2 timesConnection between debtor and person standing in position of creditor
Amended 7 timesLoans to close companies by participators etc
Amended 5 timesInterpretation of section 375
Amended 8 timesParty to loan relationship having major interest in other party
Amended 7 timesPersons indirectly standing in the position of creditor
Amended 1 timeLending between partners and the partnership
Amended 2 timesTreatment of exchange gains and losses
Amended 1 timeOverview of Chapter
Amended 5 timesTreatment of deficit on basic life assurance and general annuity business: introduction
Amended 2 timesBasic rule: deficit set off against income and gains of deficit period
Amended 1 timeClaim to carry back deficit
Amended 1 timeMeaning of “available profits”
Amended 8 timesCarry forward of surplus deficit to next accounting period
Amended 1 timeGeneral rules for some debtor relationships
Amended 1 timeSpecial rules for some debtor relationships
Amended 1 timeOverview of Chapter
Amended 4 timesBasic rules
Amended 4 timesAdjustments for changes in index
Amended 8 timesAdjustments for changes in index: relevant hedging schemes
Amended 8 timesInterpretation of section 400A: economic profits and losses
Amended 8 timesMeaning of “associated with”
Amended 8 timesIntroduction
Amended 4 timesPostponement until redemption of debits for connected companies' deeply discounted securities
Amended 7 timesCompanies connected for section 407
Amended 1 timePostponement until redemption of debits for close companies' deeply discounted securities
Amended 3 timesExceptions to section 409
Amended 8 timesInterpretation of section 409
Amended 2 timesIssue of funding bonds
Amended 1 timeLoan relationships with embedded derivatives
Amended 2 timesElection for application of sections 415 and 585
Amended 2 timesLoan relationships involving connected debtor and creditor where debits exceed credits
Amended 5 timesCases involving host contract
Amended 5 timesSection 418: supplementary
Amended 2 timesIntroduction to Chapter
Amended 5 timesTransfer of loan relationship at notional carrying value
Amended 2 timesReorganisations involving loan relationships
Amended 2 timesProcedure on application for clearance
Amended 4 timesDecision on application for clearance
Amended 4 timesOther duties (1) — Crown / regulator
- HMRC must decide on tax clearance applications within 30 days Statutory regulator
Disapplication of Chapter where transparent entities involved
Amended 2 timesInterpretation
Amended 3 timesIntroduction to Chapter
Amended 8 timesTransfer of loan relationship at notional carrying value
Amended 2 timesReorganisations involving loan relationships
Amended 2 timesDisapplication of Chapter where transparent entities involved
Amended 1 timeInterpretation
Amended 4 timesOverview of Chapter
Amended 7 timesLoan relationships for unallowable purposes
Amended 3 timesMeaning of “unallowable purpose”
Amended 1 timeRestriction of relief for interest where tax relief schemes involved
Amended 3 timesTransactions not at arm's length: general
Amended 2 timesDisapplication of section 444 where Part 4 of TIOPA 2010 applies
Amended 16 timesBringing into account adjustments made under Part 4 of TIOPA 2010
Amended 6 timesNon-market loans
Amended 6 timesExchange gains and losses on debtor relationships: loans disregarded under Part 4 of TIOPA 2010
Amended 6 timesExchange gains and losses on debtor relationships: equity notes where holder associated with issuer
Amended 2 timesExchange gains and losses on creditor relationships: no corresponding debtor relationship
Amended 1 timeMeaning of “corresponding debtor relationship”
Amended 2 timesException to section 449 where loan exceeds arm's length amount
Amended 1 timeExchange gains and losses where loan not on arm's length terms
Amended 21 timesConnected parties deriving benefit from creditor relationships
Amended 1 timeApplication of fair value accounting: reset bonds etc
Amended 1 timeDisposals for consideration not fully recognised by accounting practice
Amended 2 timesDebits arising from derecognition of creditor relationships
Amended 2 timesCounteracting effect of avoidance arrangements
Amended 2 timesInterpretation of section 455B
Amended 2 timesExamples of results that may indicate exclusion not applicable
Amended 2 timesIntroduction to Chapter
Amended 2 timesBasic rule for deficits: carry forward to accounting periods after deficit period
Amended 4 timesClaim to set off deficit against profits of deficit period or earlier periods
Amended 2 timesClaim to set off deficit against other profits for the deficit period
Amended 2 timesProfits available for relief under section 462
Amended 3 timesIntroduction to Chapter
Amended 3 timesClaim to set off deficit against profits of deficit period or earlier periods
Amended 3 timesTime limits for claims under section 463B(1)
Amended 3 timesClaim to set off deficit against profits for the deficit period
Amended 3 timesClaim to carry back deficit to earlier periods
Amended 3 timesProfits available for relief under section 463E
Amended 3 timesCarry forward of unrelieved deficit against total profits
Amended 3 timesCarry forward of unrelieved deficit against non-trading profits
Amended 3 timesRe-application of section 463G if any deficit remains after previous application
Amended 3 timesPriority of this Part for corporation tax purposes
Amended 13 timesExclusion of distributions except in tax avoidance cases
Amended 10 timesPower to make regulations where accounting standards change
Amended 10 times“Tax-adjusted carrying value”
Amended 10 timesCompanies connected for an accounting period
Amended 2 timesCreditors who are insurance companies carrying on BLAGAB
Amended 1 timeMeaning of “control”
Amended 2 timesMeaning of “major interest”
Amended 5 timesTreatment of connected companies and partnerships for section 473
Amended 4 timesMeaning of expressions relating to exchange gains and losses
Amended 1 time“Hedging relationship”
Amended 1 timeMeaning of “matched”
Amended 1 timeMeaning of “hybrid capital instrument”
Amended 1 timeOther definitions
Amended 8 timesBrowse 71 other sections in this Part — procedural / definitional / commencement
Overview of Part
Construction of references to profits or losses from loan relationships
Matters treated as loan relationships
General rule: profits arising from loan relationships chargeable as income
Profits and deficits to be calculated using credits and debits given by this Part
Charge to tax on non-trading profits
“Money debt”
“Related transaction”
Payments, interest, rights and liabilities under a loan relationship
Companies without GAAP-compliant accounts
Power to make regulations about changes from amortised cost basis
General power to make regulations about changes in accounting policy
Restriction on credits resulting from reversal of disallowed debits
Disallowance of imported losses etc
Debits in respect of pre-trading expenditure
Exclusion of debit where relief allowed to another
Avoidance of double charge
Debits referable to times before UK property business etc carried on
Introduction to Chapter
Meaning of company replacing another as party to loan relationship
Issues of new securities on certain cross-border reorganisations
Transferor using fair value accounting
Receiving company using fair value accounting
Introduction
Introduction: meaning of “connected companies relationship”
Disregard of related transactions
Exclusion of credits on reversal of disregarded loss
Eliminating tax mismatch for loan relationships with qualifying link
Cessation of connection
Exception to section 354: swapping debt for equity
Exception to section 354: insolvent creditors
Exclusion of credits on reversal of impairments of connected companies debts
Reduction of impairment loss debits where group relief claimed
Effect where credit for release brought into account on amortised cost basis
Reduction of credits exceeding impairment losses
Reduction of claims where there are earlier net consortium debits
Carry forward of claims where there are no net consortium debits
Group accounting periods
Loans by trustees of occupational pension schemes
Partnerships involving companies
Determinations of credits and debits by company partners: general
Company partners using fair value accounting
Company partners' shares where firm owns deeply discounted securities
Exclusion of loan relationships of members of Lloyd's
Investment trusts: profits or losses of a capital nature
Venture capital trusts: profits or losses of a capital nature
Credit unions
Gilt strips
Market value of securities
Meaning of “strip”
Restriction on deductions etc relating to FOTRA securities
Certain non-UK residents with interest on 3½% War Loan 1952 Or After
Persons indirectly standing in the position of creditor
Redemption of funding bonds
Further provisions about elections under section 416
Assumptions where options etc apply
Amounts payable in respect of hybrid capital instruments
Transferor using fair value accounting
Original holder using fair value accounting
Tax avoidance etc
Meaning of “the transferee” and “transferor”
Transferor using fair value accounting
Original holder using fair value accounting
Tax avoidance etc
Claim to carry forward deficit to later accounting periods
Time limits and procedure for claims under section 459(1)
Claim to carry back deficit to earlier accounting periods
Connections where partnerships are involved
Connection between companies to be ignored in some circumstances
Creditors who are financial traders
Section 469: supplementary provisions
Part 6 — Relationships treated as loan relationships etc
Overview of Part
Amended 3 timesRelevant non-lending relationships not involving discounts
Amended 5 timesRelevant non-lending relationships involving discounts
Amended 3 timesApplication of Part 5 to relevant non-lending relationships
Amended 5 timesProvision not at arm's length: meaning of “interest” and “money debt”
Amended 1 timeExclusion of exchange gains and losses in respect of tax debts etc
Amended 2 timesOverview
Amended 2 timesDisguised interest to be regarded as profit from loan relationship
Amended 2 timesExclusion where return otherwise taxable
Amended 2 timesExclusion where arrangement has no tax avoidance purpose
Amended 2 timesExcluded shares
Amended 2 timesIntroduction to Chapter
Amended 2 timesConsideration to be treated as loan relationship
Amended 2 timesMeaning of “open-ended investment company” etc
Amended 3 timesMeaning of “offshore fund” etc
Amended 3 timesHoldings in OEICs, unit trusts and offshore funds treated as creditor relationship rights
Amended 8 timesHolding coming within section 490: calculation to undo avoidance
Amended 1 time- Adjust corporation tax to counteract tax avoidance from fund holdings Trader
The qualifying investments test
Amended 3 timesQualifying holdings
Amended 4 timesBuilding society dividends and interest
Amended 1 timeRegistered society payments treated as interest under loan relationship
Amended 1 timeIntroduction to Chapter
Amended 2 timesMeaning of “financial institution”
Amended 9 timesPurchase and resale arrangements
Amended 4 timesDiminishing shared ownership arrangements : initial acquisition
Amended 10 timesDiminishing shared ownership arrangements: refinancing
Amended 10 timesProfit share agency arrangements
Amended 2 timesInvestment bond arrangements
Amended 11 timesProvision not at arm's length: exclusion of arrangements from sections 503 to 507
Amended 3 timesApplication of Part 5 to particular alternative finance arrangements
Amended 6 timesDiminishing shared ownership arrangements
Amended 7 timesExclusion of alternative finance return from consideration for sale of assets
Amended 2 timesDiminishing shared ownership arrangements : further provision
Amended 1 timeDiminishing shared ownership arrangements: further provision in respect of refinancing
Amended 1 timeInvestment bond arrangements: treatment as securities
Amended 3 timesInvestment bond arrangements: other provisions
Amended 6 timesProvision not at arm's length: non-deductibility of relevant return
Amended 1 timePower to extend this Chapter to other arrangements
Amended 1 timeIntroduction to Chapter
Amended 1 timeApplication of Part 5 to certain shares as rights under creditor relationship
Amended 1 timeShares accounted for as liabilities
Amended 1 timeExcepted shares
Amended 1 timeUnallowable purpose
Amended 1 timeShares becoming or ceasing to be shares to which section 521B applies
Amended 1 timeIntroduction to Chapter
Amended 2 timesManufactured interest treated as interest under loan relationship
Amended 4 timesDebits for deemed interest under stock lending arrangements disallowed
Amended 5 timesIntroduction to Chapter
Amended 1 timeRepo under arrangement designed to produce quasi-interest: tax avoidance
Amended 1 timeMeaning of debtor repo
Amended 1 timeMeaning of debtor quasi-repo
Amended 2 timesIgnoring effect on borrower of sale of securities
Amended 5 timesMeaning of securities and similar securities
Amended 8 timesIntroduction to Chapter
Amended 2 timesMeaning of “investment life insurance contract”
Amended 1 timeIncreased non-trading credits for BLAGAB and EEA taxed contracts
Amended 1 timeSection 563: interpretation
Amended 1 timeIntroduction
Amended 3 timesBrowse 50 other sections in this Part — procedural / definitional / commencement
Relevant non-lending relationships: introduction
Miscellaneous rules about amounts to be brought into account because of this Chapter
Exchange gains and losses: amounts treated as money debts
Exclusion of debts where profits or losses within Part 7 or 8
Overview of Chapter
Holding coming within section 490: opening valuations
Meaning of “qualifying investments”
Meaning of “hedging relationship”
Power to change investments that are qualifying investments
Exclusion of interest where failure to make return
Deposit arrangements
Application of Part 5: general
Purchase and resale arrangements
Other arrangements
Treatment of principal under profit sharing agency arrangements
Treatment of bond-holder under investment bond arrangements
Introduction to Chapter
Application of Part 5 to certain shares as rights under creditor relationship
Shares subject to outstanding third party obligations
Meaning of “interest-like investment”
Non-qualifying shares
The increasing value condition
Regulations about income-producing assets
The redemption return condition
The redemption return condition: excepted shares
The redemption return condition: unallowable purposes
The associated transactions condition
Power to change conditions for non-qualifying shares
Amounts to be brought into account where section 523 applies
Shares ceasing to be shares to which section 523 applies
Introduction to Chapter
Payments in return for capital contribution to partnership
Change of partnership shares
Meaning of creditor repo
Meaning of creditor quasi-repo
Ignoring effect on lender etc of sale of securities
Charge on lender for finance return in respect of the advance
Relief for borrower for finance charges in respect of the advance
General provisions about arrangements
Persons buying or selling for others
Power to modify this Chapter
Cases where section 554 applies: non-standard repos
Meaning of person receiving an asset
Interpretation of accounting expressions
Minor definitions
Contract to be loan relationship
Relevant amount where the relevant company uses fair value accounting
Gains on deemed surrenders to be brought into account on related transactions
Restriction on credits on old contracts: fair value accounting cases
Restriction on debits on old contracts: non-fair value accounting cases
Part 7 — Derivative contracts
Non-trading credits and debits to be brought into account under Part 5
Amended 2 times“Contract for differences”
Amended 1 timeLoan relationships with embedded derivatives
Amended 2 timesContract relating to holding in OEIC, unit trust or offshore fund
Amended 1 timeConditions A to E mentioned in section 589(5)
Amended 3 timesOverview of Chapter
Amended 3 timesMatters in respect of which amounts are to be brought into account
Amended 3 timesGeneral principles about the bringing into account of credits and debits
Amended 3 timesAmounts recognised in determining a company's profit or loss
Amended 5 timesCredits and debits treated as relating to capital expenditure
Amended 3 timesAmounts recognised in other comprehensive income and not transferred to profit or loss
Amended 3 times- Bring OCI amounts on derecognised derivative contracts into tax computation Trader
Credits and debits recognised in equity
Amended 1 timeExchange gains and losses
Amended 15 timesArrangements that have a “one-way exchange effect”
Amended 15 timesMeaning of “relevant exchange gain” and “relevant exchange loss”
Amended 15 timesMeaning of “test day”
Amended 15 timesCounterfactual currency movement assumptions
Amended 15 timesCounterfactual currency movement assumptions: treatment of options
