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UK Act of Parliament
2010
United Kingdom
Corporation Tax Act 2010
At a glance
Enforced by
What's here
52 compliance obligations, 21 practical guides across 3 topics · 17 journeys
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trader 36
- Any Person 9
- Director or Officer 3
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.
Explore business rescue and insolvency options
- 1 step
Respond to a Self Assessment penalty
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Respond to a Corporation Tax penalty or enquiry
- 5 steps
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Set up a limited company
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Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Direct — cites this Act
11 guidesSupporting — topic alignment
3 guidesMentioned in related content
7 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
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 1 other section in this Part — procedural / definitional / commencement
Overview of Act
Part 2 — Calculation of liability in respect of profits
Basic rule: sterling to be used
- Use sterling for corporation tax calculations Trader
UK resident company preparing accounts in currency other than sterling
- Calculate profits and losses in sterling for non-sterling accounts Trader
Non-UK resident company preparing return of accounts in currency other than sterling
- Calculate corporation tax profits and losses in sterling if accounts are in another currency Trader
Browse 16 other sections in this Part — procedural / definitional / commencement
Overview of Part
Corporation tax rates
Amount of profits to which corporation tax rates applied
s.6
UK resident company operating in currency other than sterling and preparing accounts in another currency
Designated currency of a UK resident investment company
Period for which an election under section 9A has effect
Chargeable gains and losses of companies
The equivalent in another currency of a sterling amount
Sterling equivalents: basic rule
Sterling equivalents: carried-back amounts
Sterling equivalents: carried-forward amounts
Carried-back amounts
Carried-forward amounts
Sections 13(2) and 15(5): profit against which carried-forward amount to be set off
Interpretation of Chapter
Part 3 — Companies with small profits
Browse 17 other sections in this Part — procedural / definitional / commencement
Profits charged at the small profits rate
Marginal relief
Company with only ring fence profits
Company with ring fence profits and other profits
The ring fence amount
The remaining amount
The lower limit and the upper limit
Associated companies
Section 25(3): treatment of certain non-trading companies
Attribution to persons of rights and powers of their associates
Associated companies: fixed-rate preference shares
Association through a loan creditor
Association through a trustee
Power to obtain information
Meaning of “augmented profits”
Interpretation of section 32(2) and (3)
Close investment-holding companies
Part 3A — Companies with small profits
Browse 14 other sections in this Part — procedural / definitional / commencement
Profits charged at the standard small profits rate
Marginal relief for companies without ring fence profits
Marginal relief for companies with ring fence profits
The lower limit and the upper limit
Associated companies
Section 18E(3): treatment of certain non-trading companies
Attribution to persons of rights and powers of their partners
Associated companies: fixed-rate preference shares
Association through a loan creditor
Association through a trustee
Power to obtain information
Meaning of “augmented profits”
Interpretation of section 18L(3)
Close investment-holding companies
Part 4 — Loss relief
Browse 72 other sections in this Part — procedural / definitional / commencement
Overview of Part
Introduction to Chapter
Relief for trade losses against total profits
Limit on deduction if accounting period falls partly within 12 month period
Terminal losses: extension of periods for which relief may be given
Ring fence trades: extension of periods for which relief may be given
Sections 39 and 40: transfers of trade to obtain relief
Ring fence trades: further extension of period for relief
Claim period in case of ring fence or mineral extraction trades
Trade must be commercial or carried on for statutory functions
Carry forward of pre-1 April 2017 trade loss against subsequent trade profits
Carry forward of post-1 April 2017 trade loss against total profits
Carry forward of post-1 April 2017 trade loss against trade profits
Re-application of section 45A if loss remains after previous application
Application of section 45B if loss remains after application of section 45A
Re-application of section 45B if loss remains after previous application
Terminal losses: relief unrestricted by Part 7ZA and 7A
Section 45F: accounting period falling partly within 3 year period
Section 45F: transfers of trade to obtain relief
Use of trade-related interest and dividends if insufficient trade profits
Registered societies
Farming or market gardening
Reasonable expectation of profit
Cessation of trades
Companies treated as same person as individual
Dealings in commodity futures
Leasing contracts and company reconstructions
Non-UK resident company: receipts of interest, dividends or royalties
Introduction to Chapter
Restriction on reliefs for limited partners
Meaning of “contribution to the firm”
Meaning of “limited partner”
Restriction on relief for members of LLPs
Meaning of “contribution to the
Unrelieved losses brought forward
Relief for losses made in UK property business
Company with investment business ceasing to carry on UK property business
UK property business to be commercial or carried on for statutory functions
UK furnished holiday lettings business treated as trade
Relief for losses made in overseas property business
Overseas property business to be commercial or carried on for statutory functions
EEA furnished holiday lettings business treated as trade
Exclusion in the case of property businesses of insurance companies
Share loss relief
Eligibility conditions
Entitlement to claim
How relief works
Limit on deduction if accounting period falls partly within 12 month period
Subscription for shares
Disposals of new shares
Limits on relief
Disposal of shares forming part of mixed holding
Section 76: supplementary
Qualifying trading companies
The trading requirement
Ceasing to meet trading requirement because of administration
The control and independence requirement
The qualifying subsidiaries requirement
The property managing subsidiaries requirement
The gross assets requirement
The unquoted status requirement
Power to amend requirements by Treasury order
Relief after an exchange of shares for shares in another company
Substitution of new shares for old shares
Deemed time of issue for certain shares
Interpretation of Chapter
Relief for losses from miscellaneous transactions
Loss relief to be reduced if government investment is written off
Groups of companies
Cases in which government investment is written off
Meaning of “carry-forward losses”
Interaction with other tax provisions
Part 5 — Group relief
Meaning of “non-trading loss on intangible fixed assets”
Amended 1 timeRestriction on surrender of losses etc within section 99(1)(d) to (g)
Amended 9 times- Do not surrender group relief losses unless total exceeds profit threshold Trader
Restriction on losses etc surrenderable by UK resident
- Do not surrender foreign PE losses that are deductible by others overseas Trader
Restriction on losses etc surrenderable by non-UK resident
Amended 17 timesRestriction on losses etc surrenderable by dual resident
- Do not surrender losses if you are a dual-resident company with certain activities Trader
EEA related definitions
Amended 2 timesOverview of Chapter
Amended 3 timesGroup relief claims on amounts surrenderable under Chapter 2
Amended 5 timesConsortium conditions 2 and 3
Amended 10 timesMeaning of “UK related” company
Amended 1 timeCompanies “established in the EEA”
Amended 1 timeGroup relief claims on amounts surrenderable under Chapter 3
Amended 1 timeDeduction from total profits
Amended 9 timesUnrelieved part of claimant company's available total profits
Amended 1 timeMeaning of “the overlapping period”
Amended 3 timesCondition 1: surrendering company owned by consortium
Amended 3 timesCondition 1: claimant company owned by consortium
Amended 4 timesConditions 2 and 3: companies in link company's group
Amended 5 timesConditions 1 and 2: surrendering company not controlled by claimant company etc
Amended 5 timesConditions 1 and 3: claimant company not controlled by surrendering company etc
Amended 5 timesConditions 1 and 2: surrendering company in group of companies
Amended 1 timeConditions 1 and 3: claimant company in group of companies
Amended 1 timeMeaning of “75% subsidiary” and “90% subsidiary”
Amended 2 timesCompanies owned by consortiums and members of consortiums
Amended 1 timeArrangements for transfer of member of group of companies etc
Amended 5 timesArrangements for transfer of company owned by consortium etc
Amended 2 timesCertain arrangements not within sections 154 and 155
Amended 2 timesCertain mortgage arrangements not within sections 154 and 155
Amended 2 timesSections 154 and 155: supplementary
Amended 5 timesMeaning of “equity holder”
Amended 1 timeUse of relevant company's assets
Amended 1 timeMeaning of “ordinary shares”
Amended 2 timesMeaning of “restricted right to dividends”
Amended 2 timesMeaning of “normal commercial loan”
Amended 4 timesSections 160 and 162: supplementary
Amended 4 timesLoan forming part of tier two capital
Amended 4 timesProportion of profits available for distribution to which company is entitled
Amended 2 timesProportion of assets available for distribution to which company is entitled
Amended 3 timesMeaning of “the relevant accounting period”
Amended 2 timesApplication and interpretation of sections 170 to 182
Amended 2 timesShares or securities with limited rights
Amended 2 timesCompany A's proportion if shares etc have temporary rights
Amended 2 timesCases in which option arrangements are in place
Amended 1 timeCompany A's proportion if option arrangements in place
Amended 2 timesCertain option arrangements not within section 173
Amended 2 timesCertain mortgage arrangements not within section 173
Amended 2 timesCases in which both sections 170 and 172 apply
Amended 2 timesCases in which both sections 170 and 174 apply
Amended 2 timesCases in which both sections 172 and 174 apply
Amended 2 timesCases in which sections 170, 172 and 174 all apply
Amended 2 timesCases in which surrendering or claimant company is non-UK resident
Amended 1 timeOther definitions
Amended 7 timesBrowse 48 other sections in this Part — procedural / definitional / commencement
Introduction to Part
Overview of Chapter
Surrendering of losses and other amounts
Meaning of “trading loss”
Meaning of “capital allowance excess”
Meaning of “UK property business loss”
Meaning of “management expenses”
Meaning of “non-UK profits”
Restriction on surrender of losses etc from alternative finance arrangements
Overview of Chapter
Steps to determine extent to which loss etc can be surrendered
The equivalence condition
The EEA tax loss condition: companies resident in EEA territory
The EEA tax loss condition: companies not resident in EEA territory
The qualifying loss condition: general
The qualifying loss condition: relief for current and previous periods
The qualifying loss condition: relief for future periods
The qualifying loss condition: non-UK tax relief in another territory
The precedence condition
Assumptions to be made in recalculating EEA amount
Assumptions as to UK residence
Assumptions as to places in which activities carried on
Assumptions as to accounting periods
Assumptions in relation to capital allowances
Amounts excluded because of certain arrangements
Rules for recalculating EEA amount
The group condition
Consortium condition 1
The EEA group condition
Limitation on amount of group relief applying to all claims
Unused part of the surrenderable amounts
Sections 139 and 140: supplementary
Conditions 2 and 3: limitations in sections 143 and 144
Conditions 1 and 2: surrenderable amounts including trading loss
Overview of Chapter
Groups of companies
Introduction to Chapter
Normal commercial loans: company's results or value of assets
Profits or assets available for distribution and entitlement: supplementary
Shares or securities with temporary rights