Amended 15 timesMeaning of “option”
Amended 15 timesMeaning of “relevant contingent contract” and “operative condition”
Amended 15 timesOther interpretative provisions
Amended 15 timesPre-contract or abortive expenses
Amended 2 timesCompany is not, or has ceased to be, party to derivative contract
Amended 2 times- Account for derivative contract credits and debits as if still a party Trader
Exclusion of debit where relief allowed to another
Amended 2 timesAvoidance of double charge
Amended 2 timesDebits referable to times before UK property business etc carried on
Amended 2 timesCompany ceasing to be party to derivative contract
Amended 1 timeCompany ceasing to be UK resident
Amended 1 timeNon-UK resident company ceasing to hold derivative contract for section 609(2) purposes
Amended 3 timesOverview of Chapter
Amended 1 timeIntroduction to sections 614 and 615
Amended 3 timesChange of basis of accounting involving change of value
Amended 1 timeChange of accounting policy after ceasing to be party to derivative contract
Amended 6 timesContracts ceasing to be derivative contracts
Amended 1 timeGroup member replacing another as party to derivative contract
Amended 6 timesTransferor using fair value accounting
Amended 3 timesTax avoidance
Amended 2 timesTransferee leaving group otherwise than because of exempt distribution
Amended 6 timesTransferee leaving group because of exempt distribution
Amended 5 timesInsurance companies
Amended 3 timesCreditor relationships: embedded derivatives which are options
Amended 2 timesModifications of Chapter 5
Amended 6 timesInvestment trusts: profits or losses of a capital nature
- Exclude capital profits/losses from derivative contracts from Part 5 tax treatment Any Person
Contracts relating to land or certain tangible movable property
Amended 2 timesProperty based total return swaps
Amended 3 timesShares issued or transferred as a result of exercise of deemed option
Amended 1 timePayment instead of disposal on exercise of deemed option
Amended 1 timeChargeable gain or allowable loss treated as accruing
Amended 1 timeMeaning of “relevant credits” and “relevant debits”
Amended 1 timeContract relating to holding in OEIC, unit trust or offshore fund
- Report deemed gain/loss on change in treatment of certain holdings Trader
Allowable loss treated as accruing
Amended 1 timeMeaning of G, L and CV in section 670
Amended 1 timeMeaning of G, L and CV in section 672
Amended 1 timeIntroduction to Chapter
Amended 6 timesTransfer of derivative contract at notional carrying value
Amended 1 timeDisapplication of Chapter where transparent entities involved
Amended 1 timeInterpretation
Amended 3 timesIntroduction to Chapter
Amended 6 timesTransfer of derivative contract at notional carrying value
Amended 1 timeDisapplication of Chapter where transparent entities involved
Amended 1 timeInterpretation
Amended 4 timesOverview of Chapter
Amended 4 timesDerivative contracts for unallowable purposes
Amended 5 timesMeaning of “unallowable purpose”
Amended 2 timesAllowance of accumulated net losses
Amended 2 timesBringing into account adjustments under Part 4 of TIOPA 2010
Amended 5 timesExchange gains and losses
Amended 7 timesTransfers of value to connected companies
Amended 1 timeDisguised distribution arrangements involving derivative contracts
Amended 1 timeExceptions to section 696
Amended 10 timesDisposals for consideration not fully recognised by accounting practice
Amended 2 timesDebits arising from derecognition of derivative contracts
Amended 2 timesCounteracting effect of avoidance arrangements
Amended 2 timesInterpretation of section 698B
Amended 2 timesExamples of results that may indicate exclusion not applicable
Amended 2 timesPriority of this Part for corporation tax purposes
Amended 2 times“Tax-adjusted carrying value”
Amended 3 timesExpressions relating to exchange gains and losses
Amended 1 timeOther definitions
Amended 8 timesBrowse 84 other sections in this Part — procedural / definitional / commencement
Overview of Part
General rule: profits chargeable as income
Profits and losses to be calculated using credits and debits given by this Part
Trading credits and debits to be brought into account under Part 3
Overview of Chapter
“Derivative contract”
“Relevant contract”
Relevant contracts of a company and being party to such contracts
The accounting conditions
“Option”
“Future”
“Underlying subject matter”
Hybrid derivatives with embedded derivatives
Other contracts with embedded derivatives
Associated transaction treated as derivative contract
Contracts excluded because of underlying subject matter: general
Disregard of subordinate or small value underlying subject matter
Embedded derivatives treated as meeting condition in section 591 etc
Contracts where part of underlying subject matter is excluded property
Meaning of “related transaction”
Regulations about recognised amounts
Meaning of “amounts recognised for accounting purposes”
Amounts not fully recognised for accounting purposes: introduction
Determination of credits and debits where amounts not fully recognised
Contract which is or forms part of financial asset or liability
Contract relating to holding in OEIC, unit trust or offshore fund
Contract becoming one relating to holding in OEIC, unit trust or offshore fund
Associated transaction treated as derivative contract
Release under statutory insolvency arrangement of liability under derivative contract
Disapplication of fair value accounting
Election for section 616 not to apply
Elections under section 617: groups of companies
Partnerships involving companies
Determination of credits and debits by company partners
Company partners using fair value accounting
Index-linked gilt-edged securities with embedded contracts for differences
Introduction to Chapter
Transactions to which section 625 applies
Meaning of company replacing another as party to derivative contract
Introduction to sections 631 and 632
Mutual trading companies
Venture capital trusts: profits or losses of a capital nature
Overview of Chapter
Credits and debits not to be brought into account under Part 5
Derivative contracts to be taxed on a chargeable gains basis
Exception from section 641
Income to be left out of account in determining whether section 643 applies
Creditor relationships: embedded derivatives which are options
Exclusions from section 645
Meaning of certain expressions in section 645
Creditor relationships: embedded derivatives which are exactly tracking contracts for differences
Meaning of certain expressions in section 648
Credits and debits not to be brought into account under Part 3 or Part 5
Introduction to sections 653 to 655
Ceasing to be party to debtor relationship when deemed option not exercised
Introduction to section 658
Meaning of “exactly tracking contract” in section 656
Contract which becomes derivative contract
Contracts ceasing to be derivative contracts
Contracts to which section 641 applies
Meaning of certain expressions in section 663
Introduction to section 666
Shares acquired on exercise of non-embedded option
Shares acquired on running of future to delivery
Meaning of G and L in sections 667 and 668
Treatment of net gains and losses on exercise of option
Treatment of net gains and losses on disposal of certain embedded derivatives
Transferor using fair value accounting
Tax avoidance etc
Procedure on application for clearance
Decision on application for clearance
Meaning of “the transferee” and “transferor”
Transferor using fair value accounting
Tax avoidance etc
Derivative contracts with non-UK residents
Relationship of this Part to Part 5: loan relationships
Power to amend some provisions
Power to make regulations where accounting standards change
“Chargeable asset”
“Creditor relationship” and “debtor relationship”
“Excluded body”
“Hedging relationship”
“Plain vanilla contract”
“Securities house”
Part 8 — Intangible fixed assets
Overview of Part
Amended 3 times“Intangible asset”
Amended 3 timesApplication of this Part to goodwill
Amended 4 timesReceipts recognised as they accrue
Amended 1 time- Bring tax credit for accounting gains on intangible fixed assets Trader
Negative goodwill
- Account for tax on negative goodwill from business acquisitions Trader
Expenditure written off as it is incurred
Amended 1 timeWriting down on accounting basis
Amended 1 timeWriting down at fixed rate: calculation
Amended 1 time- Calculate tax deductions for intangible assets using the fixed-rate method Trader
Asset shown in balance sheet and not written down for tax purposes
Amended 1 timeMeaning of “proceeds of realisation”
Amended 5 timesAbortive expenditure on realisation
Amended 1 timeAsset written down on accounting basis
Amended 1 timeAsset written down at fixed rate
Amended 1 time“Non-trading credits” and “non-trading debits”
Amended 6 timesAssets held for purposes of property business
Amended 3 timesTreatment of non-trading losses
Amended 6 timesConditions relating to expenditure on other assets
- Capitalise expenditure on replacement assets within time limits set by HMRC Trader
Company cannot be member of more than one group
Amended 1 timeEquity holders and profits or assets available for distribution
Amended 3 timesSupplementary provisions
Amended 1 timeTransfers within a group
Amended 4 timesRelief on realisation and reinvestment: application to group member
Amended 1 timeDeemed realisation and reacquisition at market value
Amended 5 times- Account for tax if group member leaves within 6 years of asset transfer Trader
Certain transferees of businesses etc not treated as leaving group
Amended 2 timesCompany leaving group because of relevant share disposal
Amended 2 timesGroups with a relevant connection
Amended 1 timePrincipal company becoming member of another group
Amended 3 times- Adjust tax computations when degrouping charge is triggered by ceasing to be a relevant subsidiary Trader
Company ceasing to be member of group because of exempt distribution
Amended 2 timesProvisions supplementing sections 780 to 787
Amended 1 timeReallocation of charge within group
Amended 4 timesFurther requirements about elections under section 792
Amended 6 timesEffect of election under section 792
Amended 6 timesRecovery of charge from another group company or controlling director
Amended 1 timeInterpretation of section 795
Amended 2 timesIntroduction
Amended 3 timesNon-commercial purposes etc
Amended 1 timeFinancial assets
Amended 1 timeOil licences
Amended 3 timesMutual trade or business
Amended 1 timeMaster versions of films
Amended 1 timeResearch and development
Amended 1 timeElection to exclude capital expenditure on software
Amended 1 timeCompany reconstruction involving transfer of business
Amended 1 timeEuropean cross-border transfers of business: introduction
Amended 8 timesTransfer of assets on European cross-border transfer of business
Amended 3 timesEuropean cross-border mergers: introduction
Amended 3 timesInterpretation of sections 821 and 822
Amended 3 timesAmalgamation of, or transfer of engagements by, certain societies
Amended 1 timeClaims to postpone charge on transfer
Amended 2 times“Participator” and “associate”
Amended 3 timesOverview of Chapter
Amended 4 timesTransfer between company and related party treated as at market value
Amended 7 timesTransfers where provision subject to transfer pricing but section 147(3) or (5) does not apply
Amended 8 timesTransfers involving other taxes
Amended 1 timeFurther provision about regulations under section 854
Amended 1 timeDeemed market value or arm’s length acquisition: adjustment where nil or negligible accounting value
Amended 3 timesFungible assets
Amended 2 timesAsset ceasing to be chargeable intangible asset: deemed realisation at market value
Amended 1 timeAsset becoming chargeable intangible asset
Amended 2 timesAsset becoming chargeable intangible asset: EU exit charge
Amended 2 timesDebits for expenditure not generally deductible for tax purposes
Amended 1 timeAssumptions for calculating chargeable profits
Amended 2 timesClaims for relief made under sections 152 and 153 of TCGA 1992
Amended 2 timesAdjustments in respect of change
- Adjust tax for change in accounting policy on intangible assets Trader
Original asset not subject to fixed-rate writing down
- Adjust tax accounts when an intangible asset splits due to accounting change Trader
Application of this Part to assets created or acquired on or after 1 April 2002
Amended 3 timesAssets treated as created or acquired when expenditure incurred
Amended 7 timesAssets representing non-qualifying expenditure: time of creation
Amended 2 timesFungible assets: application of section 858
Amended 1 timeRealisation and acquisition of fungible assets
Amended 1 timeCertain assets acquired on transfer of business or transfer within a group
Amended 3 timesAssets whose value derives from pre-FA 2002 assets
Amended 1 timeThe preserved status conditions etc
Amended 1 timeAssets acquired in connection with disposals of pre-FA 2002 assets
Amended 2 timesMeaning of “chargeable asset within TCGA” in sections 898 and 899
Amended 1 timeIntroduction
Amended 1 timeWhen an intangible fixed asset is a restricted asset: the first case
Amended 1 timeWhen an intangible fixed asset is a restricted asset: the second case
Amended 1 timeWhen an intangible fixed asset is a restricted asset: the third case
Amended 1 timeSpecial rule: section 900B case
Amended 1 timeSpecial rule: section 900C or 900D case
Amended 1 timeMeaning of “relieving acquisition”
Amended 1 timeSupplementary provision about when two persons are related
Amended 1 timeAcquisition of asset in pursuance of an unconditional obligation
Amended 1 timeFungible assets: general
Amended 1 timeFungible assets: pre-FA 2002 assets and restricted assets
Amended 1 timeRealisation of fungible assets: pre-FA 2002 assets and restricted assets
Amended 1 timeAcquisition of fungible assets: pre-FA 2002 assets and restricted assets
Amended 1 timeDebits in respect of a single asset comprising restricted assets
Amended 1 timeInterpretation
Amended 1 timeEffect of application of the I - E basis: non-trading amounts
Amended 1 timeExcluded assets
Amended 1 timeElections to exclude capital expenditure on computer software
Amended 1 timeTransfers of life assurance business: transfers of assets treated as tax-neutral
Amended 1 timePriority of this Part for corporation tax purposes
Amended 4 timesBrowse 145 other sections in this Part — procedural / definitional / commencement
“Intangible fixed asset”
“Royalty”
“Recognised” amounts and “GAAP-compliant accounts”
Companies without GAAP-compliant accounts
GAAP-compliant accounts: reference to consolidated group accounts
Accounting value
Introduction
Receipts in respect of royalties so far as not dealt with under section 721
Revaluation
Reversal of previous accounting loss
Introduction
References to expenditure on an asset
Writing down at fixed rate: election for fixed-rate basis
Reversal of previous accounting gain
Overview of Chapter
Meaning of “realisation”
Asset written down for tax purposes
Apportionment in case of part realisation
Asset not shown in balance sheet
Realisation of assets previously subject to Northern Ireland rate
Meaning of “chargeable intangible asset” and “chargeable realisation gain”
Effect of part realisation of asset
Introduction
Assets held for purposes of trade
Assets held for purposes of mines, transport undertakings, etc
Assets held for purposes falling within more than one section
Non-trading gains and losses
Charge to tax on non-trading gains on intangible fixed assets
The relief: the “old asset” and “other assets”
Conditions relating to the old asset and its realisation
Claim for relief
How the relief is given: general
Determination of appropriate proportion of cost and adjusted cost
References to cost of asset where asset affected by change of accounting policy
Declaration of provisional entitlement to relief
Realisation and reacquisition
Disregard of deemed realisations and reacquisitions
Meaning of “company”, “group” and “subsidiary”
General rule: a company and its 75% subsidiaries form a group
Only effective 51% subsidiaries of principal company to be members of group
Principal company cannot be 75% subsidiary of another company
Continuity of identity of group
Continuity where group includes an SE
Meaning of “effective 51% subsidiary”
Overview of Chapter
Meaning of “tax-neutral” transfer
Relief on reinvestment: acquisition of group company: introduction
Rules that apply to cases within section 778(1)
Character of credits and debits brought into account as a result of section 780
Certain associated companies leaving group at the same time
Character of credits and debits brought into account as a result of section 785
Merger carried out for genuine commercial reasons
Provisions supplementing section 789
Application of roll-over relief in relation to degrouping charge
Application of roll-over relief in relation to reallocated charge