Company A's proportion if non-UK resident involved
Assumptions to be applied if non-UK resident company involved
Assets etc referable to UK trade
Payments for group relief
References to “allowance” in
“Trading company” and “holding company”
When activities of a company are double taxation exempt
“Non-UK tax”
Part 5A — Group relief for carried-forward losses
Introduction to Part
Amended 7 timesOverview of Chapter
Amended 7 timesSurrender of carried-forward losses and other amounts
Amended 7 timesRestriction on surrendering pre-1 April 2017 losses etc
Amended 7 timesRestriction where investment business has become small or negligible
Amended 7 timesRestriction where surrendering company could use losses etc itself
Amended 7 times- Do not surrender losses you could use to reduce your own profits Trader
Restriction where surrendering company has no income-generating assets
Amended 7 times- Do not surrender losses if you have no income-generating assets Trader
Restrictions for certain insurance companies
Amended 7 times- Insurance companies: restrictions on surrendering carried-forward losses Trader
Restriction on surrender of losses etc made when UK resident
Amended 7 times- Do not surrender foreign-branch losses that have been used to reduce another person's overseas tax Trader
Restriction on surrender of losses made when non-UK resident
Amended 7 timesRestriction on surrender losses etc made when dual resident
Amended 7 times- Do not surrender losses if your company is a dual resident restricted under section 109 Trader
Overview of Chapter
Amended 7 timesClaims in relation to all the surrenderable amounts
Amended 7 timesClaims in relation to the surrenderable amounts that are attributable to a specified accounting period
Amended 7 timesClaim not allowed by company with unused carried-forward losses of its own
Amended 7 timesThe group condition
Amended 7 timesConsortium condition 1
Amended 7 timesConsortium condition 2
Amended 7 timesConsortium condition 3
Amended 7 timesConsortium condition 4
Amended 7 timesMeaning of “UK related” company
Amended 7 timesDeductions from total profits
Amended 7 timesOverview
Amended 7 timesLimitation on amount of relief applying to all claims under section 188CB
Amended 7 timesUnused part of the surrenderable amounts
Amended 7 timesClaimant company's relevant maximum for overlapping period
Amended 7 timesPreviously claimed group relief for carried-forward losses
Amended 7 timesSections 188DC to 188DE: supplementary
Amended 7 timesSections 188DC and 188DE: meaning of “the overlapping period”
Amended 7 timesCondition 1: ownership proportion
Amended 7 timesCondition 2: ownership proportion
Amended 7 timesCondition 2: companies in link company's group
Amended 7 timesConditions 1 and 2: claimant company not controlled by surrendering company etc
Amended 7 timesConditions 1 and 2: claimant company in group of companies
Amended 7 timesOverview of Chapter
Amended 7 timesLimitation on amount of relief applying to all claims under section 188CC
Amended 7 timesUnused part of surrenderable amounts attributable to specified loss-making period
Amended 7 timesClaimant company's relevant maximum for the overlapping period
Amended 7 timesPreviously claimed group relief for carried-forward losses
Amended 7 timesThe potential Part 5 group relief amount
Amended 7 timesSections 188EC to 188EE: supplementary
Amended 7 timesSections 188EC and 188EE: meaning of “the overlapping period”
Amended 7 timesCondition 4: companies in link company's group
Amended 7 timesCondition 3 or 4: surrendering company not controlled by claimant company etc
Amended 7 timesCondition 3 or 4: surrendering company in group of companies
Amended 7 timesPayments for group relief for carried-forward losses
Amended 7 timesSubsidiaries, groups and consortiums
Amended 7 times“Trading company” and “holding company”
Amended 7 timesOther definitions
Amended 7 timesPart 6 — Charitable donations relief
Relief for qualifying charitable donations
Amended 3 timesCondition as to repayment
Amended 2 timesDistributions
Amended 1 timeRestrictions on associated benefits
Amended 3 timesCompany wholly owned by a charity
Amended 2 times“Charity”
Amended 5 times“Registered club”
Amended 5 timesRestriction on relief for payments to community amateur sports clubs
Amended 5 times“Inflated member-related expenditure”
Amended 5 timesValue of net benefit to charity
Amended 2 times“Charity”
Amended 4 timesBrowse 22 other sections in this Part — procedural / definitional / commencement
Qualifying charitable donations: meaning
Qualifying payments
Associated acquisition etc
Associated benefits
Associated benefits: meaning
Payments and benefits linked to periods of less than 12 months
Payment attributed to earlier accounting period
Associated persons
Certain disposals of investments
Meaning of qualifying investment
Meaning of qualifying interest in land
The relievable amount
Incidental costs of making disposal
Consideration
Market value of qualifying investments
Acquisition value of qualifying investments
Meaning of “disposal-related obligation”
Meaning and amount of “disposal-related liability”
Certificate required from charity
Qualifying interests in land held jointly
Calculation of relievable amount etc where joint disposal of interest in land
Disqualifying events
Part 6A — Relief for expenditure on grassroots sport
Relief for expenditure on grassroots sport
Amended 4 timesMeaning of qualifying expenditure on grassroots sport
Amended 4 timesMeaning of qualifying sport body
Amended 4 timesRelationship between this Part and Part 6
Amended 4 timesPart 7 — Community investment tax relief
Form and amount of CITR
Amended 2 timesCarry forward of CITR
Amended 2 timesLimit on State aid
Amended 2 timesConditions to be met in relation to shares
- Ensure shares meet eligibility conditions for Community Investment Tax Relief Any Person
Tax relief certificates
Amended 2 times- Do not issue tax relief certificates exceeding the investment limit Any Person
Investor must have beneficial ownership
- Ensure you have full beneficial ownership of investments Any Person
Investor must not be accredited
- Ensure investor is not an accredited community finance institution Any Person
No acquisition of share in partnership
- Do not use initial partnership capital for CDFI tax relief investments Any Person
Attribution: general
Amended 1 timeManner of withdrawal or reduction of CITR
Other duties (1) — Crown / regulator
- HMRC may assess and withdraw Community Investment Tax Relief (CITR) Statutory regulator
Browse 44 other sections in this Part — procedural / definitional / commencement
Meaning of “CITR”
Eligibility for CITR
Meaning of “making an investment”
Determination of “the invested amount”
Meaning of “the 5 year period” and “the investment date”
Overview of other Chapters of Part
Qualifying investments: introduction
Conditions to be met in relation to loans
Conditions to be met in relation to securities
No pre-arranged protection against risks
No control of
No tax avoidance purpose
Loans: no claim after disposal or excessive repayments or receipts of value
Securities or shares: no claim after disposal or excessive receipts of value
No claim after loss of accreditation by the CDFI
Accreditation of investor
Attribution: bonus shares
Introduction to Chapter
Disposal of loan during 5 year period
Disposal of securities or shares during 5 year period
Repayment of loan capital during 5 year period
Value received by investor during 6 year period: loans
Value received by investor during 6 year period: securities or shares
Receipts of insignificant value to be added together
When value is received
The amount of value received
Value received if there is more than one investment
Effect of receipt of value on future claims
Receipts of value by or from connected persons
CITR subsequently found not to have been due
Meaning of “loan” and “interest”
Purchase and resale arrangements
Deposit arrangements
Profit share agency arrangements
Information to be provided by the investor
Disclosure
Nominees
Application for postponement of tax pending appeal
Identification of securities or shares on a disposal
Meaning of “issue of securities or shares”
Meaning of “disposal”
Construction of references to being “held continuously”
Meaning of “associate”
Minor definitions etc
Part 7A — Banking companies
Allocation of carried-forward loss allowance within a group
- Submit statement of allocation to HMRC when allocating carried-forward loss allowance to group banking company Trader
Re-allocation of carried-forward loss allowance
- Building society must re-allocate loss allowance to group banking company and notify HMRC Trader
Group allowance allocation statement: submission
- Submit a group allowance allocation statement to HMRC Trader
Group allowance allocation statement: requirements and effect
- Submit a compliant group allowance allocation statement and correct it if non‑compliant within 30 days Trader
Excessive specifications of available surcharge allowance
- Correct excessive surcharge allowance in your company tax return Trader
Browse 35 other sections in this Part — procedural / definitional / commencement
Overview of Part
Meaning of “banking company”
Excluded entities
Relevant regulated activities
Banking companies: supplementary definitions
Meaning of “group”
Powers to amend
Overview of Chapter
Restriction on deductions for trading losses
Restriction on deductions for non-trading deficits from loan relationships
Restriction on deductions for management expenses etc
Relevant profits
Losses arising before company began banking activity
Losses arising in company's start-up period
The “start-up period”
Losses covered by carried-forward loss allowance
Profits arising from tax arrangements to be disregarded
When a company first begins to carry on relevant regulated activities
Joint venture companies
Other definitions
Overview of Chapter
Surcharge on banking companies
Meaning of “non-banking group relief”
Meaning of “non-banking group relief for carried-forward losses”
Meaning of “non-banking or pre-2016 loss relief”
Meaning of “non-banking transferred-in loss relief”
Meaning of “relevant transferred-out gain” and “non-banking transferred-in gain”
Surcharge allowance for banking company in a group containing other banking companies
Group surcharge allowance and the nominated company
Group allowance allocation statement: submission of revised statement
Surcharge allowance for company not in a group containing other banking companies
Application of enactments applying to corporation tax: assessment, recovery, double taxation etc
Payments in respect of the surcharge: information to be provided
Profit and loss shifting to avoid or reduce surcharge liability
Interpretation
Part 8 — Oil activities
Overview of Part
Amended 13 timesOther definitions
Amended 1 timeRestriction on credits to be brought into account
- Restrict exchange gain credits on loan relationships that would increase ring fence profits Trader
Sale and lease-back
Amended 3 timesTariff receipts etc
Amended 5 timesMeaning of “tariff receipt”
Amended 5 timesTariff receipts: counteraction of avoidance arrangements
Amended 5 timesExpenditure on abandonment guarantees
Amended 7 timesRelief for reimbursement expenditure under abandonment guarantees
Amended 1 timePayment under abandonment guarantee not immediately applied
Amended 1 timeAmounts excluded from section 293(1)
Amended 1 timeIntroduction to section 297
Amended 5 timesReimbursement by defaulter in respect of certain abandonment expenditure
Amended 1 timeReceipts arising from decommissioning
Amended 1 timeEffect of repayment of PRT: special rule
Amended 1 timeLosses
Amended 5 timesGroup relief and group relief for carried-forward losses
Amended 2 timesOverview of Chapter
Amended 2 timesAccounting periods
Amended 1 timeThe relevant percentage
Amended 1 timeLimit on number etc of accounting periods for which supplement may be claimed
Amended 1 timeQualifying pre-commencement expenditure
Amended 2 timesThe mixed pool of qualifying pre-commencement expenditure and supplement previously allowed
Amended 1 timeReduction in respect of disposal receipts under CAA 2001
Amended 1 timeSupplement in respect of a post-commencement period
Amended 3 timesRing fence losses
Amended 3 timesThe ring fence pool
Amended 3 timesReductions in respect of relief for carried-forward ring fence losses
Amended 2 timesSupplementary charge in respect of ring fence trades
Amended 7 timesDecommissioning expenditure taken into account in calculating ring fence profits
Amended 7 times- Adjust ring fence profits calculation for decommissioning expenditure Trader
Decommissioning expenditure taken into account for PRT purposes
Amended 7 timesMeaning of “decommissioning expenditure”
Amended 7 timesOrdering of allowances
Amended 7 timesMeaning of “financing costs” etc
Amended 5 timesReduction of adjusted ring fence profits
Amended 2 timesCompany's pool of field allowances
Amended 1 timeLicensee to hold field allowance
Amended 5 timesHolding a field allowance on acquisition of equity share
Amended 1 timeUnactivated amount of field allowance
Amended 2 timesIntroduction to section 341
Amended 4 timesActivation of field allowance
Amended 2 timesIntroduction to sections 343 and 344
Amended 4 timesReference periods
Amended 1 timeActivation of field allowance
Amended 3 timesIntroduction to sections 346 and 347
Amended 5 timesReduction of field allowance if equity disposed of
Amended 2 timesAcquisition of field allowance if equity acquired
Amended 4 timesOrders
Amended 4 times“Additionally-developed oil field”
Amended 4 times“New oil field”
Amended 2 times“Qualifying oil field”
Amended 5 times“Small oil field”
Amended 1 time“Ultra high pressure/high temperature oil field”
Amended 2 times“Large deep water oil field”
Amended 2 times“Large shallow water gas field”
Amended 2 times“Deep water gas field”
Amended 2 times“Total field allowance for a new oil field”
Amended 4 times“Total field allowance for an additionally-developed oil field”
Amended 4 timesOther definitions
Amended 4 timesOverview
Amended 4 times“Onshore oil-related activities”
Amended 4 timesThe activities
Amended 4 times“Site”
Amended 4 timesGeneration of onshore allowance
Amended 4 timesDisqualifying conditions for section 356C(4)(b)
Amended 4 timesExpenditure on acquisition of asset: further disqualifying conditions
Amended 4 timesExpenditure not related to an established site
Amended 4 timesReduction of adjusted ring fence profits
Amended 4 timesCarrying forward of activated allowance
Amended 4 timesCompanies with both field allowances and onshore allowance
Amended 4 timesActivation of allowance: no change of equity share
Amended 4 timesThe closing balance of unactivated allowance for an accounting period
Amended 4 timesCarrying forward of unactivated allowance
Amended 4 timesTransfer of allowances between sites
Amended 4 timesIntroduction to sections 356GA to 356GD
Amended 4 timesReference periods
Amended 4 timesActivation of allowance: reference periods
Amended 4 timesCarry-forward of unactivated allowance from a reference period
Amended 4 timesUnactivated amounts attributable to a reference period
Amended 4 timesIntroduction to sections 356HA and 356HB
Amended 4 timesReduction of allowance if equity disposed of
Amended 4 timesAcquisition of allowance if equity acquired
Amended 4 timesAdjustments
Amended 4 timesOrders
Amended 4 times“Authorisation of development”: oil fields
Amended 4 times“Authorisation of development”: drilling and extraction sites
Amended 4 timesWhen capital expenditure is incurred
Amended 4 timesOther definitions
Amended 4 timesOverview
Amended 4 timesMeaning of “cluster area”
Amended 4 timesMeaning of “previously authorised oil field”
Amended 4 timesMeaning of “investment expenditure”
Amended 4 timesGeneration of cluster area allowance
Amended 4 timesExpenditure on acquisition of asset: disqualifying conditions
Amended 4 timesReduction of adjusted ring fence profits
Amended 4 timesCarrying forward of activated allowance
Amended 4 timesActivation of allowance: no change of equity share
Amended 4 timesThe closing balance of unactivated allowance for an accounting period
Amended 4 timesCarrying forward of unactivated allowance
Amended 4 timesReference periods
Amended 4 timesActivation of allowance: reference periods
Amended 4 timesUnactivated amounts attributable to a reference period
Amended 4 timesCarry-forward of unactivated allowance from a reference period
Amended 4 timesDisposal of equity share: transfer of allowance
Amended 4 timesMore than one disposal on a single day
Amended 4 timesEffect of transfer of allowance for transferee
Amended 4 timesUse of allowance attributable to unlicensed area
Amended 4 timesAdjustments
Amended 4 timesRegulations amending percentage in section 356JF(2)
Amended 4 timesWhen capital expenditure is incurred
Amended 4 timesLicensed sub-areas
Amended 4 timesOther definitions
Amended 4 timesOther definitions
Amended 12 timesBrowse 105 other sections in this Part — procedural / definitional / commencement
“Associated companies”
“Oil extraction activities”
“Oil rights”
“Oil-related activities”
“Ring fence income”
“Ring fence profits”
“Ring fence trade”
Oil-related activities treated as separate trade
Corporation tax rates on ring fence profits
Company with only ring fence profits
Company with ring fence profits and other profits
The ring fence amount
The remaining amount
The lower limit and the upper limit
Interpretation etc
“Related 51% group company”
“Augmented profits”
Interpretation of section 279G(3) and (4)
Disposal to be valued by reference to section 2(5A) of
Valuation where market value taken into account under section 2 of OTA 1975
Valuation where disposal not sale at arm's length
Valuation where excess of nominated proceeds
Valuation where relevant appropriation but no disposal
Valuation where appropriation to refining etc
Restriction on hire etc of relevant assets to be brought into account
Restriction on debits to be brought into account
Restriction where debits or credits relate to decommissioning security settlement
Reduction of expenditure by reference to regional development grant
Adjustment as a result of regional development grant
Relief for expenditure incurred by a participator in meeting defaulter's abandonment expenditure
Deduction of PRT in calculating income for corporation tax purposes
Effect of repayment of PRT: general rule
Interest on repayment of PRT or APRT
Management expenses
Introduction to sections 303B to 303D: post-1 April 2017 non-decommissioning losses of ring fence trades
Carry forward of losses against subsequent profits
Excess carried forward losses: relief against total profits
Further carry forward against subsequent profits of loss not fully used
Capital allowances
Qualifying companies
Unrelieved group ring fence profits for accounting periods
Taxable ring fence profits for an accounting period
Supplement in respect of a pre-commencement accounting period
Reduction in respect of unrelieved group ring fence profits
Adjustment of pool to remove pre-2013 expenditure after the initial 6 periods
The reference amount for a pre-commencement period
Claims for pre-commencement supplement
Amount of post-commencement supplement for a post-commencement period
Special rule for straddling periods
The pool of ring fence losses and the pool of non-qualifying Schedule 19B losses
Reductions in respect of unrelieved group ring fence profits
Adjustment of pool to remove pre-2013 losses after the initial 6 periods
The reference amount for a post-commencement period
Overview of Chapter
Qualifying companies
Onshore and offshore oil-related activities
Accounting periods and straddling periods
The relevant percentage
Restrictions on accounting periods for which additional supplement may be claimed
Qualifying pre-commencement onshore expenditure
Unrelieved group ring fence profits
Additional supplement in respect of a pre-commencement accounting period
The mixed pool of qualifying pre-commencement onshore expenditure and supplement previously allowed
Reduction in respect of disposal receipts under CAA 2001
Reduction in respect of unrelieved group ring fence profits
The reference amount for a pre-commencement period
Supplement in respect of post-commencement period
Amount of post-commencement additional supplement for a post-commencement period
Onshore ring fence losses
The onshore ring fence pool
Reductions in respect of utilised onshore ring fence losses
Reductions in respect of unrelieved group ring fence profits
The reference amount for a post-commencement period
Assessment, recovery and postponement of supplementary charge
Overview
Meaning of “qualifying oil field”
Meaning of “investment expenditure”
Generation of investment allowance
Expenditure incurred before field is determined
Expenditure on acquisition of asset: disqualifying conditions
Restriction where field qualified for field allowance as new field
Restriction where project in additionally-developed field qualified for field allowance
Restriction relating to fields qualifying for onshore allowance
Reduction of adjusted ring fence profits
Carrying forward of activated allowance
Activation of allowance: no change of equity share
The closing balance of unactivated allowance for an accounting period
Activation limit for former additionally-developed fields
Carrying forward of unactivated allowance
Reference periods
Activation of allowance: reference periods
Unactivated amounts attributable to a reference period
Carry-forward of unactivated allowance from a reference period
Introduction to sections 332IA and 332IB
Reduction of allowance if equity is disposed of
Acquisition of allowance if equity acquired
Adjustments
Regulations amending specified percentages
When expenditure is incurred
Other definitions
Carrying part of pool of field allowances into following period
Carrying whole of pool of field allowances into following period
Adjustments
“Authorisation of development of an oil field”
“Ultra heavy oil field”
Part 8A — Profits arising from the exploitation of patents etc
Election for special treatment of profits from patents etc
Amended 12 timesMeaning of “qualifying company”
Amended 12 timesMeaning of “exclusive licence”
Amended 12 timesRights to which this Part applies
Amended 12 timesRights to which this Part applies: EU rights
Amended 12 timesThe development condition
Amended 12 timesMeaning of “qualifying development”
Amended 12 timesThe active ownership condition
Amended 12 timesRelevant IP profits
Amended 12 timesFinance income
Amended 12 timesRelevant IP income
Amended 12 timesNotional royalty
Amended 12 timesExcluded income
Amended 12 timesMixed sources of income
Amended 12 timesExcluded debits
Amended 12 timesCertain amounts not to be deducted from sub-streams at Step 4 of section 357BF
Amended 12 timesRoutine return figure
Amended 12 timesRoutine deductions
Amended 12 timesDeductions that are not routine deductions
Amended 12 timesMarketing assets return figure
Amended 12 timesNotional marketing royalty
Amended 12 timesActual marketing royalty
Amended 12 timesIntroduction
Amended 12 timesThe R&D fraction
Amended 12 timesQualifying expenditure on relevant R&D undertaken in-house
Amended 12 timesQualifying expenditure on relevant R&D sub-contracted to unconnected persons
Amended 12 timesQualifying expenditure on relevant R&D sub-contracted to connected persons
Amended 12 timesQualifying expenditure on acquisition of relevant qualifying IP rights
Amended 12 timesCases where the company is a party to a CSA
Amended 12 timesMeaning of the “relevant period” etc
Amended 12 timesCases where the company is a new entrant with insufficient information about pre-enactment expenditure
Amended 12 timesR&D fraction: increase for exceptional circumstances
Amended 12 timesProfits arising before grant of right
Amended 12 timesSmall claims treatment
Amended 12 timesNotional royalty election
Amended 12 timesSmall claims figure election
Amended 12 timesGlobal streaming election
Amended 12 timesRelevant IP profits
Amended 12 timesMeaning of “new qualifying IP right” and “old qualifying IP right”
Amended 12 timesThe modifications
Amended 12 timesRelevant IP profits
Amended 12 timesTotal gross income of a trade
Amended 12 timesFinance income
Amended 12 timesRelevant IP income
Amended 12 timesNotional royalty
Amended 12 timesExcluded income
Amended 12 timesMixed sources of income
Amended 12 timesAdjustments in calculating profits of trade
Amended 12 timesShortfall in R&D expenditure
Amended 12 timesShortfall in qualifying expenditure
Amended 12 timesRoutine return figure
Amended 12 timesRoutine deductions
Amended 12 timesDeductions that are not routine deductions
Amended 12 timesCompanies eligible to elect for small claims treatment
Amended 12 timesSmall claims amount
Amended 12 timesMarketing assets return figure
Amended 12 timesNotional marketing royalty
Amended 12 times- Calculate notional marketing royalty using OECD transfer pricing rules Trader
Actual marketing royalty
Amended 12 timesProfits arising before grant of right
Amended 12 timesAlternative method of calculating relevant IP profits: “streaming”
Amended 12 times- Apply streaming method for calculating relevant IP profits when conditions met Trader