Recovery under section 795: procedure etc
Recovery under section 795: time limit
Disregard of payments between group members for reliefs
Right to dispose of or acquire excluded asset also excluded
Effect of partial exclusion
Assets for which capital allowances previously made
Rights over tangible assets
Rights in companies, trusts etc
Assets representing expenditure on separate creative production trade
Sound recordings
Computer software treated as part of cost of related hardware
Further provision about elections under section 815
Restrictions on goodwill and certain other assets
Overview of Chapter
Transfer of assets on European cross-border merger
Transfer of business of building society to company
Application of sections 780 and 785 where transfer within section 824 occurs
Relief on transfer
Charge on subsequent realisations
Exclusion from section 829 of group transfers
The genuine commercial transaction requirement and clearance
Procedure on application for clearance
Decision on application for clearance
Overview of Chapter
“Related party”
“Control”
“Major interest”
General rule
Rights and powers held jointly
Partnerships
Introduction
Who are connected persons
Tax-neutral transfers
Assets held for purposes of exempt foreign permanent establishments
Transfers involving gifts of business assets
Disincorporation relief: transfer values for post-FA 2002 goodwill
Grant of licence or other right treated as at market value
Grants not at arm's length
Grants involving other taxes
Circumstances in which restrictions on debits in respect of goodwill etc apply
Restrictions in a case within section 849B(4) or (5)
Restrictions in a case within section 849B(6)
Part realisation involving related party acquisition: exclusion of roll-over relief
Delayed payment of royalty by company to related party
Treatment of grants and other contributions to expenditure
Grants to be left out of account for tax purposes
Finance leasing etc
Assets acquired or realised together
Asset ceasing to be chargeable intangible asset: postponement of gain
Treatment of postponed gain on subsequent realisation
Treatment of postponed gain in other cases
Tax avoidance arrangements to be ignored
Delayed payment of employees' remuneration
Provisions supplementing section 866
Delayed payment of pension contributions
Bad debts etc
Introduction to Chapter
Effect of application of section 872 in later period and subsequently
Effect of application of section 874 in later period and subsequently
Original asset subject to fixed-rate writing down
Election for fixed-rate writing down in relation to resulting asset
Exclusion of credits or debits brought into account under other provisions
Subsequent events affecting asset subject to adjustment under this Chapter
Introduction
Requirement to write down at a fixed rate
Restrictions on debits: pre-FA 2019 relevant assets
Pre-FA 2019 relevant asset: the first case
Pre-FA 2019 relevant asset: the second case
Pre-FA 2019 relevant asset: the third case
The preserved status condition etc
Pre-FA 2019 relevant asset: the fourth case
Restrictions on debits: no business or no qualifying IP assets acquired
Meaning of qualifying IP asset
Restrictions on debits: acquisition from individual or firm
Meaning of relevant business and third party acquisition
When the partial restrictions apply: qualifying IP assets
When the partial restrictions apply: acquisition from individual or firm
The partial restrictions on debits
Date of acquisition of relevant asset
Overview of Chapter
Meaning of “pre-FA 2002 assets”
Assets representing production expenditure on films: time of creation
General rule
Cases where chargeable gains rule applies
Cases where capital allowances general rule applies
Application to royalties
Application to pre-FA 2002 assets consisting of telecommunication rights
Relief where assets disposed of on or after 1 April 2002
Relief where degrouping charge on asset arises on or after 1 April 2002
Pre-FA 2002 assets: Lloyd's syndicate capacity
Part 9 — Intellectual property: know-how and patents
Browse 25 other sections in this Part — procedural / definitional / commencement
Overview of Part
Charge to tax on profits from disposals of know-how
Exceptions to charge under section 908
Profits charged under section 908
Overview of Chapter
Charge to tax on profits from sales of patent rights
Profits charged under section 912
UK resident companies: proceeds of sale not received in instalments
UK resident companies: proceeds of sale received in instalments
Non-UK resident companies: proceeds of sale not received in instalments
Non-UK resident companies: proceeds of sale received in instalments
Winding up of a body corporate
Deduction of tax from payments to non-UK resident companies
Adjustments where tax has been deducted
Licences connected with patents
Rights to acquire future patent rights
Sums paid for Crown use etc treated as paid under licence
Relief for expenses: patent income
How relief is given under section 924
Contributions to expenditure
Contributions not made by public bodies nor eligible for tax relief
Exchanges
Apportionment where property sold together
Questions about apportionments affecting two or more persons
Meaning of “capital sums” etc
Part 9A — Company distributions
Browse 25 other sections in this Part — procedural / definitional / commencement
Charge to tax on distributions received
Exemption from charge to tax
Meaning of “qualifying territory”
Further exemption where distribution received from CFC
Exemption from charge to tax
Distributions from controlled companies
Distributions in respect of non-redeemable ordinary shares
Distributions in respect of portfolio holdings
Distributions derived from transactions not designed to reduce tax
Dividends in respect of shares accounted for as liabilities
Schemes involving manipulation of controlled company rules
Schemes involving quasi-preference or quasi-redeemable shares
Schemes involving manipulation of portfolio holdings rule
Schemes in the nature of loan relationships
Schemes involving distributions for which deductions are given
Schemes involving payments for distributions
Schemes involving payments not on arm's length terms
Schemes involving diversion of trade income
Election that distribution should not be exempt
Chargeable gains
Meaning of “small company”
Meaning of “payer”, “recipient” and “relevant person”
Meaning of “ordinary share” and “redeemable”
Meaning of “scheme” and “tax advantage scheme”
Provisions which must be given priority over this Part
Part 10 — Miscellaneous income
Overview of Part
Amended 2 timesCharge to tax on estate income
Amended 2 timesMeaning of “UK estate” and “foreign estate”
Amended 3 timesUK estates
Amended 2 timesForeign estates
Amended 2 timesApplicable rate for grossing up basic amounts of estate income
Amended 1 timeAggregate income of the estate
Amended 1 timeReduction in share of residuary income of estate
Amended 1 timeIncome from which basic amounts are treated as paid
Amended 4 timesIncome from which sums within section 951(1)(b) are treated as paid
Amended 4 timesIncome treated as bearing income tax
Amended 8 timesPower to obtain information from personal representatives and beneficiaries
Amended 1 timeMeaning of “personal representatives”
Amended 1 timeOverview of Chapter
Amended 2 timesCharge to tax under this Chapter
Amended 4 timesOverview of Chapter
Amended 1 timeExemption for payments by persons liable to pool betting duty
Amended 1 timeProvisions which must be given priority over this Part
Amended 4 timesBrowse 35 other sections in this Part — procedural / definitional / commencement
Charge to tax on dividends of non-UK resident companies
Absolute, limited and discretionary interests
Absolute interests in residue
Meaning of “the administration period”, “the final accounting period” and “the final tax year”
Limited interests in residue
Discretionary interests in residue
Absolute interests
Limited interests
Discretionary interests
Assumed income entitlement
Residuary income of the estate
Shares of residuary income of estate
Applicable rate for determining assumed income entitlement (UK estates)
Introduction
Successive absolute interests
Assumed income entitlement of holder of absolute interest following limited interest
Payments in respect of limited interests followed by absolute interests
Holders of limited interests
Basic amount of estate income: successive limited interests
Apportionments
Relief in respect of tax relating to absolute interests
Relief in respect of tax relating to limited or discretionary interests
Meaning of “the relevant tax year”
Transfers of assets etc treated as payments
Assessments, adjustments and claims after the administration period
Statements relating to estate income
Charge to tax on income from holding an office
Rule restricting deductions for bad debts
Charge to tax under this Chapter
Amount of income treated as received
Meaning of “foreign holdings” etc
Charge to tax on annual payments not otherwise charged
Charge to tax on income not otherwise charged
Exemption for commercial occupation of woodlands in UK
Exemption for gains on financial futures
Part 11 — Relief for particular employee share acquisition schemes
Deduction for costs of setting up employee share ownership trust
Amended 4 timesOverview of Chapter
Amended 2 timesReferences to a deduction being allowed to a company
Amended 2 timesDeduction for costs of setting up a Schedule 2 share incentive plan
Amended 4 timesDeductions for running expenses of a Schedule 2 share incentive plan
Amended 2 timesDeduction for contribution to plan trust
Amended 4 timesDeduction for providing free or matching shares
Amended 1 timeDeduction for additional expense in providing partnership shares
Amended 1 timeNo deduction for expenses in providing dividend shares
Amended 1 timeWithdrawal of deductions if share incentive plan ceases to be a Schedule 2 share incentive plan
Amended 3 timesDeduction for costs of setting up SAYE option scheme or CSOP scheme
Amended 9 timesBrowse 7 other sections in this Part — procedural / definitional / commencement
Chapter to form part of SIP code etc
Treatment of receipts under Chapter
Withdrawal of deduction under section 989
Another deduction to be allowed if all acquired shares are awarded
Award of shares to excluded employee
Plan termination notice
Shares excluded from sections 994 and 995
Part 12 — Other relief for employee share acquisitions
“Employment”
Amended 1 timeGroups, consortiums and commercial associations of companies
Amended 1 timeOther definitions
Amended 4 timesBasic requirements for relief under Chapter 2
Amended 1 timeApplication of Chapter in relation to employees of overseas companies who work for companies in the UK
Amended 1 timeConditions relating to employee's income tax position
Amended 5 timesCalculation of relief if shares are neither restricted nor convertible
Amended 2 timesCalculation of relief if shares are restricted or convertible
Amended 4 timesHow the relief is given
Amended 2 timesBasic requirements for relief under Chapter 3
Amended 1 timeApplication of Chapter: employees of overseas companies who take up employment with a UK company
Amended 1 timeApplication of Chapter in relation to employees of overseas companies who work for companies in the UK
Amended 1 timeConditions relating to shares acquired
Amended 3 timesCondition relating to employee's income tax position
Amended 1 timeCalculation of relief if shares are neither restricted nor convertible
Amended 2 timesCalculation of relief if shares are restricted or convertible
Amended 2 timesHow the relief is given
Amended 2 timesTakeover of company whose shares are subject to option
Amended 2 timesAdditional relief available if shares acquired are restricted shares
Amended 1 timeApplication of Chapter: employees of overseas companies who take up employment with, or work for, a UK company
Amended 1 timeApplication of Chapter where original relief a consequence of section 1007A, 1015A or 1015B
Amended 1 timeRelief available on occurrence of chargeable event
Amended 2 timesRelief available on death of employee
Amended 2 timesMeaning of “chargeable event”
Amended 1 timeRelief available on occurrence of chargeable event
Amended 2 timesRelief available following death of employee
Amended 2 timesExclusion of other deductions
Amended 1 timeExclusion of deductions for share options: shares not acquired
Amended 1 timeEmployee shareholder shares
Amended 1 timeBrowse 18 other sections in this Part — procedural / definitional / commencement
Overview of Part
“Shares” etc
Overview of Chapter
Conditions relating to shares acquired
Reduction in amount of relief
Overview of Chapter
Reduction in amount of relief
Supplementary provision for purposes of section 1022
Transfer of qualifying business by group transfers
Supplementary provision for purposes of sections 1026 and 1027
Transfer of qualifying business by group transfers
Application of Chapter
Application of Chapter: employees of overseas companies who take up employment with, or work for, a UK company
Application of Chapter where original relief a consequence of section 1007A, 1015A or 1015B
Additional relief available if shares acquired are convertible shares etc
Supplementary provision for purposes of sections 1033 and 1034
Transfer of qualifying business by group transfers
Priority of Chapter 1 of Part 11
Part 13 — ... expenditure on research and development
Overview of Part
Amended 13 timesNo overlapping claims under Chapters 1A and 2
Amended 1 timeR&D expenditure credits
Amended 1 timeRestriction on claiming other tax reliefs
Amended 1 time“Research and development”
Amended 1 time“Relevant research and development”
Amended 2 timesOverview of Chapter
Amended 2 timesEntitlement to credit
Amended 2 timesClaiming the credit
Amended 2 times- Make a timely claim for R&D Expenditure Credit or use an exception Trader
Qualifying expenditure: in-house R&D
Amended 2 timesQualifying expenditure: payments for contracted out R&D
Amended 2 timesQualifying expenditure: activity as contractor for irrelievable client
Amended 2 timesPercentage of qualifying expenditure translated into credit
Amended 2 timesExpenditure credit to count as taxable receipt
Amended 2 timesRedemption of value of expenditure credit
Amended 2 timesTreatment of deduction to comply with PAYE and NIC limit
Amended 2 timesAmount of notional tax deduction
Amended 2 timesTreatment of notional tax deduction
Amended 2 timesPriority of discharge
Amended 2 timesAmounts surrendered to other group companies
Amended 2 timesAdaptation of entitlement for certain insurance businesses
Amended 2 timesOverview of Chapter
Amended 2 timesAdditional deduction in calculating profits of trade
Amended 15 timesAlternative treatment for pre-trading expenditure: deemed trading loss
Amended 12 timesRequirement to make a claim notification
Amended 12 timesR&D intensity condition
Amended 12 timesRelief only available where company is going concern
Amended 5 timesTreatment of deemed trading loss under section 1045
Amended 8 timesRestriction on consortium relief
Amended 1 timeR&D threshold
Amended 1 timeQualifying Chapter 2 expenditure
Amended 1 timeQualifying expenditure: in-house R&D
Amended 4 timesQualifying expenditure: payments for contracted out R&D
Amended 3 timesQualifying expenditure: activity as contractor for irrelievable client
Amended 3 timesEntitlement to and payment of tax credit
Amended 6 timesRequirement to make a claim notification
Amended 6 timesMeaning of “Chapter 2 surrenderable loss”
Amended 5 timesAmount of trading loss which is “unrelieved”
Amended 7 timesTax credit only available where company is going concern
Amended 5 timesAmount of tax credit
Amended 14 timesRelevant expenditure on workers
Amended 14 timesTotal amount of company's PAYE and NIC liabilities
Amended 14 timesAvoiding double counting of PAYE and NIC liabilities
Amended 14 timesExceptions to tax credit cap
Amended 14 timesTotal amount of company's PAYE and NIC liabilities
Amended 4 timesRestriction on losses carried forward where tax credit claimed
Amended 5 timesInsurance company to be treated as large company
Amended 5 timesAdditional deduction in calculating profits of trade
Amended 2 timesR&D threshold
Amended 1 timeExpenditure on sub-contracted R&D undertaken in-house
Amended 1 timeExpenditure on sub-contracted R&D not undertaken in-house
Amended 1 timeAdditional deduction in calculating profits of trade
Amended 2 timesR&D threshold
Amended 1 timeSubsidised qualifying expenditure on in-house direct R&D
Amended 3 timesSubsidised qualifying expenditure on contracted out R&D
Amended 3 timesAdditional deduction in calculating profits of trade
Amended 2 timesR&D threshold
Amended 1 timeQualifying expenditure on in-house direct R&D
Amended 1 timeQualifying expenditure on contracted out R&D
Amended 1 timeEntitlement to relief: I minus E basis
Amended 4 times...
Amended 2 timess.1083
Amended 3 timesOverview of Chapter
Amended 7 timesDeduction in calculating profits of trade
Amended 8 timesDeclaration about effect of relief
Amended 1 timeSMEs: amount of deduction
Amended 2 timesModification of section 1089 for larger SMEs
Amended 2 timesAmount of deduction
Amended 1 timeSMEs: deemed trading loss for pre-trading expenditure
Amended 3 timesRelief only available to SME where company is going concern
Amended 1 timeTreatment of deemed trading loss under section 1092
Amended 4 timesR&D threshold
Amended 1 timeSMEs: qualifying expenditure “for” an accounting period
Amended 1 timeQualifying expenditure “for” an accounting period
Amended 1 timeQualifying expenditure on in-house direct R&D
Amended 1 timeQualifying expenditure on contracted out R&D
Amended 1 timeMeaning of “Chapter 7 surrenderable loss”
Amended 1 timeAmount of trading loss which is “unrelieved”
Amended 5 timesTax credit only available where company is going concern
Amended 1 timeTotal amount of company's PAYE and NIC liabilities
Amended 3 timesRestriction on losses carried forward where tax credit claimed
Amended 1 timeArtificially inflated claims for relief
Amended 5 timesOverview of Chapter
Amended 5 timesCap by reference to PAYE and NIC liabilities
Amended 5 timesCalculation of relevant PAYE and NIC liabilities
Amended 5 timesTotal PAYE and NIC liabilities
Amended 5 timesException for companies creating or managing intellectual property
Amended 5 timesRestriction of credit and relief to companies that are going concerns
Amended 5 timesMeaning of “going concern”
Amended 5 timesNo credit payable if certain tax matters outstanding
Amended 5 timesTransactions aimed at obtaining credit or relief to be disregarded
Amended 5 timesChapter 2 relief for Northern Ireland companies
Amended 5 times“Small or medium-sized enterprise”
Amended 3 timesQualifications to section 1119
Amended 2 timesEnterprise treated as an SME where related enterprise becomes large
Amended 2 timesEnterprise treated as an SME where acquired by an SME
Amended 2 times“Staffing costs”
Amended 3 timesStaffing costs: attributable expenditure
Amended 3 times“Software , data licences, cloud computing services or consumable items”
Amended 7 timesSoftware , data licences, cloud computing services or consumable items: attributable expenditure
Amended 7 timesAttributable expenditure: special rules for consumable items
Amended 7 timesAttributable expenditure: further provision
Amended 7 timesAttributable expenditure: special rules for data and cloud computing
Amended 7 times“Externally provided worker”
Amended 4 timesQualifying expenditure on externally provided workers: connected persons
Amended 13 timesElection for connected persons treatment
Amended 2 timesQualifying expenditure on externally provided workers: other cases
Amended 4 timesSections 1129 and 1131: secondary Class 1 NICS paid by company
Amended 4 timesExternal workers: attributable expenditure
Amended 1 time“Qualifying earnings”
Amended 1 timeContracted out research and development
Amended 2 timesQualifying element of contractor payment: connected persons
Amended 16 timesElection for connected persons treatment
Amended 4 timesQualifying element of contractor payment: other cases
Amended 1 timeAccounting periods: company not within charge to corporation tax
Amended 1 time“Subsidised expenditure”
Amended 3 timesExternally provided workers and contractors: R&D undertaken abroad
Amended 3 timesExempt foreign permanent establishments
Amended 3 times“Intellectual property”
Amended 1 timeExpenditure incurred on payments
Amended 1 time“Relevant payments to the subjects of a clinical trial”
Amended 1 timeGroups
Amended 1 timeIneligible companies
Amended 5 times“Claim notification” and “claim notification period”
Amended 5 times“R&D claim”
Amended 5 timesRight to payment of credit inalienable
Amended 5 timesGeneral rule against payments of credit to nominees
Amended 5 timesOrders and regulations: ancillary provision
Amended 5 timesBrowse 20 other sections in this Part — procedural / definitional / commencement
Elections under section 1045
Use of credit to pay corporation tax
Tax credit payment not income of company
Qualifying Chapter 3 expenditure
Qualifying Chapter 4 expenditure
Capped R&D expenditure
Qualifying Chapter 5 expenditure
Qualifying expenditure on contributions to independent R&D
Meaning of “qualifying R&D activity”
Modification of section 1092 for larger SMEs
Elections under section 1092
Meaning of “qualifying Chapter 7 expenditure”
Entitlement to and payment of tax credit
Amount of tax credit
Payment of tax credit
Tax credit payment not income of company
“Larger SME”
“Large company”
“Qualifying expenditure on externally provided workers”
“Payment period”
Part 14 — Remediation of contaminated or derelict land
Overview of Part
Amended 4 times“Qualifying land remediation expenditure”
Amended 7 timesLand “in a contaminated state”
Amended 1 timeLand “in a derelict state”
Amended 1 timeExclusion of nuclear sites
Amended 1 time“Relevant contaminated land remediation”
Amended 7 times“Relevant derelict land remediation”
Amended 7 timesDeduction for capital expenditure
Amended 3 timesAdditional deduction for qualifying land remediation expenditure
Amended 1 timeNo relief if company responsible for contamination or dereliction or polluter has interest
Amended 5 timesMeaning of “qualifying land remediation loss”
Amended 1 timeAmount of a loss which is “unrelieved”
Amended 13 timesAmount of tax credit
Amended 1 timeRestriction on losses carried forward where tax credit claimed
Amended 9 timesProvision in respect of I minus E basis
Amended 2 timesRelief in respect of I minus E basis: ... expenses payable
Amended 7 timesAdditional relief
Amended 3 timesNo relief if company responsible for contamination or dereliction or polluter has interest
Amended 5 timesEntitlement to tax credit
Amended 6 timesMeaning of “qualifying BLAGAB loss”
Amended 6 timesAmount of tax credit
Amended 2 timesPayment of tax credit etc
Amended 2 timesRestriction on carrying forward expenses payable where tax credit claimed
Amended 5 timesArtificially inflated claims for relief or tax credit
Amended 4 timesExpenditure incurred because of contamination or dereliction
Amended 4 timesSub-contractor payments
Amended 1 timeConnected sub-contractors
Amended 5 times“Qualifying expenditure on sub-contracted land remediation”: other cases
Amended 1 timePersons having a “relevant connection” to a company
Amended 2 times“Major interest in land”
Amended 2 timesOther definitions
Amended 2 timesBrowse 10 other sections in this Part — procedural / definitional / commencement
Election under section 1147
Entitlement to and payment of tax credit
Payment of tax credit
Tax credit payment not income of company
Exclusion for capital gains purposes of certain expenditure
Limitation on relief under Chapter 2
“Staffing costs”
Staffing costs attributable to relevant land remediation
Expenditure on materials
“Subsidised expenditure”
Part 14A — Films, television programmes and video games
Overview of Part
Amended 2 timesQualifying companies and productions
Amended 2 timesUK expenditure
Amended 2 timesCompany tax returns
Amended 2 timesGroups
Amended 2 timesRegulations
Amended 2 timesElection to tax qualifying production as separate trade
Amended 2 timesDuration of separate trade
Amended 2 timesCalculation of profits
Amended 2 timesWhen costs are to be taken as incurred
Amended 2 timesPreliminary expenditure
Amended 2 times- Amend tax return if preliminary expenditure was previously claimed Trader
Treatment of certain capital amounts as revenue
Amended 2 timesCarrying forward of production losses
Amended 2 timesTransfer of terminal loss to other qualifying production
Amended 2 timesEntitlement to expenditure credit
Amended 2 times- Amend your tax return if a production credit later becomes invalid Trader
Amount of expenditure credit
Amended 2 timesExpenditure credit to count as taxable receipt
Amended 2 timesRedemption of value of expenditure credit
Amended 2 timesTreatment of notional tax deduction
Amended 2 timesAmounts surrendered to other group companies
Amended 2 timesPriority of discharge
Amended 2 timesNo credit payable if company in administration or liquidation
Amended 2 timesNo credit payable if certain tax matters outstanding
Amended 2 timesDisqualifying arrangements and non-commercial transactions
Amended 2 timesApplication of Chapters 2 and 3 to films and television programmes
Amended 2 timesMeaning of “film”
Amended 2 timesQualifying films
Amended 2 timesTheatrical release condition
Amended 2 timesMeaning of “television programme”
Amended 2 timesQualifying television programmes
Amended 2 timesCategories of qualifying programme
Amended 2 timesExcluded programmes
Amended 2 timesBroadcast condition
Amended 2 timesSlot length and hourly cost conditions
Amended 2 timesBritish certification condition: provisional and final satisfaction
Amended 2 timesFilms: certification as low-budget film
Amended 2 timesTelevision programmes: test for certification
Amended 2 timesTelevision programmes: applications for certification
Amended 2 timesTelevision programmes: certification and revocation
Amended 2 timesDisclosure of information for certification purposes
Amended 2 timesUK expenditure condition: provisional and final satisfaction
Amended 2 timesMeaning of “production company”
Amended 2 timesQualifying co-productions and co-producers
Amended 2 timesExpenditure that qualifies for credit
Amended 2 timesMeaning of “core expenditure”
Amended 2 timesExcluded expenditure: research and development and unpaid amounts
Amended 2 timesExcluded expenditure: non-arm’s-length dealings with connected parties
Amended 2 timesPercentage of qualifying expenditure translated into credit
Amended 2 timesWhen the separate trade begins
Amended 2 timesCosts and income of separate trade
Amended 2 timesAccounting periods
Amended 2 times- State film or TV completion status in your company tax return Trader
Effect of move out of higher-percentage category
Amended 2 timesProduction qualifying consecutively as film and television programme
Amended 2 timesMeaning of “production activities”, “principal photography” and “animation”
Amended 2 timesWhen film or programme is completed
Amended 2 timesSpecial credit for visual effects
Amended 2 timesApplication of Chapters 2 and 3 to video games
Amended 2 timesVideo games that are qualifying video games
Amended 2 timesIntended supply condition
Amended 2 timesBritish certification condition: provisional and final satisfaction
Amended 2 timesTest for certification
Amended 2 timesApplications for certification
Amended 2 timesCertification and revocation
Amended 2 timesDisclosure of information for certification purposes
Amended 2 timesUK expenditure condition
Amended 2 timesMeaning of “development company”
Amended 2 timesExpenditure that qualifies for credit
Amended 2 timesMeaning of “core expenditure”
Amended 2 timesExcluded expenditure: research and development and unpaid amounts
Amended 2 timesExcluded expenditure: non-arm’s-length dealings with connected parties
Amended 2 timesPercentage of qualifying expenditure translated into credit
Amended 2 timesWhen the separate trade begins
Amended 2 timesCosts and income of separate trade
Amended 2 timesAccounting periods
Amended 2 timesMeaning of “development activities”
Amended 2 timesWhen video game is completed
Amended 2 timesPart 15 — Film production
“Production expenditure”, “core expenditure” ...