Relevant IP profits
Amended 12 timesMethod of allocation
Amended 12 times- Use consistent method for IP profit allocation unless circumstances change Trader
The mandatory streaming conditions
Amended 12 timesCompany with relevant IP losses: set-off amount
Amended 12 timesEffect of set-off amount on company with more than one trade
Amended 12 timesAllocation of set-off amount within a group
Amended 12 timesCarry-forward of set-off amount
Amended 12 timesCompany ceasing to carry on trade, etc
Amended 12 timesTransfer of a trade between group members
Amended 12 timesPayments between group members in consequence of section 357EB
Amended 12 timesLicences conferring exclusive rights
Amended 12 timesIncorporation of qualifying items
Amended 12 timesTax advantage schemes
Amended 12 timesMaking of election under section 357A(1) or (11)(b)
Amended 12 timesRevocation of election made under section 357A(1)
Amended 12 timesApplication of this Part in relation to partnerships
Amended 12 timesMeaning of “cost-sharing arrangement
Amended 12 timesApplication of this Part in relation to transferred trades
Amended 12 timesQualifying IP right held by another party to CSA
Amended 12 timesExclusive licence held by another party to CSA
Amended 12 timesR&D undertaken or contracted out by another party to CSA
Amended 12 timesAcquisition of qualifying IP rights etc by another party to CSA
Amended 12 timesTreatment of expenditure in connection with formation of CSA etc
Amended 12 timesTreatment of income in connection with formation of CSA etc
Amended 12 timesMeaning of “group”
Amended 12 timesOther interpretation
Amended 12 timesPart 8B — Trading profits taxable at the Northern Ireland rate
Introduction
Amended 12 timesThe Northern Ireland rate
Amended 12 timesPower of Northern Ireland Assembly to set Northern Ireland rate
Amended 12 timesIntroductory
Amended 12 timesProfits chargeable to corporation tax and rates
Amended 12 timesAvailability of relief
Amended 12 timesRestriction on deductions
Amended 12 timesAvailability of relief
Amended 12 timesRestriction on deductions
Amended 12 timesAvailability of relief
Amended 12 timesRestriction on deductions
Amended 12 timesModifications of Chapter 4 of Part 5
Amended 12 timesAvailability of relief
Amended 12 timesRestriction on deductions
Amended 12 timesModifications of Chapter 4 of Part 5A
Amended 12 timesModifications of Chapter 5 of Part 5A
Amended 12 timesTransfers of trade without a change of ownership
Amended 12 timesRestricted deduction: Northern Ireland rate lower than main rate
Amended 12 timesApplication of Chapter
Amended 12 times“Northern Ireland company”
Amended 12 times“Qualifying trade”
Amended 12 times“SME”
Amended 12 times“Northern Ireland employer”
Amended 12 timesNorthern Ireland workforce conditions
Amended 12 times“Disqualified close company”
Amended 12 timesNorthern Ireland regional establishments of companies
Amended 12 timesAgent of independent status
Amended 12 timesAlternative finance arrangements
Amended 12 timesThe independent broker condition
Amended 12 timesThe independent investment manager conditions
Amended 12 timesInvestment managers: the 20% rule
Amended 12 timesSection 357LE: interpretation
Amended 12 timesApplication of 20% rule to collective investment schemes
Amended 12 timesMeaning of “investment manager” and “investment transaction”
Amended 12 timesLloyd's agents
Amended 12 timesInvestment managers: disregard of certain chargeable profits
Amended 12 timesMiscellaneous
Amended 12 timesIntroductory
Amended 12 timesNorthern Ireland profits or losses and mainstream profits or losses
Amended 12 timesProfit imputed to back-office activities
Amended 12 timesIntroductory
Amended 12 timesNorthern Ireland profits or losses and mainstream profits or losses
Amended 12 timesProfit imputed to Northern Ireland back-office activities
Amended 12 timesThe separate enterprise principle
Amended 12 timesTransactions treated as being on arm's length terms
Amended 12 timesProvision of goods or services for NIRE
Amended 12 timesAllowable deductions
Amended 12 timesDeductions attributable to the NI RE for costs
Amended 12 timesPayments and receipts in respect of intangible assets
Amended 12 timesInterest or other financing costs and receipts
Amended 12 timesLosses
Amended 12 timesTrade includes office
Amended 12 timesIntroductory
Amended 12 timesRules affecting calculation of Northern Ireland profits or losses
Amended 12 timesNorthern Ireland intangibles credits and debits: SMEs that are Northern Ireland employers
Amended 12 timesNorthern Ireland intangibles credits and debits: SMEs that are not Northern Ireland employers and large companies
Amended 12 times“Realisation credit” and “realisation debit”
Amended 12 timesThe Northern Ireland element of a realisation credit or debit
Amended 12 timesNorthern Ireland element: general rule
Amended 12 timesNorthern Ireland element: credits where roll-over relief involved
Amended 12 timesPre-commencement asset
Amended 12 timesGoodwill
Amended 12 timesAssets representing production expenditure on films
Amended 12 timesFungible assets
Amended 12 timesRealisation and acquisition of fungible assets
Amended 12 timesAssets whose value derives from pre-commencement assets
Amended 12 timesThe pre-commencement status conditions
Amended 12 timesAssets acquired in connection with disposals of pre-commencement assets
Amended 12 timesInterpretation of Chapter
Amended 12 timesIntroduction and interpretation
Amended 12 timesR&D expenditure credit ...
Amended 12 timesAdditional deduction under section 1044 of CTA 2009
Amended 12 timesTax credit under section 1054 of CTA 2009: entitlement
Amended 12 timesTax credit under section 1054 of CTA 2009: amount of tax credit
Amended 12 timesRestriction on losses carried forward where tax credit claimed
Amended 12 timesAdditional deduction under section 1087 of CTA 2009
Amended 12 timesIntroduction and interpretation
Amended 12 timesAdditional deduction
Amended 12 timesTax credit: entitlement
Amended 12 timesTax credit: amount of tax credit
Amended 12 timesRestriction on losses carried forward where tax credit claimed
Amended 12 timesApplication and interpretation
Amended 12 timesExpenditure credit to count towards mainstream profits or losses
Amended 12 timesCarrying forward of production losses
Amended 12 timesTransfer of terminal loss
Amended 12 timesIntroduction and interpretation
Amended 12 timesNorthern Ireland additional deduction
Amended 12 timesNorthern Ireland supplementary deduction
Amended 12 timesNorthern Ireland supplementary deduction: amount
Amended 12 timesFilm tax credit: Northern Ireland supplementary deduction ignored
Amended 12 timesArtificially inflated claims for additional deduction
Amended 12 timesRestriction on use of losses while film is in production
Amended 12 timesUse of losses in later periods
Amended 12 timesTerminal losses
Amended 12 timesIntroduction and interpretation
Amended 12 timesNorthern Ireland additional deduction
Amended 12 timesNorthern Ireland supplementary deduction
Amended 12 timesNorthern Ireland supplementary deduction: amount
Amended 12 timesTax credit: Northern Ireland supplementary deduction ignored
Amended 12 timesArtificially inflated claims for additional deduction
Amended 12 timesRestriction on use of losses while programme in production
Amended 12 timesUse of losses in later periods
Amended 12 timesTerminal losses
Amended 12 timesIntroduction and interpretation
Amended 12 timesNorthern Ireland additional deduction
Amended 12 timesNorthern Ireland supplementary deduction
Amended 12 timesNorthern Ireland supplementary deduction: amount
Amended 12 timesTax credit: Northern Ireland supplementary deduction ignored
Amended 12 timesArtificially inflated claims for additional deduction
Amended 12 timesRestriction on use of losses while video game in development
Amended 12 timesUse of losses in later periods
Amended 12 timesTerminal losses
Amended 12 timesIntroduction and interpretation
Amended 12 timesNorthern Ireland additional deduction
Amended 12 timesNorthern Ireland supplementary deduction
Amended 12 timesNorthern Ireland supplementary deduction: amount
Amended 12 timesTax credit: Northern Ireland supplementary deduction ignored
Amended 12 timesTransactions not entered into for genuine commercial reasons
Amended 12 timesRestriction on use of losses before completion period
Amended 12 timesUse of losses in the completion period
Amended 12 timesTerminal losses
Amended 12 timesProvisional entitlement to relief
Amended 12 timesIntroduction and interpretation
Amended 12 timesNorthern Ireland additional deduction
Amended 12 timesNorthern Ireland supplementary deduction
Amended 12 timesNorthern Ireland supplementary deduction: amount
Amended 12 timesOrchestra tax credit: Northern Ireland supplementary deduction ignored
Amended 12 timesRestriction on use of losses before completion period
Amended 12 timesUse of losses in the completion period
Amended 12 timesTerminal losses
Amended 12 timesIntroduction and interpretation
Amended 12 timesNorthern Ireland additional deduction
Amended 12 timesNorthern Ireland supplementary deduction
Amended 12 timesNorthern Ireland supplementary deduction: amount
Amended 12 timesMuseums and galleries exhibition tax credit: Northern Ireland supplementary deduction ignored
Amended 12 timesRestriction on use of losses before completion period
Amended 12 timesUse of losses in the completion period
Amended 12 timesTerminal losses
Amended 12 timesIntroductory
Amended 12 timesModification of section 357A
Amended 12 timesRelevant Northern Ireland IP profits: SMEs that are Northern Ireland employers
Amended 12 timesRelevant Northern Ireland IP profits: SMEs that are not Northern Ireland employers and large companies
Amended 12 timesRelevant IP losses
Amended 12 timesInterpretation of Chapter
Amended 12 timesIntroductory
Amended 12 timesMeaning of “Northern Ireland firm”
Amended 12 timesMeaning of “qualifying partnership trade”
Amended 12 timesNorthern Ireland workforce partnership conditions
Amended 12 timesSection 357WBA: supplementary
Amended 12 times“Disqualified firm”
Amended 12 timesNorthern Ireland profits etc of firm determined under Chapter 6
Amended 12 timesNorthern Ireland profits etc of firm determined under Chapter 7
Amended 12 timesSections 357WC and 357WD: interpretation
Amended 12 timesApplication of section 747 of CTA 2009 to Northern Ireland firm
Amended 12 timesApplication of Part 8A to Northern Ireland firm
Amended 12 timesAllocation of Northern Ireland profits etc of firm to company
Amended 12 timesIntroduction
Amended 12 timesOil activities
Amended 12 timesLending and investment
Amended 12 timesInvestment management
Amended 12 timesInsurance: long-term business
Amended 12 timesRe-insurance trade
Amended 12 timesRe-insurance activity
Amended 12 timesExploration and exploitation of UK sector of continental shelf
Amended 12 timesPower to amend definition of “excluded trade” or “excluded activity”
Amended 12 timesPower to make provision about meaning of “back-office activities”
Amended 12 timesPart 8C — Restitution interest
Charge to corporation tax on restitution interest
Amended 12 timesRestitution interest chargeable as income
Amended 12 timesMeaning of “restitution interest”
Amended 12 timesFurther provision about amounts included, or not included, in “restitution interest”
Amended 12 timesLife insurance companies: amounts representing policyholder income
Amended 12 timesPeriod in which amounts are to be brought into account
Amended 12 timesCompanies without GAAP-compliant accounts
Amended 12 timesRestitution interest: appeals made out of time
Amended 12 timesCountering effect of avoidance arrangements
Amended 12 timesInterpretation of section 357YH
Amended 12 timesExamples of results that may indicate exclusion not applicable
Amended 12 timesCorporation tax rate on restitution interest
Amended 12 timesExclusion of reliefs, set-offs etc
Amended 12 timesAssignment of rights to person not chargeable to corporation tax
Amended 12 timesMigration of company with claim to restitution interest
Amended 12 timesTransfer of rights: restitution interest arising after a winding up or dissolution
Amended 12 timesMeaning of “related company”
Amended 12 timesDuty to deduct tax from payments of restitution interest
Amended 12 timesTreatment of amounts deducted under section 357YO
Amended 12 timesAssessment of tax chargeable on restitution interest
Amended 12 times- Pay corporation tax on restitution interest within 30 days of HMRC assessment notice Trader