Amended 2 timesEstimates
- Use fair and reasonable estimates for film tax calculations Director or Officer
Availability and overview of film tax relief
Amended 7 timesIntended theatrical release
Amended 1 timeIntended release or broadcast
Amended 1 timeBritish film
Other duties (1) — Crown / regulator
- Secretary of State must certify films as British for tax relief Crown / Minister / Government department
UK expenditure
Amended 2 timesAmount of additional deduction
Amended 1 timeFilm tax credit claimable if company has surrenderable loss
Amended 7 timesSurrendering of loss and amount of film tax credit
Amended 7 timesArtificially inflated claims for additional deduction or film tax credit
Amended 2 timesConfidentiality of information
Amended 6 timesWrongful disclosure
Amended 5 timesRestriction on use of losses while film in production
Amended 5 timesUse of losses in later periods
Amended 10 timesTerminal losses
Amended 10 timesCertification as a British film
- Obtain British film certification to claim tax relief Trader
Film tax relief on basis that film is limited-budget film
Amended 1 timeBrowse 20 other sections in this Part — procedural / definitional / commencement
Overview of Part
“Film” etc
“Film production company”
“Film-making activities” etc
“UK expenditure” etc
“Qualifying co-production” and “co-producer”
“Company tax return”
Activities of film production company treated as a separate trade
Calculation of profits or losses of separate film trade
Income from the film
Costs of the film
When costs are taken to be incurred
Pre-trading expenditure
Additional deduction for qualifying expenditure
Payment in respect of film tax credit
No account to be taken of amount if unpaid
Application of sections 1209 and 1210
Introduction
The UK expenditure condition
Time limit for amendments and assessments
Part 15A — Television production
UK expenditure
- Ensure at least 10% of TV production expenditure is spent in the UK Trader
Payment in respect of television tax credit
Other duties (1) — Crown / regulator
- HMRC must pay television tax credits and may offset them against tax debt Statutory regulator
Certification as a British programme
- Submit British programme certificates with tax returns and amend returns if certification is lost Trader
The UK expenditure condition
- Report and monitor UK expenditure for television tax relief Trader
Browse 38 other sections in this Part — procedural / definitional / commencement
Overview of Part
“Television programme”
“Relevant programme”
Types of programme eligible to be relevant programmes
Excluded programmes
Certain children's programmes not to be excluded programmes
Television production company
“Television production activities” etc
“Production expenditure” and “core expenditure”
“UK expenditure” etc
“Qualifying co-production” and “co-producer”
“Company tax return”
Activities of television production company treated as a separate trade
Calculation of profits or losses of separate programme trade
Income from the relevant programme
Costs of the relevant programme
When costs are taken to be incurred
Pre-trading expenditure
Estimates
Availability and overview of television tax relief
Intended for broadcast
British programme
Applications for certification
Certification and withdrawal of certification
Additional deduction for qualifying expenditure
Amount of additional deduction
Television tax credit claimable if company has surrenderable loss
Surrendering of loss and amount of television tax credit
No account to be taken of amount if unpaid
Artificially inflated claims for additional deduction or tax credit
Confidentiality of information
Wrongful disclosure
Application of sections 1216DA and 1216DB
Restriction on use of losses while programme in production
Use of losses in later periods
Terminal losses
Introduction
Time limit for amendments and assessments
Part 15B — Video games development
Wrongful disclosure
2 years imprisonment- Wrongfully disclose HMRC revenue and customs information Any Person
The European expenditure condition
- Report and confirm European expenditure to claim special video games relief Trader
Browse 34 other sections in this Part — procedural / definitional / commencement
Overview of Part
“Video game” etc
Video games development company
“Video game development activities” etc
“Core expenditure”
“European expenditure” etc
“Company tax return”
Activities of video games development company treated as a separate trade
Calculation of profits or losses of separate video game trade
Income from the video game
Costs of the video game
When costs are taken to be incurred
Estimates
Availability and overview of video games tax relief
Intended for supply
British video game
Applications for certification
Certification and withdrawal of certification
European expenditure
Additional deduction for qualifying expenditure
Amount of additional deduction
Video game tax credit claimable if company has surrenderable loss
Surrendering of loss and amount of video game tax credit
Payment in respect of video game tax credit
No account to be taken of amount if unpaid
Artificially inflated claims for additional deduction or tax credit
Confidentiality of information
Application of sections 1217DA and 1217DB
Restriction on use of losses while video game in development
Use of losses in later periods
Terminal losses
Introduction
Certification as a British video game
Time limit for amendments and assessments
Part 15C — Theatrical Productions
Claim for additional deduction
- Claim theatrical production tax deduction and amend earlier returns if needed Trader
Pre-trading expenditure
- Amend your company tax return if you claimed pre-trading costs for other tax purposes Trader
Clawback of provisional relief
- Correct tax returns if Theatre Tax Relief conditions are not met Trader
Browse 31 other sections in this Part — procedural / definitional / commencement
Overview
“Theatrical production”
Productions not regarded as theatrical
“Production company”
How a company qualifies for relief
The commercial purpose condition
The UK expenditure condition
“Core expenditure”
Introduction to sections 1217IA to 1217IF
Calculation of profits or losses of separate theatrical trade
Income from the production
Costs of the production
When costs are taken to be incurred
Estimates
Amount of additional deduction
“Qualifying expenditure”
Theatre tax credit claimable if company has surrenderable loss
Amount of surrenderable loss
Payment in respect of theatre tax credit
Limit on State aid
No claim if company in administration or liquidation
Tax avoidance arrangements
Transactions not entered into for genuine commercial reasons
Application of sections 1217MA to 1217MC
Restriction on use of losses before completion period
Use of losses in the completion period
Terminal losses
Provisional entitlement to relief
Activities involved in developing, producing, running or closing a production
“Company tax return”
Index
Part 15D — Orchestra tax relief
Pre-trading expenditure
- Amend company tax return if pre-trading costs already used for other tax purposes Trader
Claim for additional deduction
- Claim orchestral tax relief for qualifying concert productions Trader
No claim if company in administration or liquidation
- Do not claim tax relief while company is in administration or liquidation Trader
Clawback of provisional relief
- Report and correct Orchestra Tax Relief if UK spending targets are missed Trader
Browse 29 other sections in this Part — procedural / definitional / commencement
Overview
“Orchestral concert”
Production company
Separate orchestral trade
Election for concert series
Calculation of profits or losses of separate orchestral trade
Income from the production
Costs of the production
When costs are taken to be incurred
Estimates
Overview of orchestra tax relief
Companies qualifying for orchestra tax relief
The UK expenditure condition
“Core expenditure”
Amount of additional deduction
“Qualifying expenditure”
Orchestra tax credit claimable if company has surrenderable loss
Amount of surrenderable loss
Payment in respect of orchestra tax credit
Limit on State aid
No account to be taken of amount if unpaid
Tax avoidance arrangements
Transactions not entered into for genuine commercial reasons
Application of sections 1217SA to 1217SC
Restriction on use of losses before completion period
Use of losses in the completion period
Terminal losses
Provisional entitlement to relief
Interpretation
Part 15E — Museums and galleries exhibition tax relief
Pre-trading expenditure
- Amend company tax return if pre-trading expenditure is reallocated to exhibition trade Trader
Claim for additional deduction
- Amend earlier company tax returns if claiming exhibition tax relief in a later period Trader
No claim if company in administration or liquidation
- Do not claim exhibition tax credit while in administration or liquidation Trader
Clawback of provisional relief
- Correct tax returns if museum exhibition tax relief conditions are not met Trader
Browse 32 other sections in this Part — procedural / definitional / commencement
Overview
“Exhibition”
“Touring exhibition”
Primary production company
Secondary production company
Separate exhibition trade
Calculation of profits or losses of separate exhibition trade
Income from the production
Costs of the production
When costs are taken to be incurred
Estimates
Overview of museums and galleries exhibition tax relief
Companies qualifying for museums and galleries exhibition tax relief
Interpretation of section 1218ZCA(3)(b) and (c)
The UK expenditure condition
“Core expenditure”
Amount of additional deduction
“Qualifying expenditure”
Museums and galleries exhibition tax credit claimable if company has surrenderable loss
Amount of surrenderable loss
Payment in respect of museums and galleries exhibition tax credit
Maximum museums and galleries exhibition tax credits payable
No account to be taken of amount if unpaid
Tax avoidance arrangements
Transactions not entered into for genuine commercial reasons
Application of sections 1218ZDA to 1218ZDC
Restriction on use of losses before completion period
Use of losses in the completion period
Terminal losses
Provisional entitlement to relief
Regulations about activities in relation to an exhibition
Interpretation
Part 16 — Companies with investment business
Expenses of management of a company's investment business
Amended 5 timesMeaning of “unallowable purpose”
Amended 1 timeAmounts treated as expenses of management
Amended 4 timesIncome from a source not charged to tax
Amended 3 timesCarrying forward expenses of management and other amounts
Amended 9 timesException for basic life assurance and general annuity business
Amended 9 timesAccounting period to which expenses are referable
Amended 1 timeAccounts conforming with GAAP
Amended 1 timeClaw back of relief
Amended 1 timeAbsence of accounts
Amended 1 timeExcess capital allowances
Amended 4 timesPayments for restrictive undertakings
Amended 1 timeEmployees seconded to charities and educational establishments
Amended 1 timeCounselling and other outplacement services
Amended 1 timePayments made by the Government
Amended 1 timeContributions to local enterprise organisations or urban regeneration companies
Amended 1 timeContributions to flood and coastal erosion risk management projects
Amended 1 timeExpenses in connection with arrangements for securing a tax advantage
Amended 5 timesUnpaid remuneration
Amended 4 timesCar ... hire
Amended 16 timesContributions to local enterprise organisations or urban regeneration companies: disqualifying benefits
Amended 1 timeContributions to flood and coastal erosion risk management projects: refunds etc
Amended 1 timeBrowse 23 other sections in this Part — procedural / definitional / commencement
Overview of Part
“Company with investment business” and “investment business”
Overview of Part
Overview of Part
Accounts not conforming with GAAP
Accounts not drawn up
Management expenses in relation to salaried members of limited liability partnerships
Credits that reverse debits
Meaning of “reversal amount”
Chapter applies to amounts not otherwise relieved
Payroll deduction schemes
Retraining courses
Redundancy payments and approved contractual payments
Payments in respect of employment wholly in employer's business
Payments in respect of employment in more than one capacity
Additional payments
Payments to Export Credits Guarantee Department
Levies under FISMA 2000
Introduction
Unpaid remuneration: supplementary
Industrial development grants
Repayments under FISMA 2000
Meaning of some accounting terms
Part 17 — Partnerships
Overview of Part
Amended 1 timeAccounting periods of firms
Amended 1 timeAllocation of firm's profits or losses between partners
Amended 7 timesResident partners and double taxation agreements
Amended 2 timesInterpretation of sections 1267 and 1268
Amended 1 timeLimited liability partnerships
Amended 2 timesLimited liability partnerships: salaried members
Amended 2 timesBrowse 14 other sections in this Part — procedural / definitional / commencement
General provisions
Assessment of firms
Bare trusts
Calculation of firm's profits and losses
Section 1259: supplementary
Profit-making period in which some partners have losses
Loss-making period in which some partners have profits
Excess profit allocation to non-individual partners etc
Apportionment of profit share between partner's accounting periods
Various rules for trades and property businesses
Election for spreading under Chapter 14 of Part 3
Special provisions about farming and property income
Sale of patent rights: effect of partnership changes
Sale of patent rights: effect of later cessation of trade
Part 18 — Unremittable income
Browse 4 other sections in this Part — procedural / definitional / commencement
Part 19 — General exemptions
Interest from tax reserve certificates
Amended 1 timeUK company distributions
Amended 2 timesVAT repayment supplements
Amended 1 timeBrowse 6 other sections in this Part — procedural / definitional / commencement
Exemption of profits from securities free of tax to residents abroad (“FOTRA securities”)
Section 1279: supplementary provision
Income from savings certificates
Income from Ulster Savings Certificates
Housing grants
Incentives to use electronic communications
Part 20 — General calculation rules
Unpaid remuneration
Amended 2 timesUnpaid remuneration: supplementary
Amended 1 timeEmployee benefit contributions
Amended 5 timesMaking of “employee benefit contributions”
Amended 4 timesProvision of qualifying benefits
Amended 5 timesTiming and amount of certain qualifying benefits
Amended 7 timesInterpretation of sections 1290 to 1296
Amended 2 timesBasic life assurance and general annuity business
Amended 7 timesBusiness entertainment and gifts
Amended 1 timePenalties , interest and VAT surcharges and interest
Amended 6 times- Claim tax deductions for tax penalties or interest Any Person
Crime-related payments
Amended 1 timeLosses calculated on same basis as miscellaneous income
Amended 1 timeApportionment etc of miscellaneous profits and losses to accounting period
Amended 2 timesExpenditure brought into account in determining value of intangible asset
Amended 1 timeBrowse 12 other sections in this Part — procedural / definitional / commencement
Provision or payment out of employee benefit contributions
Profits calculated before end of 9 month period
Business entertainment: exceptions
Business gifts: exceptions
Restriction of deductions for annual payments
Restriction of deductions for interest
Qualifying charitable donations
Social security contributions
Dividends and other distributions
Avoidance schemes involving the transfer of corporate profits
Avoidance schemes involving certain non-derecognition liabilities
Payments treated as made to visiting performers
Part 21 — Other general provisions
Orders and regulations
Amended 10 timesApportionment to different periods
Amended 1 timeAbbreviated references to Acts
Amended 2 timesMeaning of “connected” persons and “control”
Amended 2 timesMeaning of “farming” and related expressions
Amended 1 timeMeaning of grossing up
Amended 1 timeOther definitions
Amended 6 timesInterpretation: Scotland
Amended 1 timeTransitional provisions and savings
Amended 1 timeCommencement
Amended 2 timesBrowse 11 other sections in this Part — procedural / definitional / commencement
Activities in UK sector of continental shelf
Meaning of “caravan”
Claims and elections
Interpretation: Northern Ireland
Minor and consequential amendments
Power to make consequential provision
Power to undo changes
Repeals and revocations
Index of defined expressions
Extent
Short title
Schedules
In section 154(6) (stamp duty and stamp duty reserve tax:...
Other duties (1) — Crown / regulator
- HMRC must apply stamp duty exemption to alternative investment bonds referencing CTA 2009 Statutory regulator
(1) This paragraph applies in relation to a company if...
- Report gains or losses when exiting certain pre-2005 derivative contracts Trader
Browse 887 other Schedules — structural / supplementary
Transitionals and savings
Index of defined expressions
The Income and Corporation Taxes Act 1988 (c. 1) is...
Omit section 21A (computation of amount chargeable under Schedule A)....
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 337 (company beginning or ceasing to carry on...
(1) Amend section 337A (computation of company's profits or income:...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 21B (application of other rules applicable to Case...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
In section 398(b) for “Schedule D” substitute “ Part 5...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 401 (relief for pre-trading expenditure).
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 21C (the Schedule A charge and mutual business)....
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
In section 414(1)(b) (close companies) omit “within the meaning of...
(1) Amend section 431 (interpretation of provisions relating to insurance...
(1) Amend section 431G (company carrying on life assurance business)...
In section 431H(3) (company carrying on life assurance business and...
(1) Amend section 432YA (long-term business other than life assurance...
(1) Amend section 24 (construction of Part 2) as follows....
(1) Amend section 432A (apportionment of income and gains) as...
(1) Amend section 432AA (Schedule A business or overseas property...
(1) Amend section 432AB (losses from Schedule A business or...
In section 434(1) (franked investment income etc ) for “provisions...
(1) Amend section 434A (computation of losses and limitation of...
(1) Amend section 436A (gross roll-up business: separate charge on...
In section 440(6) (transfers of assets etc ) for “in...
In section 440A(7) (securities) for “in accordance with Case I...
(1) Amend section 440B (modifications where tax charged under Case...
(1) Amend section 440C (modifications for change of tax basis)...
Omit section 30 (expenditure on making sea walls).
In section 442(2) (overseas business of UK companies) for “of...
In section 442A(1) (taxation of investment return where risk reinsured)...
(1) Amend section 444AZA (transfers of life assurance business: Case...
(1) Amend section 444AZB (transfers of life assurance business: Case...
In section 444ABD(1A) (transferor's period of account including transfer)—
(1) Amend section 444AEA (transfer schemes: anti-avoidance rule) as follows....
(1) Amend section 444AEB (Case I advantage: transferor) as follows....
(1) Amend section 444AEC (Case I advantage: transferee) as follows....
(1) Amend section 444AECA (parts of transfer scheme arrangements: anti-avoidance...
(1) Amend section 444AECB (parts of transfer scheme arrangements: Case...
Omit sections 31ZA to 31ZC (deductions for expenditure on energy-saving...
(1) Amend section 444AECC (parts of transfer scheme arrangements: Case...
(1) Amend section 444AED (clearance: no avoidance or group advantage)...
In section 444AF(5) (demutualisation surplus: life assurance business)—
In section 444AH (modification of section 444AG etc for Case...
In section 444AK(3) (mutual surplus: gross roll-up business) for “provisions...
In section 444BA(1) (equalisation reserves for general business) for “Case...
In section 444BB(2) (modification of section 444BA for mutual or...
Omit section 469(4A) to (5) and (6) (other unit trusts)....
Omit section 472A (trading profits etc from securities: taxation of...
Omit section 473 (conversion etc of securities held as circulating...
Omit sections 34 to 39 (premiums, leases at undervalue etc)....
In section 475 (tax-free Treasury securities: exclusion of interest on...
In section 477A (building societies: loan relationships), omit subsections (3)(a)...
Omit section 477B (incidental costs of issuing qualifying shares).
(1) Amend section 486 (registered societies and co-operative associations) as...
Omit section 487 (credit unions).
Omit section 491 (distribution of assets of body corporate carrying...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 40 (tax treatment of receipts and outgoings on...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
In section 503(1)(a) (letting of furnished holiday accommodation treated as...
Omit section 504 (meaning of “commercial letting of furnished holiday...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 509 (reserves of marketing boards etc).
Income and Corporation Taxes Act 1988
For section 518(2) (harbour reorganisation schemes) substitute—
Omit section 524 (taxation of receipts from sale of patent...
(1) Amend section 42 (appeals against determinations under sections 34...
Omit section 525 (capital sums: winding up or partnership change)....
Omit section 526 (relief for expenses).
Omit section 528 (manner of making allowances and charges).
Omit section 531 (provisions supplementary to section 530).
Omit section 532 (application of Capital Allowances Act).
Omit section 533 (interpretation of sections 520 to 532).
Omit section 556 (activity treated as trade etc and attribution...
Omit section 558(5) and (6) (visiting performers: supplementary provisions).
In section 568(1) (deductions from profits of contributions paid under...
In section 570(4) (payments under certified schemes which are not...
Omit section 46 (savings certificates and tax reserve certificates).
(1) Amend section 571 (cancellation of certificates) as follows.
Omit section 577 (business entertaining expenses).
Omit section 577A (expenditure involving crime).
Omit section 578 (housing grants).
Omit sections 578A and 578B (expenditure on car hire).
Omit sections 579 and 580 (statutory redundancy payments).
Omit section 582 (funding bonds issued in respect of interest...
Omit section 584 (relief for unremittable overseas income).
Omit sections 586 and 587 (disallowance of deductions for war...
In section 587B(2)(b) (gifts of shares, securities and real property...
(1) Amend section 6 (the charge to corporation tax and...
Omit section 53 (farming and other commercial occupation of land...
Omit section 588 (training courses for employees).
Omit section 589A (counselling services for employees).
Omit section 589B(5) (interpretation of section 589A).
Omit section 617 (social security benefits and contributions).
Omit section 695 (limited interests in residue).
Omit section 696 (absolute interests in residue).
Omit section 697 (supplementary provisions as to absolute interests in...
Omit section 698 (special provisions as to certain interests in...
Omit section 699A (untaxed sums comprised in the income of...
In section 700 (adjustments and information)— (a) omit subsections (1)...
Omit section 55 (mines, quarries and other concerns).
Omit section 701 (interpretation).
Omit section 702 (application to Scotland).
In section 703(3) (cancellation of corporation tax advantage) omit the...
In section 709(2) (meaning of “corporation tax advantage” and other...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
In section 736C(9) (deemed interest: cash collateral under stock lending...
In section 747(1B) (controlled foreign companies: company residence for purposes...
In section 751(3) (controlled foreign companies: accounting periods) for “subsections...
(1) Amend section 755A (treatment of chargeable profits and creditable...
(1) Amend section 56 (transactions in deposits with and without...
(1) Amend section 761 (charge to income tax or corporation...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
In section 774(1) (transactions between dealing company and associated company)...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 70 (basis of assessment etc).
Income and Corporation Taxes Act 1988
(1) Amend section 776 (transactions in land: taxation of capital...
(1) Amend section 779 (sale and lease-back: limitation on tax...
In section 780(3A) (sale and lease-back: taxation of consideration received)...
(1) Amend section 781 (assets leased to traders and others)...
In section 782(9) (leased assets: special cases) omit the words...
In section 785 (definitions for purposes of sections 781 to...
In section 785ZA(3) (restrictions on use of losses: leasing partnerships)...
In section 785ZB(8) (section 785ZA: definitions)— (a) in paragraph (a)...
In section 785C(4)(a) (section 785B: interpretation) for “under Schedule A”...
Omit section 70A (Case V income from land outside UK)....
In section 785D(3) (section 785B: lease of plant and machinery...
(1) Amend section 786 (transactions associated with loans or credit)...
(1) Amend section 787 (restriction of relief for payments of...
In section 788(7) (relief by agreement with other territories) omit...
In section 790(11) (unilateral relief) omit the words from “,...
In section 795(4) (computation of income subject to foreign tax)—...
(1) Amend section 797 (limits on credit: corporation tax) as...
(1) Amend section 797A (foreign tax on items giving rise...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 72 (apportionments etc for purposes of Cases I,...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 74 (general rules as to deductions not allowable)....
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit section 817 (deductions not to be allowed in computing...
In section 821(1)(a) (under-deductions from payments made before passing of...
(1) Amend section 826 (interest on tax overpaid) as follows....
Omit section 827 (VAT penalties etc).
(1) Amend section 828 (orders and regulations made by the...
Omit section 75 (expenses of management: companies with investment business)....
Omit section 830(2) to (4) (territorial sea and designated areas)....
In section 831(3) (interpretation of ICTA) before the definition of...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Omit Schedule A1 (determination of profits attributable to permanent establishment:...
Omit Schedule 4AA (share incentive plans: corporation tax deductions).
Omit section 75A (accounting period to which expenses of management...
Omit Schedule 5 (treatment of farm animals etc for purposes...
In paragraph 13(3) of Schedule 18A (group relief: overseas losses...
(1) Amend Schedule 19ABA (modification of life assurance provisions of...
In paragraph 6(6)(b) of Schedule 19B (petroleum extraction activities: exploration...
(1) Amend Schedule 19C (petroleum extraction activities: ring fence expenditure...
(1) Amend Schedule 23A (manufactured dividends and interest) as follows....
(1) Amend Schedule 24 (assumptions for calculating chargeable profits, creditable...
(1) Amend Schedule 25 (cases where section 747(3) does not...
In Schedule 26 (reliefs against liability for tax in respect...
(1) Amend Schedule 27 (distributing funds) as follows.
Omit section 75B (amounts reversing expenses of management deducted: charge...
(1) Amend Schedule 28A (change in ownership of company with...
(1) Amend Schedule 28AA (provision not at arm's length) as...
(1) Amend Schedule 30 (transitional provisions and savings) as follows....
The Finance Act 1950 is amended as follows.
In section 39(3) (treatment for taxation purposes of enemy debts...
The Taxes Management Act 1970 is amended as follows.
In section 12(5) (information about chargeable gains) for “section 100(2)...
Omit section 12AE (choice between different Cases of Schedule D)....
In section 17 (interest paid or credited by banks, building...
In section 18 (interest paid without deduction of income tax)...
Omit section 8 (general scheme of corporation tax).
(1) Amend section 76 (expenses of insurance companies) as follows....
(1) Amend section 19 (information for purposes of charge on...
Omit section 31(3) (appeals: right of appeal).
In section 42(7) (procedure for making claims etc)—
In section 46B(5) (questions to be determined by Special Commissioners),...
In section 71(1) (bodies of persons) omit the words from...
In section 87A(4A)(b) (interest on overdue corporation tax etc) for...
(1) Amend section 90 (disallowance of relief for interest on...
(1) Amend section 98 (special returns, etc) as follows.
After section 109 insert— Residence of companies Chapter 3 of Part 2 of CTA 2009 (rules for...
In section 118 (interpretation) at the appropriate place insert— “CTA...
After section 76 insert— Payments for restrictive undertakings Payments for...
In Schedule 3 (rules for assigning proceedings to General Commissioners),...
The Finance Act 1973 is amended as follows.
In paragraph 2(a) of Schedule 15 (territorial extension of charge...
The Oil Taxation Act 1975 is amended as follows.
In section 3(2) (allowance of expenditure (other than expenditure on...
The Inheritance Tax Act 1984 is amended as follows.
(1) Amend section 91 (administration period) as follows.
In section 94(2)(a) (charge on participators) for “section 208 of...
The Films Act 1985 is amended as follows.
In paragraph 1(1) of Schedule 1 (certification of British films...
After section 76ZA insert— Seconded employees Employees seconded to charities...
The Airports Act 1986 is amended as follows.
In section 77(3) (corporation tax) for “Chapter II of Part...
The Finance Act 1986 is amended as follows.
In section 78(7)(d) (loan capital) after “2005” insert “ or...
In section 79 (loan capital: new provisions)—
In section 99(9A) (interpretation) after “2005” insert “ or section...
The Gas Act 1986 is amended as follows.
In section 60(3) (tax provisions) for “Chapter II of Part...
The British Steel Act 1988 is amended as follows.
In section 11(7) (corporation tax) for “Chapter II of Part...
After section 76ZB insert— Counselling and retraining expenses Counselling and...
The Finance Act 1988 is amended as follows.
Omit section 65 (commercial woodlands).
Omit section 66 (company residence).
Omit section 66A (residence of SE or SCE).
Omit section 73(2) to (4) (consideration for certain restrictive undertakings)....
Omit Schedule 6 (commercial woodlands).
Omit Schedule 7 (exceptions to the rule in section 66(1))....
In paragraph 3 of Schedule 12 (building societies: change of...
The Finance Act 1989 is amended as follows.
Omit section 43 (Schedule D: computation (unpaid remuneration)).
After section 76ZC insert— Retraining courses (1) This section applies if— (a) a company carrying on...
Omit section 44 (companies with investment business and insurance companies:...
In section 82(1) (calculation of profits: bonuses etc ) for...
In section 82D(2) (treatment of profits: life assurance_adjustment consequent on...
In section 82E(7) (section 82D: treatment of transferors under insurance...
(1) Amend section 83 (receipts to be taken into account)...
(1) Amend section 83YC (FAFTS: charge in relevant period of...
In section 83YD(3)(a) (FAFTS: deduction in subsequent periods of account)...
(1) Amend section 83YF (financial reinsurance arrangements: further provision) as...
(1) Amend section 85 (charge of certain receipts of basic...
(1) Amend section 85A (excess adjusted Case I profits) as...
After section 76ZD insert— Retraining courses: recovery of tax (1) This section applies if— (a) an employer's liability to...
In section 88(3)(b) (corporation tax: policy holders' share of profits)...
(1) Amend section 89 (policy holders' share of profits) as...
The Finance Act 1990 is amended as follows.
Omit section 126(2) and (3) (pools payments for football ground...
In Schedule 14 (amendments correcting errors in ICTA) omit paragraph...
The Finance Act 1991 is amended as follows.
For section 65(5) (reimbursement by defaulter in respect of certain...
Omit section 121(2) and (3) (pools payments to support games...
The Taxation of Chargeable Gains Act 1992 is amended as...
In section 1(2) (the charge to tax) for “section 6...
After section 76ZE insert— Redundancy payments etc Redundancy payments and...
In section 10B (non-resident company with United Kingdom permanent establishment)...
In section 33A (value shifting: modification of sections 30 to...
In section 40(4) (interest charged to capital) after “relationships)” insert...
In section 41(4) (restriction of losses by reference to capital...
In section 48(4) (consideration due after time of disposal) for...
(1) Amend section 59 (partnerships) as follows.
(1) Amend section 116 (reorganisations, conversions and reconstructions) as follows....
After section 116 insert— Holding beginning or ceasing to fall...
In section 117(6D) (meaning of “qualifying corporate bond”) after “section...
In section 143(1) (commodity and financial futures and qualifying options)—...
After section 76ZF insert— Payments in respect of employment wholly...
After section 151D insert— Exchange gains and losses from loan...
In section 156(4) (assets of Class 1)—
After section 156 insert— Intangible fixed assets: roll-over relief (1) This section applies if a company is entitled to...
In section 158(2) (activities other than trades, and interpretation) omit...
In section 161(3)(a) (appropriations to and from stock) for “under...
In section 170(9)(c) (interpretation of sections 171 to 181) omit...
In section 171(3A) (transfers within a group: general provisions) for...
Omit section 201(2) (relationship between section 201 of TCGA 1992...
For section 203(1) substitute— (1) Sections 274 to 276 of...
(1) Amend section 210A (ring-fencing of losses) as follows.
After section 76ZG insert— Payments in respect of employment in...
(1) Amend section 241 (furnished holiday lettings) as follows.
In section 251(8) (general provisions) omit— (a) paragraph (a), and...
In section 253(3) (relief for loans to traders) for “Chapter...
In section 275B (section 275A: supplementary provisions) for subsection (3)...
After section 286 insert— Residence of companies Chapter 3 of Part 2 of CTA 2009 (rules for...
In section 288(1) (interpretation)— (a) at the appropriate place insert—...
In Schedule 7AC (exemptions for disposals by companies with substantial...
In Schedule 7D (approved share schemes and share incentives), in...
(1) Amend Schedule 8 (leases) as follows.
The Finance ( No. 2) Act 1992 is amended as...
After section 76ZH insert— Additional payments (1) This section applies if the employer's business, or part...
(1) Amend paragraph 3 of Schedule 12 (banks etc in...
The Finance Act 1994 is amended as follows.
(1) Amend section 219 (Lloyd's underwriters: taxation of profits) as...
In section 220(3) (accounting period in which certain profits or...
In section 225(4) (stop-loss and quota share insurance) in the...
In section 226(3) (provisions which are not to apply) for...
In section 229(1)(ca) (regulations) for sub-paragraph (ii) substitute—
Omit sections 249 and 250 (certain companies treated as non-resident)....
In paragraph 20(1) of Schedule 24 (provisions relating to the...
The Finance Act 1995 is amended as follows.
(1) Amend section 9 (computation of income: application of income...
After section 76ZI insert— Payments by the Government (1) This section applies if— (a) a redundancy payment or...
In section 126(7A) (UK representatives of non-residents) omit paragraph (b)...
In section 127(1) (persons not treated as UK representatives)—
The Finance Act 1996 is amended as follows.
Omit section 80 (taxation of loan relationships).
Omit section 81 (meaning of “loan relationship” etc).
Omit section 82 (methods of bringing amounts into account).
Omit section 83 (non-trading deficit on loan relationships).
Omit section 84 (debits and credits brought into account).
Omit section 84A (exchange gains and losses from loan relationships)....
Omit section 85A (computation in accordance with generally accepted accounting...
After section 76ZJ insert— Contributions to local enterprise organisations or...
Omit section 85B (amounts recognised in determining a company's profit...
Omit section 85C (amounts not fully recognised for accounting purposes)....
Omit section 87 (accounting method where parties have a connection)....
Omit section 87A (meaning of “control” in section 87).
Omit section 88 (exemption from section 87 in certain cases)....
Omit section 88A (accounting method where rate of interest is...
Omit section 90A (change of accounting basis applicable to assets...
Omit section 91A (shares subject to outstanding third party obligations)....
Omit section 91B (non-qualifying shares).
Omit section 91C (Condition 1 for section 91B(6)(b)).
After section 76ZK insert— Unpaid remuneration Unpaid remuneration (1) This section applies if— (a) an amount is charged...
Omit section 91D (Condition 2 for section 91B(6)(b)).
Omit section 91E (Condition 3 for section 91B(6)(b)).
Omit section 91F (power to add, vary or remove Conditions...
Omit section 91G (shares beginning or ceasing to be subject...
Omit section 91H (payments in return for capital contribution).
Omit section 91I (change of partnership shares).
Omit section 93C (creditor relationships and benefit derived by connected...
Omit section 94 (indexed gilt-edged securities).
Omit section 94A (loan relationships with embedded derivatives).
Omit section 94B (loan relationships treated differently by connected debtor...
After section 76ZL insert— Unpaid remuneration: supplementary (1) For the purposes of section 76ZL an amount charged...
Omit section 95 (gilt strips).
Omit section 96 (special rules for certain other gilts).
Omit section 97 (manufactured interest).
Omit section 98 (collective investment schemes).
Omit section 99 (insurance companies).
Omit section 100 (money debts etc not arising from the...
Omit section 101 (financial instruments).
Omit section 103 (interpretation of Chapter).
In section 154 (FOTRA securities), omit subsections (2), (3), (5),...
In section 203(9) (modification of the Agriculture Act 1993) for...
After section 76ZM insert— Car or motor cycle hire Car...
Omit Schedule 8 (loan relationships: claims etc relating to deficits)....
Omit Schedule 9 (loan relationships: special computational provisions).
Omit Schedule 10 (loan relationships: collective investment schemes).
Omit Schedule 11 (loan relationships: special provisions for insurers).
(1) Amend Schedule 15 (loan relationships: savings and transitional provisions)...
The Broadcasting Act 1996 is amended as follows.
(1) Amend Schedule 7 (transfer schemes relating to BBC transmission...
The Finance Act 1997 is amended as follows.
In Schedule 12 (leasing arrangements: finance leases and loans), in...
The Finance (No. 2) Act 1997 is amended as follows....
Income and Corporation Taxes Act 1988
Omit section 40 (carry-back of loan relationship deficits).