Interest on excessive amounts withheld
Amended 12 timesAppeal against deduction
Amended 12 timesAmounts taxed at restitution payments rate to be outside instalment payments regime
Amended 12 timesInterpretation
Amended 12 timesRelationship of Part with other corporation tax provisions
Amended 12 timesPower to amend
Amended 12 timesPart 9 — Leasing plant or machinery
Lessee under long funding finance lease: limit on deductions
Amended 1 time- Limit lease deductions to finance charges when calculating corporation tax Trader
Lessee under long funding finance leases: right-of-use leases
Amended 1 timeInterpretation of Chapter
Amended 1 timeIntroduction to Chapter
Amended 3 timesIncome and matching expense in different accounting periods
Amended 1 timeNo carry back of loss against the income
Amended 3 times“Business of leasing plant or machinery”
Amended 2 timesProvision supplementing section 388
Amended 1 timeRelevant plant or machinery value where relevant company lessee under long funding lease etc
Amended 1 timeRelevant company's income for condition B in section 387
Amended 1 time“Relevant change in relationship”
Amended 2 timesQualifying 75% subsidiaries
Amended 1 timeConsortium relationships
Amended 4 times“Qualifying change of ownership”
Amended 4 timesCompany joining tonnage tax group
Amended 4 times“Qualifying 75% ... subsidiary” etc
Amended 3 timesElection out of qualifying change of ownership
Amended 3 timesThe election
Amended 3 timesSpecial treatment of A's trade or business that includes leasing
Amended 3 timesRestrictions on use of losses etc
Amended 3 timesRestriction on artificial losses or reductions in profits
Amended 3 timesLimit on availability of capital allowances to A
Amended 3 timesTransfers into and out of A
Amended 3 timesProvisions supplementing section 400
Amended 1 time“PM” where relevant company lessee under long funding lease etc
Amended 1 time“TWDV” in section 399
Amended 3 timesAdjustment to the basic amount: qualifying 75% subsidiaries
Amended 2 times“Associated company”
Amended 1 time“Business of leasing plant or machinery”
Amended 2 timesProvision supplementing section 411
Amended 1 timeRelevant plant or machinery value where partnership lessee under long funding lease etc
Amended 1 timePartnership's income for condition B in section 410
Amended 1 timeThe amount of the income: the basic amount
Amended 3 timesNo carry back of loss against the income
Amended 3 times“Associated company”
Amended 1 timeRestrictions on relief for Chapter 3 or 4 expenses: introduction
Amended 3 timesRestrictions applying to the restricted loss amount
Amended 5 timesRestrictions not applying to the restricted loss amount
Amended 5 timesIntroduction to sections 435 and 436
Amended 2 timesDisregard of increases and decreases in certain amounts
Amended 6 timesBalance sheet amounts determined on assumption company has no liabilities
Amended 1 timeInterpretation of the sales of lessors Chapters
Amended 4 timesDetermining the ascribed value of plant or machinery
Amended 4 timesSection 437A: supplementary
Amended 4 timesPresent value of a lease
Amended 4 timesBrowse 49 other sections in this Part — procedural / definitional / commencement
Introduction to Part
Overview of Chapter
Lessor under long funding finance lease: rental earnings
Lessor under long funding finance lease: exceptional items
Lessor under long funding finance lease making termination payment
Lessor under long funding operating lease: periodic deduction
“Starting value”: general
“Starting value” where plant or machinery originally unqualifying
Long funding operating lease: lessor's additional expenditure
Determination of remaining residual value resulting from lessor's first additional expenditure
Determination of remaining residual value resulting from lessor's further additional expenditure
Lessor under long funding operating lease: termination of lease
Plant or machinery held as trading stock
Adjustments where sections 360 to 369 subsequently disapplied by section 370
Lessor also lessee under non-long funding lease
Other avoidance
Provision supplementing section 373
Adjustments where sections 360 to 369 subsequently disapplied by section 373
Films
Lessee under long funding finance lease: termination
Lessee under long funding operating lease
“Starting value” in section 379
Amount of income and expense
Relief for expense otherwise giving rise to carried forward loss
“Relevant plant or machinery value” for condition A in section 387
No qualifying change of ownership in certain intra-group reorganisations
No qualifying change of ownership where principal company's interest in consortium company unchanged
Companies owned by consortiums and members of consortiums
The amount of the income: the basic amount
“PM” in section 399
Amount to be nil if basic amount negative
Adjustment to the basic amount: consortium relationships
Migration
Introduction to Chapter
“Relevant plant or machinery value” for condition A in section 410
“Qualifying change” in company's interest in a business
Determining the percentage share in the profits or loss of business
Partner company's income and other companies' matching expense
Amount of income and expense
Relief for expense otherwise giving rise to carried forward loss
Exception: companies carrying on business ceasing to share in its profits
Amount to be nil if basic amount negative
Adjustment to the basic amount
The amount of expense
Partner company's income and matching expense in different accounting periods
Amount of income and expense
Relief for expense otherwise giving rise to carried forward loss
The amount of the income
“Profits” and “loss”
Part 10 — Close companies
Overview of Part
Amended 3 timesParticular types of company
Amended 1 time“Associated company”
Amended 1 time“Control”
Amended 3 timesSection 450: rights to be attributed etc
Amended 2 times“Participator”
Amended 2 timesCharge to tax in case of loan to participator
Amended 2 timesExceptions to the charge under section 455
Amended 1 timeLoan treated as made to participator
Amended 2 timesTaxation of debtor on release of loan to trustees of settlement which has ended
Amended 1 timeSection 464ZA : supplementary
- Amend your tax return if it becomes incorrect due to section 464ZA Any Person
Power to obtain information
Amended 2 timesBrowse 22 other sections in this Part — procedural / definitional / commencement
“Close company”
Basis of winding up under section 439(3)
Treatment of some persons as participators or directors for the purposes of section 439(3)
Companies controlled by or on behalf of Crown
Companies involved with non-close companies
Section 444: registered pension schemes
Particular types of quoted company
Section 446: meaning of “shares beneficially held by the public” etc
“Associate”
“Director”
“Loan creditor”
Section 456: meaning of “material interest in a company”
Relief in case of repayment or release of loan
Loan treated as made by close company
Exception to section 460
Determination of particular questions as a result of section 460
Section 463: other person treated as releasing or writing off debt
Charge to tax: arrangements conferring benefit on participator
Relief in case of return payment to company
Treatment of certain repayments and return payments
Section 464C: supplementary
Treatment of certain repayments
Part 11 — Charitable companies etc
Overview of Part
Amended 1 timeMeaning of “charitable company”
Amended 1 timeMeaning of “eligible body”
Amended 2 timesGifts qualifying for gift aid relief: corporation tax liability and exemption
Amended 1 timeGifts under payroll deduction schemes: corporation tax liability and exemption
Amended 1 timeGifts qualifying for gift aid relief: income tax treated as paid and exemption
Amended 1 timeExemption from charges under provisions to which section 1173 applies
Amended 2 timesCondition as to trading and miscellaneous incoming resources
Amended 5 timesExemption for investment income and non-trading profits from loan relationships
Amended 2 timesMeaning of “non-charitable expenditure”
Amended 2 timesSection 496(1)(d): payment to body outside the UK
Amended 1 timeDonors: exceptions
Amended 1 timeApproved charitable investments
Amended 9 timesSecurities which are approved charitable investments
Amended 1 timeExcess expenditure treated as non-charitable expenditure of earlier periods
Amended 1 timeRules for attributing excess expenditure to earlier periods
- Allocate excess charitable spending to previous tax years Trader
Browse 40 other sections in this Part — procedural / definitional / commencement
Conditions for qualifying as a scientific research association
Meaning of “research and development” in section 469
Gifts qualifying for gift aid relief: income tax treated as paid
Gifts of money from companies: corporation tax liability and exemption
Payments from other charities: corporation tax liability and exemption
Legacies: corporation tax liability and exemption
Gifts of money from companies: exemption
Gifts of money from companies: exemption
Claims in relation to gift aid relief
Exemption for profits etc of charitable trades
Meaning of “charitable trade”
Exemption for profits of small-scale trades
Exemption for profits from fund-raising events
Exemption for profits from lotteries
Exemption for property income etc
Exemption for public revenue dividends
Exemption for certain miscellaneous income
Exemption for income from estates in administration
Eligible bodies
Scientific research associations
Claims in relation to certain reliefs
Restrictions on exemptions
The non-exempt amount
Attributing income to the non-exempt amount
How income is attributed to the non-exempt amount
Section 496: supplementary
Section 496(1)(d): meaning of expenditure
Section 496(1)(d): accounting period in which certain expenditure treated as incurred
Section 496(1)(g) and (h): investments and loans
Transactions with substantial donors
Meaning of “relievable gift”
Non-charitable expenditure in substantial donor transactions
Adjustment if section 504(1) and (2) applied to single transaction
Section 504: certain payments and benefits to be ignored
Transactions: exceptions
Connected charities
Substantial donor transactions: supplementary
Conditions to be met for some securities
Approved charitable loans
Adjustments in consequence of section 515
Part 12 — Real Estate Investment Trusts
Notice under section 523 or 524: supplementary
Amended 2 timesBeing a UK REIT in relation to an accounting period
Amended 7 times- Meet all conditions to be a UK Real Estate Investment Trust (REIT) Trader
Conditions for company
Amended 31 timesFurther condition relating to shares
Amended 31 timesRelaxation of section 528A condition for accounting periods 1 to 3
Amended 31 timesListing requirement: ownership by institutional investors
Amended 31 timesGenuine diversity of ownership condition
Amended 31 timesConditions as to property rental business
Amended 10 timesCondition as to distribution of profits
Amended 6 timesCondition as to distribution of profits: increase in profits after delivery of tax return
Amended 6 timesConditions as to balance of business
Amended 17 timesFinancial statements for group UK REITs
- Prepare three financial statements for group UK REIT each accounting period Director or Officer
Financial statements: supplementary
Amended 6 timesProfits
Amended 4 timesGains
Amended 4 timesGains: disposals of rights or interests in UK property rich companies
Amended 4 timesSection 535A: use of pre-April 2019 residual business losses or deficits
Amended 4 timesProfit: financing-cost ratio
Amended 5 timesMeaning of “property profits” and “property financing costs”
Amended 10 timesCancellation of tax advantage
Amended 1 timeFunds awaiting reinvestment
Amended 2 timesDistributions: liability to tax
Amended 2 timesDistributions: supplementary
Amended 7 timesDistributions from one UK REIT to another UK REIT
Amended 7 timesAttribution of distributions
Amended 9 timesTax consequences of distribution to holder of excessive rights
Amended 3 times“The section 552 amount”
Amended 4 timesMeaning of “holder of excessive rights” and “excluded holder”
Amended 4 timesDisposal of assets
Amended 13 timesDemergers: disposal of asset
Amended 3 timesDemergers: company leaving group UK REIT
Amended 3 timesNotice of breach of relevant Chapter 2 condition
Amended 3 timesBreach of condition C in section 528 (conditions for company)
Amended 8 timesBreach of condition D in section 528 (conditions for company)
Amended 8 timesBreach of further condition relating to shares
Amended 8 timesBreach of further condition relating to shares in accounting periods 1, 2 and 3