The Finance Act 1998 is amended as follows.
Omit section 42 (computation of profits of trade, profession or...
In section 46 (minor and consequential provisions about computations) omit...
(1) Amend Schedule 18 (company tax returns, assessments and related...
The Finance Act 1999 is amended as follows.
Omit section 54 (tax treatment of reverse premiums).
Omit section 63 (treatment of transfer fees under existing contracts)....
(1) Amend section 81 (acquisitions disregarded under insurance companies concession)...
Omit Schedule 6 (tax treatment of receipts by way of...
Omit section 76A (levies and repayments under FISMA 2000).
The Commonwealth Development Corporation Act 1999 is amended as follows....
(1) Amend paragraph 6 of Schedule 3 (tax) as follows....
The Finance Act 2000 is amended as follows.
(1) Amend section 46 (exemption for small trades etc) as...
Omit section 50 (phasing out of relief for payments to...
Omit section 69(1) (which introduces Schedule 20).
Omit section 143(2) (power to provide incentives to use electronic...
In Schedule 12 (provision of services through an intermediary) omit...
In Schedule 15 (the corporate venturing scheme) in paragraph 60(1)...
Omit Schedule 20 (tax relief for expenditure on research and...
Omit section 76B (levies and repayments under the FISMA 2000:...
(1) Amend Schedule 22 (tonnage tax) as follows.
The Transport Act 2000 is amended as follows.
(1) Amend Schedule 7 (transfer schemes: tax) as follows.
(1) Amend Schedule 26 (transfers: tax) as follows.
The Capital Allowances Act 2001 is amended as follows.
In section 2(4) (general means of giving effect to capital...
In section 15(1)(f) (qualifying activities) for “section 55(2) of ICTA”...
In section 16 (ordinary property business) omit “, or a...
(1) Amend section 17 (furnished holiday lettings) as follows.
(1) Amend section 18 (managing investments of a company with...
Omit section 79 (contributions to local enterprise agencies).
In section 28(2B)(a) (thermal insulation of buildings) for “section 31ZA...
In section 38 (production animals etc) for paragraphs (a) and...
(1) Amend section 63 (cases in which disposal value is...
In section 105(3)(a) (“profits chargeable to tax”) for “section 830(4)...
(1) Amend section 106 (the designated period) as follows.
(1) Amend section 108 (effect of disposal to connected person...
(1) Amend section 112 (excess allowances: connected persons) as follows....
(1) Amend section 115 (prohibited allowances: connected persons) as follows....
(1) Amend section 122 (short-term leasing by buyer, lessee, etc)...
(1) Amend section 125 (other qualifying purposes) as follows.
Omit section 79A (contributions to training and enterprise councils and...
In section 252 (mines, transport undertakings etc) for “section 55(2)...
(1) Amend section 253 (companies with investment business) as follows....
(1) Amend section 256 (different giving effect rules for different...
In section 257(2)(a) (supplementary) for “Case I” substitute “ life...
In section 260(8) (special leasing: corporation tax (excess allowance)) for...
(1) Amend section 263 (qualifying activities carried on in partnership)...
(1) Amend section 265 (successions: general) as follows.
In section 282 (buildings outside the United Kingdom) for the...
In section 291(3)(a) (supplementary provisions with respect to elections) for...
In section 326(1) (interpretation of section 325), in the definition...
In section 11 (companies not resident in United Kingdom) omit...
Omit section 79B (contributions to urban regeneration companies).
In section 331(1)(b) (meaning of “capital value”) for sub-paragraph (i)...
(1) Amend section 353 (lessors and licensors) as follows.
(1) Amend section 354 (buildings temporarily out of use) as...
In section 390(1) (interpretation of section 389), in the definition...
(1) Amend section 392 (UK property business and Schedule A...
In section 393B(4) (meaning of “qualifying expenditure”) omit “or Schedule...
In section 393J(3)(a) (entitlement to writing-down allowances) for “section 38(1)...
(1) Amend section 393T (giving effect to allowances and charges)...
(1) Amend section 406 (reduction where premium relief previously allowed)...
In section 454(1)(c) (qualifying expenditure) for “section 531(3)(a) of ICTA”...
Omit section 82A (expenditure on research and development).
In section 455(4) (excluded expenditure) for “section 531(2) of ICTA”...
In section 462(3) (disposal values) for “section 531(2) of ICTA”...
In section 481(5)(b) (anti-avoidance: limit on qualifying expenditure) for “section...
In section 483(c) (meaning of “income from patents”) for “section...
In section 488(3)(a) (balancing allowances) for “section 18 of ITTOIA...
(1) Amend section 529 (giving effect to allowances and charges)...
In section 536(5)(a)(v) (contributions not made by public bodies and...
In section 545(4) (investment assets) for “Case I of Schedule...
(1) Amend section 558 (effect of partnership changes) as follows....
(1) Amend section 559 (effect of successions) as follows.
Omit section 82B (payments to research associations, universities etc).
(1) Amend section 577 (other definitions) as follows.
(1) Amend Schedule A1 (first-year tax credits) as follows.
(1) Amend Schedule 1 (abbreviations and defined expressions) as follows....
The Finance Act 2001 is amended as follows.
Omit section 70(1) and (2) (which introduces Schedule 22).
Omit Schedule 22 (remediation of contaminated land).
The Finance Act 2002 is amended as follows.
Omit section 53 (which introduces Schedule 12 to that Act)....
Omit section 54 (which introduces Schedules 13 and 14 to...
Omit section 55 (gifts of medical supplies and equipment).
Omit section 83 (patent fees etc and expenses).
Omit section 64 (adjustment on change of basis).
(1) Amend section 65 (postponement of change to mark to...
Omit section 71 (accounting method where rate of interest etc...
In section 81(3)(b) (transitional provision) for “Chapter 2 of Part...
In section 83 (derivative contracts) omit subsections (1)(a) and (2)....
Omit section 84(1) (gains and losses from intangible fixed assets...
Omit Schedule 12 (tax relief for expenditure on research and...
Omit Schedule 13 (tax relief for expenditure on vaccine research...
In Schedule 16 (community investment tax relief) in paragraph 27(4)...
(1) Amend Schedule 18 (relief for community amateur sports clubs)...
Omit section 83A (gifts in kind to charities etc).
Omit Schedule 22 (computation of profits: adjustment on change of...
(1) Amend Schedule 23 (exchange gains and losses from loan...
In Schedule 25 (loan relationships) omit paragraphs 61 to 64....
Omit Schedule 26 (derivative contracts).
(1) Schedule 28 (derivative contracts: transitional provisions etc) is amended...
Omit Schedule 29 (gains and losses of a company from...
The Proceeds of Crime Act 2002 is amended as follows....
(1) Amend Schedule 10 (tax) as follows.
The Income Tax (Earnings and Pensions) Act 2003 is amended...
In section 61(1) (interpretation) in the definition of “business” for...
Omit section 84 (gifts to educational establishments).
In section 178(d) (exception for loans where interest qualifies for...
In section 180(5)(d) (threshold for benefit of loan to be...
(1) Amend section 357 (business entertainment and gifts: exception where...
In section 420(1)(h) (meaning of securities etc) at the end...
(1) Amend section 515 (which refers to other provisions which...
In section 702(5B) (which sets out what shares are corporation...
In Schedule 1 (abbreviations and defined expressions)—
In Schedule 2 (approved share incentive plans), in paragraph 85(1)(c),...
The Finance Act 2003 is amended as follows.
Omit section 141 (corporation tax for employee share acquisitions).
(1) Amend section 84A (costs of establishing share option or...
Omit section 143 (restriction of deductions for employee benefit contributions)....
In section 148 (meaning of “permanent establishment”)—
(1) Amend section 150 (non-resident companies: assessment, collection and recovery...
In section 152(2) (non-resident companies: transactions carried out through broker,...
After section 177(4) (currency contracts and currency options) insert—
In section 195(9)(b) (companies acquiring their own shares) for the...
Omit Schedule 23 (corporation tax relief for employee share acquisitions)....
Omit Schedule 24 (restriction of deductions for employee benefit contributions)....
In paragraph 5A(2) of Schedule 26 (non-resident companies: transactions through...
The Finance Act 2004 is amended as follows.
Omit section 85 (payments to trustees of approved profit sharing...
In section 71 (collection and recovery of sums to be...
Other enactments
(1) Amend section 131 (companies in partnership) as follows.
(1) Amend section 196 (relief for employers in respect of...
In section 196A(4) (power to restrict relief)—
In section 197(10) (spreading of relief)— (a) in paragraph (a),...
In section 199A(10) (indirect contributions)— (a) in paragraph (a) for...
In section 200 (no other relief for employers in respect...
(1) Amend section 246 (restriction of deduction for non-contributory provision)...
In section 246A(4) (case where no relief for provision by...
Omit section 85A (costs of establishing employee share ownership trust:...
In section 280(1) (abbreviations and general index)—
(1) Amend Schedule 26 (offshore funds) as follows.
The Energy Act 2004 is amended as follows.
(1) Amend section 27 (tax exemption for NDA activities) as...
(1) Amend section 28 (taxation of activities of the Nuclear...
In section 44(2) (extinguishment of BNFL losses for tax purposes)—...
(1) Amend Schedule 9 (taxation provisions relating to nuclear transfer...
The Income Tax (Trading and Other Income) Act 2005 is...
In section 22(2)(b) (payments for wayleaves) for “would otherwise be...
(1) Amend section 48 (car or motor cycle hire) as...
Omit section 85B (which introduces Schedule 4AA).
In section 49(2)(b) (car or motor cycle hire: supplementary) after...
In section 60(6) (tenants under taxed leases: introduction) after “288”...
(1) Amend section 64 (restriction on section 61 expenses: lease...
In section 65(1)(a) (restrictions on section 61 expenses: lease of...
In the title of section 66 (corporation tax receipts treated...
(1) Amend section 67 (restrictions on section 61 expenses: corporation...
(1) Amend section 71 (educational establishments) as follows.
Omit section 79(2) (additional payments: change in persons carrying on...
After section 79 insert— Additional payments: change in the persons...
In section 80(2) (payments made by the Government) for “79”...
Omit section 11AA (determination of profits attributable to permanent establishment)....
Omit section 86 (employees seconded to charities and educational establishments)....
In section 88(6)(b) (payments to research associations, universities etc) before...
(1) Amend section 155 (levies and repayments under FISMA 2000)...
In section 158(1)(d) (lease premiums etc: reduction of receipts) for...
In section 170(3)(b) (deduction for capital expenditure) for “section 91(1)(b)...
In section 171(2)(d) (allocation of ancillary capital expenditure) for “section...
In section 175(2) (basis of valuation of trading stock)—
In section 176(1)(a) (sale basis of valuation: sale to unconnected...
In section 177(1)(a) (sale basis of valuation: sale to connected...
In section 178(1)(a) (sale basis of valuation: election by connected...
(1) Amend section 180 (cost to buyer of stock valued...
Omit section 86A (charitable donations: contributions to agent's expenses).
In section 184(1) (basis of valuation of work in progress)—...
In section 194(7) (disposal of know-how as part of disposal...
In section 246(2) (basic meaning of “post-cessation receipt”) for the...
In section 249(3) (debts released after cessation) for the words...
In section 276(3) (introduction to Chapter 4 of Part 3)...
In section 279(3) for “or of” substitute “ of or...
In the title of section 281 (sums payable for variation...
(1) Amend section 287 (circumstances in which additional calculation rule...
(1) Amend section 288 (the additional calculation rule) as follows....
(1) Amend section 290 (meaning of “unused amount” and “unreduced...
Omit sections 87 and 87A (taxable premiums etc).
(1) Amend section 293 (restrictions on section 292 expenses: the...
For section 294(1)(c) (restriction on section 292 expenses: lease of...
For section 295(2)(b) (limit on reductions and deductions) substitute—
In section 296(1)(a) (corporation tax receipts treated as taxed receipts)...
In section 298 (taking account of deductions for rent as...
In section 299(1)(b) (payment of tax by instalments) for “term”...
(1) Amend section 303 (rules for determining effective duration of...
(1) Amend section 304 (applying the rules in section 303)...
In section 318(4) for “section 30 of ICTA” substitute “...
(1) Amend section 356 (application to Schedule A businesses) as...
Omit section 88 (payments to Export Credits Guarantee Department).
In section 413(4) (person liable) for paragraph (b) substitute—
In section 419(2) (loans and advances to persons who die)...
In section 466(3) (person liable: personal representatives) for “section 701(8)...
In section 496(7) (modification of section 494: qualifying endowment policies...
In section 671 (successive absolute interests)— (a) at the end...
After section 749 insert— Interest on tax overpaid No liability to income tax arises in respect of interest...
In section 754(1) (redemption of funding bonds) for “section 582(1)...
(1) Amend section 839 (annual payments payable out of relevant...
In section 847(2) (partnerships: general provisions), in the words before...
In section 849 (calculation of firm's profits or losses) after...
Omit section 88D (restriction of deductions in respect of certain...
For section 850 (allocation of firm's profits or losses between...
(1) Amend section 860 (adjustment income) as follows.
For section 861 (sale of patent rights: effect of partnership...
(1) Amend section 862 (sale of patent rights: effect of...
Omit section 881 (disapplication of corporation tax: section 9 of...
(1) Amend Schedule 1 (consequential amendments) as follows.
(1) Amend Schedule 2 (transitionals and savings etc) as follows....
(1) Amend Schedule 4 (abbreviations and defined expressions) as follows....
The Finance Act 2005 is amended as follows.
In section 47A(6) (alternative finance arrangements: diminishing shared ownership) for...
Omit section 89 (debts proving to be irrecoverable after discontinuance...
In section 48A (alternative finance arrangements: alternative finance bond: introduction)...
In section 48B (alternative finance arrangements: alternative finance investment bond:...
In section 49(2) (alternative finance arrangements: deposit) for “profit share...
In section 49A (alternative finance arrangements: profit share agency)—
Omit section 50 (treatment of alternative finance arrangements: companies).
In section 51 (treatment of alternative finance arrangements: persons other...
In section 52 (provision not at arm's length)—
Omit section 54 (return not to be treated as distribution)....
In section 54A (treatment of section 47, 49 and 49A...
In section 55 (further provisions) omit “, corporation tax”.
Omit section 90 (additional payments to redundant employees).
In section 56 (application of Chapter)— (a) in subsections (2)...
In section 57 (interpretation of Chapter)— (a) in the definition...
In section 83(8) (application of accounting standards to securitisation companies)...
In section 105 (interpretation) after the definition of “CAA 2001”...
(1) Amend Schedule 2 (alternative finance arrangements: further provisions) as...
In Schedule 4 (accounting practice and related matters) omit paragraphs...
The Railways Act 2005 is amended as follows.
(1) Amend Schedule 10 (taxation provisions relating to transfer schemes)...
The Finance (No. 2) Act 2005 is amended as follows....
In section 18 (section 17(3): specific powers) for subsection (2)(c)...
Omit section 91 (cemeteries).
(1) Amend section 26 (receipts cases) as follows.
In section 27(2) (rule as to qualifying payment) for the...
In section 71 (interpretation) after the definition of “CAA 2001”...
In Schedule 6 (accounting practice and related matters)—
In Schedule 7 (avoidance involving financial arrangements) in paragraph 14—...
The Finance Act 2006 is amended as follows.
Omit sections 31 to 41 (provisions about films, in particular...
In section 42(2) (film tax relief: further provisions) omit—
Omit sections 43 to 45 (film losses).
At the end of each of sections 46 and 47...
Omit section 91A (waste disposal: restoration payments).
Omit sections 48 to 50 (sound recordings).
Omit section 52 (films: application of provisions to certain films...
Omit section 53(2) (films and sound recordings: commencement etc).
In section 97 (beneficial loans to employees)—
In section 104(1) (property rental business)— (a) in paragraph (a)—...
In section 112 (entry charge) for subsection (1) substitute—
In section 115(4) (profit: financing-cost ratio)— (a) in paragraph (a)...
In section 117(3)(b) (cancellation of tax advantage) omit “under Case...
(1) Amend section 120 (calculation of profits) as follows.
(1) Amend section 121 (distributions: liability to tax) as follows....
Omit sections 91B and 91BA (waste disposal: preparation expenditure).
In section 136(2) (availability of group reliefs) for paragraphs (d)...
In section 139(2) (manufactured dividends), in the provision substituted for...
In section 179 (interpretation) after the definition of “CAA 2001”...
Omit Schedule 4 (taxation of activities of film production company)....
In Schedule 5 (film tax relief: further provisions)—
(1) Amend Schedule 10 (sale etc of lessor companies etc...
(1) Amend Schedule 15 (accountancy change: spreading of adjustment), Part...
(1) Amend Schedule 16 (real estate investment trusts: excluded business...
(1) Amend Schedule 17 (group real estate investment trusts: modifications)...
The Income Tax Act 2007 is amended as follows.
Omit section 12(1) to (7ZA) and (9) (basis of, and...
Omit section 91C (mineral exploration and access).
For section 5 substitute— Income tax and companies Section 3 of CTA 2009 disapplies the provisions of the...
In section 276(3) (conditions relating to income) for “paragraph 14(3)...
In section 489(6) (the “applicable period” in relation to shares)...
In section 550(a) (meaning of “relievable gift”) for “section 83A...
In section 557(1)(b)(ii) (substantial donor transactions: supplementary) after “2005” insert...
(1) Amend section 835 (residence rules for trustees and companies)...
After section 835 insert— Residence of companies Chapter 3 of Part 2 of CTA 2009 (rules for...
In section 899(4)(b) (meaning of “qualifying annual payment”) for “charged...
In section 904 (annual payments for dividends or non-taxable consideration)...
(1) Amend section 910 (proceeds of a sale of patent...
Omit section 92 (regional development grants).
In section 934(4) (non-UK resident companies) for “section 11(2) of...
In section 937(5)(c) (partnerships)— (a) for “section 11(2) of ICTA”...
In section 939(1)(b) (duty to retain bonds where issue treated...
(1) Amend section 941 (deemed payments to unit holders and...
In section 948(2) (meaning of “accounting period”) for the words...
In section 965(2) (overview of sections 966 to 970) for...
(1) Amend section 971 (income tax in respect of non-resident...
In section 976(6) (arrangements for payments of interest less tax...
In section 980(2) (derivative contracts: exception from duties to deduct)...
In section 989 (definitions) omit the definition of “Schedule A...
Omit section 93 (other grants under Industrial Development Act 1982...
In section 1017 (abbreviated references to Acts) after the definition...
In Schedule 4 (index of defined expressions) omit the entry...
The Finance Act 2007 is amended as follows.
In section 113 (interpretation) after the definition of “CRCA 2005”...
In Schedule 3 (managed service companies) omit paragraph 10.
(1) Amend Schedule 7 (insurance business: gross roll-up business etc)...
(1) Amend Schedule 13 (sale and repurchase of securities) as...
In paragraph 28(fa) of Schedule 24 (penalties for errors)—
The Finance Act 2008 is amended as follows.
Omit section 29 (cap on R&D aid).
Omit section 94 (debts deducted and subsequently released).
Omit section 36(1) (company gains from investment life insurance contracts...
In section 77(6), in the words after paragraph (b) for...
In section 165(1) (interpretation) after the definition of “CRCA 2005”...
In Schedule 10 (cap on R&D aid), omit paragraphs 1...
Omit Schedule 13 (company gains from investment life insurance contracts)....
In Schedule 15 (changes in trading stock), omit Part 2....
In Schedule 25 (first-year tax credits)— (a) in paragraph 14(6)(b)...
The Crossrail Act 2008 is amended as follows.
(1) Amend Schedule 13 (transfer schemes: tax provisions) as follows....
Omit section 95 (taxation of dealers in respect of distributions...
In section 95ZA(1) (taxation of UK distributions received by insurance...
Omit section 97 (treatment of farm animals etc).
Omit section 98 (tied premises: receipts and expenses treated as...
Omit section 99 (dealers in land).
Omit section 100 (valuation of trading stock at discontinuance of...
Omit section 15 (Schedule A).
Omit section 101 (valuation of work in progress at discontinuance...
Omit section 102 (provisions supplementary to sections 100 and 101)....
Omit sections 103 to 106 (Case VI charges on receipts)....
Omit section 110 (interpretation etc).
Omit section 111(1) (treatment of partnerships).
Omit sections 114 and 115 (special rules for computing profits...
Income and Corporation Taxes Act 1988
Omit section 118ZA (treatment of limited liability partnerships).
Omit section 119 (rent etc payable in connection with mines,...
Omit section 120 (rent etc payable in respect of electric...
Omit section 18 (Schedule D).
Omit section 121 (management expenses of owner of mineral rights)....
Omit section 122 (relief in respect of mineral royalties).
Omit section 125 (annual payments for dividends or non-taxable consideration)....
Omit section 128(2) and (3) (commodity and financial futures etc:...
(1) Amend section 130 (meaning of “company with investment business”...
In section 187(10) (interpretation of sections 185 and 186) for...
Omit section 208 (UK company distributions not generally chargeable to...
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
Income and Corporation Taxes Act 1988
The repeal of provisions and their enactment in a rewritten...
(1) This paragraph applies if, in the case of any...
(1) Sub-paragraphs (2) and (3) apply in relation to any...
Section 770 (continuity where group includes an SE) does not...
Until section 658 of the Companies Act 2006 (c. 46)...
(1) Sub-paragraph (2) applies if any previous accounting period to...
(1) A sum treated as part of the aggregate income...
Section 989(1)(a) does not apply in relation to a payment...
(1) This paragraph applies if an amount is received by...
(1) Relief is not available under Part 12 in relation...
In Part 12 “restricted shares” does not include shares acquired...
(1) Relief under Part 12 is not available in relation...
The repeal by this Act of section 9(1) of ICTA...
In relation to any time before 16 April 2003, Part...
(1) This paragraph applies for the purposes of Chapters 4...
(1) In relation to expenditure incurred before 1 August 2008,...
(1) The references in section 1050(3)(b) and (c) to qualifying...
(1) Chapters 3 to 5 of Part 13 do not...
(1) Chapter 7 of Part 13 (relief for SMEs and...
For the purposes of any calculation in accordance with section...
(1) Section 1135(4) (time limit for notice of election for...
(1) In relation to expenditure incurred before 1 August 2008,...
(1) In its application to expenditure incurred—
Section 10(1)(i) and (j), (2), (3) and (4) apply only...
In its application to expenditure incurred before 1 August 2008,...
(1) In relation to expenditure incurred before 27 September 2003,...
(1) In relation to expenditure incurred before 1 April 2004,...
(1) In relation to expenditure incurred before 27 September 2003,...
(1) In relation to expenditure incurred before 1 August 2008,...
(1) Part 14 does not apply to expenditure incurred before...
(1) In its application to expenditure incurred—
The provisions of sections 1181 to 1187 apply for the...
Chapters 2 and 3 of Part 15 apply only in...
The references in section 1206 to the functions of the...
(1) Subject to sub-paragraph (2), section 14 does not apply...
(1) The Treasury may make provision by regulations for the...
(1) In accordance with Part 1 of this Schedule, the...
(1) Expenditure is not to be taken into account for...
(1) This paragraph applies for the purposes of section 1249....
(1) A claim may be made under section 1275 (claim...
Section 1277 (income charged on withdrawal of relief after source...
In the case of certificates acquired before 27 July 1981,...
(1) This paragraph applies if, without the repeal by this...
In the Table in section 98 of TMA 1970 (special...
(1) This paragraph applies if— (a) at any time during...
(1) Subject to sub-paragraph (2), section 14 does not apply...
(1) This paragraph applies for the purposes of—
Section 1290 does not apply to deductions that would otherwise...
(1) The repeal by this Act of section 90(1)(b) of...
(1) This paragraph applies if— (a) a relevant period of...
In section 731 of ICTA, as that section has effect...
Until section 658 of the Companies Act 2006 (c. 46)...
(1) This paragraph applies if— (a) a provision of the...
(1) This paragraph applies if immediately before 1 April 2009...
(1) In paragraph 13— “general consent” means a consent under...
Section 58 does not apply to expenditure which is incurred...
In relation to expenditure incurred on the hiring of a...
(1) This paragraph relates to the operation of sections 62...
(1) This paragraph provides for the application of section 63...
Paragraph 1 does not apply to any change made by...
(1) This paragraph provides for the application of section 63...
To the extent that any function of the Scottish Ministers...
(1) This paragraph applies if— (a) fees have been incurred,...
(1) This paragraph applies if— (a) a sum is payable,...
(1) Sections 98 and 99 do not apply to a...
Section 103 does not apply if— (a) a company carrying...
To the extent that the power of the Welsh Ministers...
The reference in section 106(1)(a) to regulations made for England...
The repeal by this Act of section 473(2B) of ICTA...
Section 134 does not apply if the purchase mentioned in...
Any subordinate legislation or other thing which—
If the predecessor ceased to carry on the trade carried...
If the trade carried on by the trader was started...
Section 144(3) does not apply for the purposes of sections...
In section 153(5) “approved scheme or arrangement” includes a scheme...
Chapter 14 of Part 3 applies to a change of...
Section 217 does not apply in relation to a lease...
Section 219 does not apply in relation to a lease...
Section 220 does not apply in relation to a lease...
Section 222 does not apply in relation to a lease...
(1) This paragraph relates to the operation of sections 227...
(1) Any reference (express or implied) in this Act, another...
(1) This paragraph applies if— (a) in calculating the amount...
(1) Sub-paragraph (2) applies if— (a) in calculating the profits...
(1) Until the Treasury by order appoints a day under...
(1) In relation to a lease granted after 24 August...
The amendments made by paragraph 626 of Schedule 1 (amendments...
(1) In relation to a lease granted after 12 June...
(1) In relation to a lease granted before 13 June...
The amendments made by paragraphs 498 and 506 of Schedule...
(1) In relation to a lease granted after 12 June...
(1) Section 250 does not apply to a reverse premium—...
(1) Any reference (express or implied) in any enactment, instrument...
Sections 251 to 253 do not apply to expenditure incurred...
(1) Sections 261 and 262 apply to a change of...
The definition of “mineral royalties” in section 274(2) does not...
Except as provided in this Part of this Schedule, expressions...
So far as immediately before the commencement of this Act...
Except where the context indicates otherwise, references to Part 5...
No liability to corporation tax arises in respect of interest...
The repeal by this Act of any provision in Schedule...
(1) In determining whether Chapter 4 of Part 5 (continuity...
(1) This sub-paragraph applies if— (a) the condition in paragraph...
Paragraphs 1 to 5 have effect instead of section 17(2)...
(1) This paragraph applies if— (a) an authorised unit trust...
(1) No credit is to be brought into account for...
(1) This paragraph applies if in a period of account...
(1) This paragraph applies if at the end of the...
(1) The repeal by this Act of paragraph 7 of...
(1) This paragraph applies as regards a debtor relationship entered...
Section 332 (repo, stock lending and other transactions) does not...
Section 347 (disapplication of Chapter 4 of Part 5 where...
Section 455 (disposals for consideration not fully recognised by accounting...
(1) This paragraph applies if any loan relationship of a...
Paragraphs 4 and 5 apply only so far as the...
Until section 658 of the Companies Act 2006 (c. 46)...
(1) The following provisions (which rewrite provisions prospectively repealed by...
(1) None of the following is to be brought into...
(1) Section 480 (relevant non-lending relationships involving discounts) applies with...
(1) Chapter 6 of Part 6 (alternative finance arrangements) does...
(1) Chapter 6 of Part 6 (alternative finance arrangements) does...
(1) Chapter 6 of Part 6 (alternative finance arrangements) only...
In relation to any case where the public issue (within...
In relation to any time before 16 May 2008, section...
(1) Chapter 10 of Part 6 (repos) does not apply...
Expressions used in this Part of this Schedule and in...
(1) The repeal by this Act of a transitional or...
The reference in section 591(6)(b) (condition E) to the provisions...
Section 645 (creditor relationships: embedded derivatives which are options) does...
(1) This paragraph applies if section 645 would apply to...
(1) This paragraph applies for the purposes of paragraph 82....
(1) This paragraph applies if— (a) there has been a...
Section 648 (creditor relationships: embedded derivatives which are exactly tracking...
(1) This paragraph applies if section 648 would apply to...
(1) This paragraph applies if— (a) there has been a...
(1) Section 658 (chargeable gain or allowable loss treated as...
Section 661 (contract which becomes derivative contract) does not apply...
(1) In this Part— “enactment” includes subordinate legislation (within the...
Section 666 (allowable loss treated as accruing) does not apply...
(1) This paragraph applies in relation to a company if...
(1) This paragraph applies if— (a) a company is a...
(1) This paragraph applies if the company mentioned in section...
(1) This paragraph applies if a company was, immediately before...
Section 629 (disapplication of section 625 where transferor party to...
Section 698 (disposals for consideration not fully recognised by accounting...
Until section 658 of the Companies Act 2006 (c. 46)...
(1) The following provisions of this Act (which rewrite provisions...
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- R&D advance assurance (opens in a new tab) from HMRC Detailed Guidance
- Guidelines on what constitutes R&D (opens in a new tab) Publication
- R&D additional information form (opens in a new tab) from HMRC Detailed Guidance
- Your company's UTR (opens in a new tab) from HMRC Detailed Guidance
- Corporation Tax accounting periods (opens in a new tab) from HMRC Detailed Guidance
- File your Company Tax Return (opens in a new tab) from HMRC Detailed Guidance
- First-year allowances (opens in a new tab) from HMRC Detailed Guidance
- Writing down allowances (opens in a new tab) from HMRC Detailed Guidance
- Full expensing guidance (opens in a new tab) from HM Treasury Detailed Guidance
- Annual Investment Allowance (opens in a new tab) from HMRC Detailed Guidance
- ... and 7 more
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
HM Revenue & Customs
Tax collection, customs duties, national insurance, tax credits, and enforcement of the National Minimum Wage. Regulates all UK businesses for tax compliance …
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Browse legislation
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Regulators
Learn more about the bodies that enforce this legislation.