Amended 8 timesBreach of property rental business condition
Amended 2 timesBreach of condition as to distribution of profits
Amended 4 times“The section 565 amount”
Amended 7 timesBreach of condition B in section 531 in accounting period 1
Amended 1 timeMeaning of “the notional amount”
Amended 1 timeBreach of balance of business conditions after accounting period 1
Amended 1 timeTermination by notice: officer of Revenue and Customs
Amended 4 timesNotice under section 572: breach of conditions as to property rental business
Amended 4 timesNotice under section 572: multiple breaches of conditions in Chapter 2
Amended 4 timesAutomatic termination for breach of certain conditions in section 528
- Notify HMRC if your company no longer meets REIT conditions Trader
Early exit
Amended 1 timeOverview of Chapter
Amended 1 timeEffect of notice under section 586
Amended 1 timeEffect of notice under section 587
Amended 1 timeCalculation of profits
Amended 1 timeAmount of distribution consisting of share capital issued in lieu of cash dividend
Amended 1 timeAvailability of group reliefs
Amended 2 timesProperty rental business: exclusion of business producing listed income
Amended 3 timesGroups
Amended 4 timesBrowse 52 other sections in this Part — procedural / definitional / commencement
Introduction to Part
“Property rental business”
“UK property rental business” of non-UK companies
“UK company” and “non-UK company”
“Residual business”
Notice for a group of companies to become a UK REIT
Notice for a company to become a UK REIT
Duration of status as UK REIT
Effects of entry: corporation tax
Effects of entry: CAA 2001
Entry charge
Calculation of the notional amount
Election to treat notional income as arising in instalments
Ring-fencing of property rental business
Disapplication of certain provisions
Appeal against notice under section 545
Regulations: distributions to holders of excessive rights
Meaning of “distribution”
Assets: change of use
Movement of assets into ring fence
Interpretation of Chapter
Chapter subject to section 572
Overview of Chapter
Termination by notice: group or company
Notice under section 572: tax advantage
Notice under section 572: condition D in section 528 not met
Notice under section 572: further condition relating to shares not met
Notice under section 572: serious breach
Notice under section 572: breach of conditions as to balance of business
Effects of cessation: corporation tax
Effects of cessation: CAA 2001
Early exit by notice
Meaning of “joint venture company” and “joint venture group”
Meaning of “venturing group” and “venturing company”
Notice for Part to apply: joint venture company
Notice for Part to apply: joint venture group
Duration of notice under section 586 or 587
Conditions as to balance of business
Joint venture groups: financial statements
Financial statements under section 532: joint venture groups
Modifications of Chapter 3
Joint venture company liable for additional charge
Member of joint venture group liable for additional charge
Cases where no additional charge due
Chapter 10: supplementary
Power to make regulations about cases involving related persons
Effect of deemed disposal and reacquisition
Regulations
Property rental business: exclusion of listed business
Meaning of “entry” and “cessation” etc
References to assets
Definitions
Part 13 — Other special types of company etc
Discretionary payments by trustees to companies
Amended 1 timeApplicable corporation tax rate
Amended 3 timesApplicable corporation tax rate
Amended 3 timesCourt investment funds
Amended 3 timesPower to make regulations about the taxation of securitisation companies
Amended 3 timesRegulations: supplementary
Amended 1 timeMeaning of “main rate of corporation tax” for companies with ring fence profits or small profits
Amended 3 timesCompany in liquidation: corporation tax rates
Amended 1 timeCompany in administration: corporation tax rates
Amended 1 timeApplication of Chapter
Amended 4 timesTests to be satisfied by the association
Amended 1 time- Co-operative housing associations must meet specific criteria for tax relief Any Person
Approval of self-build societies
Amended 1 timeDelegation of powers to the Regulator of Social Housing
Amended 1 timeClaims under section 651 or 652
- Submit Corporation Tax relief claims for self-build societies Any Person
Meaning of “community amateur sports club” and “registered club”
Amended 6 timesMeaning of “open to the whole community”
Amended 2 timesMeaning of “organised on an amateur basis”
Amended 13 timesClubs consisting mainly of social members
Amended 13 timesExemption for UK trading income
Amended 3 timesExemption for UK property income
Amended 3 timesExemption for interest , gift aid and company gift income
Amended 4 timesBrowse 50 other sections in this Part — procedural / definitional / commencement
Income tax provisions to apply in relation to trustees' expenses
Overview of Chapter
Meaning of “open-ended investment company”
Umbrella companies
Meaning of “authorised unit trust” and “unit holder”
Authorised unit trust treated as UK resident company
Umbrella schemes
Treatment of income
Treatment of capital expenditure
Power to make provision about treatment of transactions
Meaning of “securitisation company”
Meaning of “final year”, “penultimate year” etc
Company in liquidation: making of assessment to tax
Company in administration: making of assessment to tax
Meaning of rate being “fixed” or “proposed”
Exemption for interest on overpaid tax in final accounting period
Overview of Chapter
Charge to corporation tax on winding up receipts
Transfer of rights to payment
Allowable deductions
Election to carry back
Relationship of Chapter with other corporation tax provisions
Interpretation of Chapter
Disregard of rent from members and of interest payable
Exemption for gains on a sale of property
Approval of housing associations
Delegation of powers to the Regulator of Social Housing
Claims under section 642 or 643
Adjustments of liability
Power to make further provision
Meaning of “self-build society”
Disregard of rent from members
Exemption for gains on disposals of land to members
Adjustments of liability
Power to make further provision
Meaning of “eligible sport”, “qualifying purposes” etc
The location condition
The management condition
Periods over which management condition treated as met
The income condition
Tax treatment of gifts qualifying for gift aid relief
Tax treatment of gifts of money from companies
Exemption for chargeable gains
Claims in relation to interest , gift aid and company gift income
Exemptions reduced if non-qualifying expenditure incurred
Rules for attributing surplus amount to earlier periods etc
How income and gains are attributed
Asset ceasing to be held for qualifying purposes etc
Notification of
Appeals
Part 14 — Change in company ownership
Overview of Part
Amended 3 timesIntroduction to Chapter
Amended 2 timesDisallowance of trading losses
Amended 2 timesSection 674: exception for certain losses of ring fence trade
Amended 2 timesCompany reconstructions
Amended 4 timesIntroduction to Chapter
Amended 4 timesPriority of provisions of Chapters 2 and 3 over this Chapter
Amended 4 times“Major change in the business” of a company
Amended 4 timesNotional split of accounting period in which change in ownership occurs
Amended 4 times“Affected profits”
Amended 4 timesRestriction on use of carried-forward post-1 April 2017 trade losses
Amended 4 timesRestriction on debits to be brought into account
Amended 4 timesRestriction on the carry forward of post-1 April 2017 non-trading deficit from loan relationships
Amended 4 timesRestriction on relief for post-1 April 2017 non-trading loss on intangible fixed assets
Amended 4 timesRestriction on deduction of post-1 April 2017 expenses of management
Amended 4 timesRestriction on use of post-1 April 2017 UK property business losses
Amended 4 times“Co-transferred company” and “related company”
Amended 4 timesIntroduction to Chapter
Amended 4 timesNotional split of accounting period in which change in ownership occurs
Amended 4 timesDisallowance of relief for trade losses
Amended 4 timesMeaning of “the relevant provisions”
Amended 4 timesMeaning of “amount of profits which represents a relevant gain”
Amended 4 timesIntroduction to Chapter
Amended 4 timesRestriction on surrender of carried-forward losses
Amended 4 timesCases where consortium condition 1 or 2 was previously met
Amended 4 timesCases where consortium condition 3 or 4 was previously met
Amended 4 timesExceptions to restrictions
Amended 4 timesCases where Chapter 2, 2A or 3 also applies
Amended 4 times“Affected profits”
Amended 4 times“Relevant pre-acquisition loss”
Amended 4 timesInterpretation of Chapter
Amended 4 timesIntroduction to Chapter
Amended 4 timesNotional split of accounting period in which change in ownership occurs
Amended 4 timesDisallowance of group relief for carried-forward losses
Amended 4 timesMeaning of “the relevant provisions”
Amended 4 timesMeaning of “amount of profits which represents a relevant gain”
Amended 4 timesIntroduction to Chapter
Amended 4 timesRestriction on use of trade losses carried-forward on transfer of trade
Amended 4 timesRestriction on surrender of trade losses carried forward on transfer of trade
Amended 4 timesIndirect transfers of a trade
Amended 4 timesInterpretation of Chapter
Amended 4 timesIntroduction to Chapter
Amended 2 timesRestriction on relief for non-trading loss on intangible fixed assets
Amended 1 timeRestriction on the deduction of expenses of management
Amended 1 timeApportionment of amounts
Amended 2 timesMeaning of “significant increase in the amount of a company's capital”
Amended 1 timeAmount B
Amended 1 timeIntroduction to Chapter
Amended 4 timesRestriction on debits to be brought into account
Amended 1 timeRestrictions on the deduction of expenses of management
Amended 1 timeApportionment of amounts
Amended 2 timesCompany carrying on UK property business
Amended 2 timesCompany carrying on overseas property business
Amended 2 timesIntroduction to Chapter
Amended 2 timesNotional split of accounting period in which change in ownership occurs
Amended 2 timesRestriction on debits to be brought into account
Amended 2 timesRestriction on carry forward of non-trading deficit from loan relationships
Amended 2 timesRestriction on relief for non-trading loss on intangible fixed assets
Amended 2 timesApportionment of amounts
Amended 2 timesMeaning of certain expressions in section 705F
Amended 2 timesRecovery of unpaid corporation tax for accounting period beginning before change
Amended 1 timeRecovery of unpaid corporation tax for accounting period ending on or after change
Amended 1 timeMeaning of “change in the ownership of a company”
Amended 2 timesWhen things other than ordinary share capital may be taken into account: Chapters 2 to 5A
Amended 4 timesChanges in indirect ownership
Amended 1 timeProvision applying for the purposes of Chapters 2 to 5A
Amended 1 timeInterpretation of Chapter
Amended 1 timeExtended time limit for assessment
Amended 1 timeProvision of information about ownership of shares etc
Amended 1 timeMeaning of “company with investment business”
Amended 1 timeMeaning of “relevant non-trading debit”
Amended 4 timesBrowse 33 other sections in this Part — procedural / definitional / commencement
Disallowance of trading losses: calculation of balancing charges
Notional split of accounting period in which change in ownership occurs
Restriction on debits to be brought into account
Restriction on the carry forward of non-trading deficit from loan relationships
Disallowance of UK property business losses
Disallowance of overseas property business losses
Meaning of certain expressions in section 685
Adjustment to balancing charges if relief is restricted
Amount A
Meaning of “amount of capital”
Meaning of “amount of profits which represents a relevant gain”
Meaning of “the relevant provisions”
Notional split of accounting period in which change in ownership occurs
Restriction on the carry forward of non-trading deficit from loan relationships
Restriction on relief for non-trading loss on intangible fixed assets
Disallowance of UK property business losses
Disallowance of overseas property business losses
Meaning of certain expressions in section 702
Meaning of “linked” person
Meaning of “control”
Rights to be attributed for the purposes of section 707
Meaning of “the relevant period”
Conditions relating to company's trade or business
Meaning of “a major change in the nature or conduct of a trade or business”
The expectation condition
Meaning of “transaction entered into in connection with change in ownership”
Interest
Effect of payment in pursuance of assessment under section 710 or 713
Meaning of “associated company”
Section 719: supplementary
When things other than ordinary share capital may be taken into account: Chapter 6
Disregard of change in company ownership
Disregard of change in parent company
Part 14A — Transfer of deductions
Overview
Amended 4 timesInterpretation of Part
Amended 4 timesDisallowance of deductible amounts: relevant claims
Amended 4 timesDisallowance of deductible amounts: profit transfers
Amended 4 timesPart 14B — Tax avoidance involving carried-forward losses
Overview
Amended 4 timesMeaning of “relevant carried-forward loss”
Amended 4 timesDisallowance of deductions for relevant carried-forward losses
Amended 4 timesInterpretation of section 730G
Amended 4 timesPart 15 — Transactions in securities
Company liable to counteraction of corporation tax advantage
Amended 1 timeAbnormal dividends used for exemptions or reliefs (circumstance A)
Amended 1 timeInterpretation of Part
Amended 3 timesBrowse 18 other sections in this Part — procedural / definitional / commencement
Overview of Part
Meaning of “corporation tax advantage”
Exception where no tax avoidance object shown
Receipt of consideration representing company's assets, future receipts or trading stock (circumstance C)
Receipt of consideration in connection with relevant company distribution (circumstance D)
Receipt of assets of relevant company (circumstance E)
Meaning of “relevant company” in sections 737 and 738
Abnormal dividends: general
Abnormal dividends: the excessive return condition
Abnormal dividends: the excessive accrual condition
Preliminary notification that section 733 may apply
Opposed notifications: statutory declarations
Opposed notifications: determinations by tribunal
Counteraction notices
Timing of assessments in section 738 cases
Application for clearance of transactions
Effect of clearance notification under section 748
Appeals against counteraction notices
Part 16 — Factoring of income etc
Partnership shares
Amended 3 timesType 1 finance arrangement defined
Amended 1 timeType 2 finance arrangement defined
Amended 2 timesCertain tax consequences not to have effect
Amended 1 timeType 3 finance arrangement defined
Amended 1 timeExceptions
Amended 2 timesAccounts
Amended 1 timeArrangements
Amended 1 timeAssets
Amended 3 timesCertain payments treated as interest
Amended 1 timeBrowse 22 other sections in this Part — procedural / definitional / commencement
Application of Chapter
Value of transferred income stream treated as income
Exception: amount otherwise taxed
Exception: transfer by way of security
Interpretation of Chapter
Application of Chapter
Relevant amount to be treated as income
Certain tax consequences not to have effect
Payments treated as borrower's income
Deemed loan relationship if borrower is a company
Deemed loan relationship if borrower is partnership with corporate member
Relevant change in relation to partnership
Deemed loan relationship
Certain tax consequences not to have effect
Deemed loan relationship
Exceptions: preliminary
Exceptions: relevant person
Power to make further exceptions
Loan or credit transaction defined
Tax charged on income transferred
Application of Chapter
Relevant amount to be treated as income
Part 17 — Manufactured payments and repos
Treatment of payer of manufactured dividend
Amended 3 timesTreatment of payer: Real Estate Investment Trusts
Amended 2 timesTreatment of payer of manufactured overseas dividend
Amended 3 timesSection 792: amount treated as withheld
Amended 1 timeManufactured payments under arrangements with unallowable purpose
Amended 1 time“Stock lending arrangement”
Amended 1 timeDeemed manufactured payments: stock lending arrangements
Amended 3 timesBrowse 28 other sections in this Part — procedural / definitional / commencement
Overview of Part
Key definitions
Meaning of “manufactured dividend”
Treatment of recipient of manufactured dividend
Treatment of recipient: Real Estate Investment Trusts
Exemption of manufactured dividends
Statements about manufactured dividends
Powers about administrative provisions
Meaning of “manufactured overseas dividend”
Company receiving manufactured overseas dividend from UK resident etc
Company receiving manufactured overseas dividend from foreign payer
Exemption of manufactured overseas dividends
Manufactured dividends: amounts exceeding underlying payments
Manufactured overseas dividends: amounts exceeding underlying payments
Manufactured overseas dividends less than underlying payments
Arrangements with an unallowable purpose
Sections 799 and 800: supplementary
Powers about amounts representative of overseas dividends
Power to deal with special cases
Regulation-making powers: general
Section 805: supplementary
“Creditor repo”, “creditor quasi-repo”, “debtor repo” and “debtor quasi-repo”
No tax credits for borrower under stock lending arrangement
No tax credits for lender under creditor repo or creditor quasi-repo
No tax credits for borrower under debtor repo or debtor quasi-repo
Arrangements between companies to make distributions
The gross amount of a manufactured overseas dividend etc
Other interpretation
Part 17A — Manufactured dividends
Browse 4 other sections in this Part — procedural / definitional / commencement
Overview of Part
Key definitions
Treatment of payer of manufactured dividend
Treatment of recipient of manufactured dividend
Part 18 — Transactions in land
Browse 19 other sections in this Part — procedural / definitional / commencement
Introduction to Part
Meaning of disposing of land
Priority of other tax provisions
Charge to tax on gains from transactions in land
Gains obtained from land disposals in some circumstances
Person obtaining gain
Company chargeable
Method of calculating gain
Transactions, arrangements, sales and realisations relevant for Part
Tracing value
Meaning of “another person”
Valuations and apportionments
Gain attributable to period before intention to develop formed
Disposals of shares in companies holding land as trading stock
Cases where consideration receivable by person not assessed
Certificates of tax paid etc
Clearance procedure
Power to obtain information
Interpretation of Part
Part 19 — Sale and lease-back etc
Transferor or associate becomes liable for payment of rent
Amended 1 timeTransferor or associate becomes liable for payment other than rent
Amended 1 timeDeduction ... not to exceed commercial rent
Amended 2 timesCarrying forward parts of payments
Amended 3 timesRelevant corporation tax relief
Amended 1 timeRelevant tax relief
Amended 1 timeBrowse 47 other sections in this Part — procedural / definitional / commencement
Overview of Chapter
Relevant corporation tax relief
Relevant corporation tax relief: deduction not to exceed commercial rent
Aggregation and apportionment of payments
Payments made for later periods
Exclusion of service charges etc
Commercial rent: comparison with rent under a lease
Commercial rent: comparison with payments other than rent
Lease and rent
Associated persons
Land outside the UK
Overview of Chapter
New lease after assignment or surrender
Taxation of consideration
Position where new lease does not include all original property
Relief for rent under new lease
New lease treated as ending
Position where rent reduces
Position where lease may be ended
Position where lease may be varied
Lease treated as ending: rentcharge
Lease varied to provide for increased rent
Linked persons
Lease, lessee, lessor and rent
Overview of Chapter
Leased trading assets
Tax deduction not to exceed commercial rent
Long funding finance leases
Commercial rent
Lease
Relevant asset
Overview of Chapter
Application of the Chapter
Payment under lease
Sum obtained
Charge to corporation tax
Hire-purchase agreements
Adjustments where sum obtained before payment made
Sum obtained in respect of interest
Sum obtained in respect of lessee's interest
Disposal of interest to associate
Apportionment of payments made and of sums obtained
Manner of apportionment
Associates
Capital sum
Lease
Relevant asset
Part 20 — Tax avoidance involving leasing plant or machinery
Browse 8 other sections in this Part — procedural / definitional / commencement
When restrictions on leasing partnership losses under this Chapter apply
Interpretation of Chapter
Capital payments in respect of leases treated as income
Apportionments for leases of plant or machinery and other property
Deduction where failure to make relevant capital payment expected
Meaning of “capital payment”, “relevant capital payment” etc
Other interpretation of Chapter
Consideration for taking over payment obligations as lessee treated as income
Part 21 — Leasing arrangements: finance leases and loans
Browse 43 other sections in this Part — procedural / definitional / commencement
Overview of Part
Normal rent
Accountancy rental earnings
Rental earnings
Arrangements to which this Chapter applies
Purposes of this Chapter
Application of this Chapter
The conditions referred to in section 901(1)
Provisions supplementing section 902
The arrangements and circumstances referred to in section 902(8)
Current lessor taxed by reference to accountancy rental earnings
Reduction of taxable rent by cumulative rental excesses: introduction
Meaning of “accountancy rental excess” and “cumulative accountancy rental excess”
Reduction of taxable rent by the cumulative accountancy rental excess
Meaning of “normal rental excess” and “cumulative normal rental excess”
Reduction of taxable rent by the cumulative normal rental excess
Relief for bad debts: reduction of cumulative accountancy rental excess
Recovery of bad debts following reduction under section 911
Relief for bad debts: reduction of cumulative normal rental excess
Recovery of bad debts following reduction under section 913
Effect of disposals of leases: general
Assignments on which neither a gain nor a loss accrues
Effect of capital allowances: introduction
Cases where expenditure taken into account under Part 2, 5 or 8 of CAA 2001
Cases where expenditure taken into account under other provisions of CAA 2001
Capital allowances deductions: waste disposal and cemeteries
Capital allowances deductions: films
Contributors to capital expenditure
Pre-26 November 1996 schemes where this Chapter does not at first apply
Post-25 November 1996 schemes to which Chapter 3 applied first
Introduction to Chapter
Purpose of this Chapter
Leases to which this Chapter applies
Current lessor taxed by reference to accountancy rental earnings
Application of provisions of Chapter 2 for purposes of this Chapter
Pre-26 November 1996 schemes and post-25 November 1996 schemes
Time apportionment where periods of account do not coincide
Periods of account and related periods of account and accounting periods
Connected persons
Assets which represent the leased asset
Parent undertakings and consolidated group accounts
Assessments and adjustments
Interpretation of Part
Part 21A — Risk transfer schemes
Browse 16 other sections in this Part — procedural / definitional / commencement
Overview
Group schemes and single company schemes
Meaning of “risk transfer scheme”
Meaning of “the scheme rate, index or value”
Scheme losses and scheme profits
Ring-fenced scheme losses and relevant scheme profits
Ring-fenced scheme loss: treatment in period in which made
Ring-fenced scheme loss: treatment in subsequent periods
A company's losses pool and profits pool
Tax capacity assumption
Meaning of “associated with”
Interpretation of references to economic losses and profits
Foreign currency accounting
Meaning of “scheme”
Priority
Power to amend this Part in its application to dealers in securities
Part 21B — Group mismatch schemes
Browse 14 other sections in this Part — procedural / definitional / commencement
Losses and profits from group mismatch schemes to be disregarded
Meaning of “a group mismatch scheme” and “the scheme group”
Meaning of “scheme loss” and “scheme profit”
Meaning of “relevant tax advantage” etc and “the scheme period”
Meaning of “group”
Meaning of references to economic profits and losses
Tax capacity assumption
Meaning of “scheme”
Schemes involving repos or quasi-repos
Schemes involving finance arrangements
Trading income
Foreign companies and foreign permanent establishments
Controlled foreign companies
Priority
Part 21C — Tainted charity donations
Browse 11 other sections in this Part — procedural / definitional / commencement
Overview of Part
Relievable charity donations
Tainted donations
Circumstances in which financial advantage deemed to be obtained
Certain financial assistance to be ignored
Removal of corporation tax relief where donation becomes tainted in same accounting period
Clawback of corporation tax relief where donation becomes tainted in later accounting period
Removal or clawback of corporation tax relief for associated donations
Connected charities
Connected persons
Minor definitions
Part 22 — Miscellaneous provisions
Modified application of section 45
Amended 5 timesModified application of section 45A
Amended 5 timesModified application of section 45B
Amended 5 timesModified application of section 45F
Amended 5 timesModified application of section 303B
Amended 5 timesModified application of section 303D
Amended 5 timesCases in which predecessor retains more liabilities than assets
Amended 1 timeModified application of CAA 2001
Amended 2 timesTransfers of trades involving business of leasing plant or machinery
Amended 4 timesPart of trade treated as separate trade
Amended 2 timesApportionment if part of trade treated as separate trade
Amended 1 timeDeductions from payments received by UK resident companies
Amended 3 timesDeductions from payments received by non-UK resident companies
Amended 1 timeTime limit for giving notice
Other duties (1) — Crown / regulator
- HMRC must serve a tax recovery notice within 3 years of final tax determination Statutory regulator
Local authorities and local authority associations
Amended 1 timeMeaning of “health service body”
Amended 9 timesUK Economic Interest Groupings and European Economic Interest Groupings
Amended 2 timesBrowse 52 other sections in this Part — procedural / definitional / commencement
Overview of Chapter
Meaning of “transfer of a trade” and related expressions
Transfers to which Chapter applies
The ownership condition
Options that may be applied for the purposes of the ownership condition
The tax condition
Disapplication of section 39
Rules for determining “L”
Rules for determining “A”
Dual resident investing companies
Application of Chapter to further transfers of a trade
Transfer of activities on complete cessation of trade
Transfer of activities on part cessation of trade
Apportionment if part of trade treated as separate trade
Chapter 2: supplementary
Application
Arrangements for transfer of relief
Restrictions on use of reliefs
Non-trading profits and losses
Interpretation of Chapter
Power to surrender tax refund
Effects of surrender of tax refund
Interest on tax overpaid or underpaid
Payments for surrendered tax refunds
Introduction to Chapter
Obligations and liabilities in relation to corporation tax
Exceptions
Interpretation of Chapter
Introduction to Chapter
Case in which this Chapter applies
Meaning of “the relevant period”
Meaning of “related company”
Notice requiring payment of unpaid tax
Amount payable in consortium case
Chapter 7: supplementary
Exemption for trade unions and eligible employers' associations
Qualifying income or gains
Meaning of “trade union” and “eligible employers' association”
Health service bodies
NHS foundation trusts
Chief constables etc (England and Wales)
Education Authority of Northern Ireland
Northern Ireland Housing Executive
Issue departments of the Reserve Bank of India and the State Bank of Pakistan
Agricultural societies
Harbour reorganisation schemes: corporation tax
Harbour reorganisation schemes: capital allowances etc
Harbour reorganisation schemes: chargeable gains
Transfer of part of trade
Interpretation of sections 991 to 994
Use of different accounting practices within a group of companies
Deductions from total profits for sporting testimonial payments and associated payments
Part 23 — Company distributions
Provisions related to paragraphs A to H in section 1000(1)
Amended 2 timesExceptions for certain transfers of assets or liabilities between a company and its members
Amended 2 timesMeaning of “special securities”
Amended 1 timeTransfers of assets or liabilities treated as distributions
Amended 2 timesSection 1020: exceptions
Amended 1 timeDistributions following a bonus issue
Amended 1 timeCap on amount of distributions affected by section 1026
Amended 1 timeDistributions following reduction of share capital
Amended 1 timeOverview of Chapter
Amended 5 timesInterest etc paid in respect of certain securities
Amended 1 timePayment in respect of tier two capital
Amended 1 timeRequirements as to residence
Amended 4 timesRequirement as to reduction of seller's interest as shareholder
- Substantially reduce your shareholding when selling shares back to the company Director or Officer
Advance clearance: supplementary
Other duties (1) — Crown / regulator
- HMRC must decide on tax clearance applications within 30 days Statutory regulator
Information and returns
- Make a return to HMRC for payments treated under section 1033 Trader
Share capital to which section 1049 applies: returns
- File return of relevant share capital to HMRC Trader
Building society payments
Amended 1 timeDividend or bonus relating to transactions
Amended 1 timeException for benefits treated as employment income etc
Amended 1 timeCompanies carrying on a mutual business
Amended 2 timesCompanies not carrying on a business
Amended 2 timesGeneral conditions
Amended 1 timeConditions for distributions within section 1076(a)
- Ensure subsidiary shares meet specific criteria for tax-free demergers Trader
Exempt distributions: returns
- Notify HMRC within 30 days of making an exempt distribution Trader
Information about person for whom a payment is received
Amended 1 timeCertain distributions: right to request a statement
Amended 8 timesOther distributions etc: returns and information
Amended 2 times- Report certain company distributions to HMRC within 14 days Trader
Other distributions etc: additional information
Amended 1 timePower to modify or replace sections 1101 and 1102
Amended 4 timesCompany distributing dividend or interest: duty to provide tax certificates
Amended 1 time- Provide tax certificates for dividend or interest payments Trader
Meaning of “tax certificate” etc
Amended 4 timesPenalties
Amended 1 timeTax credits for certain recipients of exempt qualifying distributions
Amended 3 timesRecovery of overpaid tax credit etc
Amended 1 timeSection 1110: supplementary
Amended 1 timeArrangements between companies
Amended 1 time“In respect of shares”
Amended 2 times“New consideration”
Amended 4 timesOverview of Part
Amended 1 timeOverview of Chapter
Amended 1 timeBrowse 85 other sections in this Part — procedural / definitional / commencement
Meaning of “distribution”
Redeemable share capital
Securities issued otherwise than for new consideration
Meaning of “non-commercial securities”
Distributions exceeding consideration received for issue of security
Securities issued at premium representing new consideration
Consideration for issue of security exceeding amount of principal
Securities reflecting dividends on certain shares etc: exclusion of section 1008
Meaning of “qualifying index” in section 1009
Meaning of “associated company” in section 1009
Hedging arrangements
Exception to section 1012
Meaning of “hedging arrangements”
Meaning of “equity note” in section 1015
Section 1015: other interpretation
The principal secured: special securities
Relevant alternative finance return
Bonus issue following repayment of share capital treated as distribution
Exceptions to section 1022(3)
Premiums paid on redemption of share capital
Share capital issued at a premium representing new consideration
Certain payments connected with exempt distributions
Distribution in respect of share capital in a winding up
Distributions in respect of share capital prior to dissolution of company
Section 1030A: effect of company not being dissolved, etc
Distribution as part of a cross-border merger
Purchase by unquoted trading company of own shares
Requirement as to period of ownership
Determining the period of ownership
Section 1037: effect of entitlement to profits
Requirements where purchasing company is a member of a group
Determining whether interests as shareholders in a group are substantially reduced
Section 1040: effect of entitlement to profits
Other requirements
Relaxation of requirements in certain cases
Advance clearance of payments by Commissioners
Meaning of “group” and “51% subsidiary” in sections 1033 to 1047
Sections 1033 to 1047: other interpretation
Stock dividends
Application of section 1049 where bonus share capital is converted etc
“Bonus share capital” and “in lieu of a cash dividend”
Return periods
Registered societies : interest and share dividends
UK agricultural or fishing co-operatives: interest and share dividends
Meaning of “UK agricultural or fishing co-operative”
Associated persons
Associated persons: trustees
Associated persons: personal representatives
Connected persons
Section 1062: supplementary
Certain expenses of close companies treated as distributions
Exception for certain transfers between UK resident companies
Companies acting in concert or under arrangements
Meaning of “participator” in sections 1064 to 1067
Additional persons treated as participators
Members of a 90% group
Key terms etc
Purpose of provisions about demergers
Exempt distributions
Transfer of shares in subsidiaries to members
Transfer by distributing company and issue of shares by transferee company
Division of business in a cross-border transfer
“The distributing company”
Meaning of “relevant company”
Conditions for distributions within section 1077(1)
Cases where condition K does not apply
Conditions to be met if the distributing company is a 75% subsidiary
Chargeable payments connected with exempt distributions
Chargeable payments not deductible in calculating profits
Meaning of “chargeable payment”
Meaning of “chargeable payment”: unquoted companies
Meaning of “company concerned in an exempt distribution”
Advance clearance of distributions
Advance clearance of payments
Requirements relating to applications for clearance
Decision of the Commissioners or tribunal
Chargeable payments etc: returns
Meaning of “unquoted company”
Other definitions etc
Duties of nominees
Alternative means of compliance with sections 1104 and 1105
“In respect of securities”
References to married persons, or civil partners, living together
Other interpretation
Priority of negative rules
Part 24 — Corporation Tax Acts definitions etc
The definitions
Amended 8 times“Bank”
Amended 5 times“Company”
Amended 1 time“Connected” persons
Amended 41 times“Connected” persons: supplementary
Amended 4 times“Control”
Amended 3 times“Franked investment income”
Amended 1 time“Generally accepted accounting practice” and related expressions
Amended 4 times“Local authority”
Amended 1 time“Qualifying distribution”
Amended 1 time“Tax advantage”
Amended 10 timesPermanent establishments of companies
Amended 2 timesAgent of independent status
Amended 8 timesPreparatory or auxiliary activities
Amended 3 timesThe independent investment manager conditions
Amended 3 timesInvestment managers: the 20% rule
Amended 1 timeSection 1147: interpretation
Amended 1 timeApplication of 20% rule to collective investment schemes
Amended 1 timeMeaning of “investment manager” and “investment transaction”
Amended 1 timeLloyd's agents
Amended 1 timeInvestment managers: disregard of certain chargeable profits
Amended 1 timeMeaning of “51% subsidiary”, “75% subsidiary” and “90% subsidiary”
Amended 1 timeIndirect ownership of ordinary share capital
Amended 1 timeCalculation of amounts owned indirectly: main rules
Amended 1 timeAdding fractions together
Amended 1 timeMeaning of “investment trust”
Amended 6 timesApproval
Amended 1 timeOther interpretation
Amended 2 timesOrders and regulations
Amended 8 timesApportionment to different periods
Amended 2 timesMiscellaneous charges
Amended 6 timesBrowse 26 other sections in this Part — procedural / definitional / commencement
Introduction to Chapter
“Farming” and related expressions
“Grossing up”
“Hire-purchase agreement”
“Local authority association”
“Offshore installation”
Regulations about the meaning of “offshore installation”
“Oil and gas exploration and appraisal”
“Property investment LLP”
“Recognised stock exchange”
“Research and development”
“Unauthorised unit trust”
Introduction
Alternative finance arrangements
The independent broker conditions
Miscellaneous
Calculation of income
The income retention condition: exceptions
The 15% holding limit: exceptions
Basic meaning of “holding in a company”
More about the meaning of “holding in a company”
Scotland
Sources of income within the charge to corporation tax or income tax
Payment of dividends
Settlements and trustees
Territorial sea of the United Kingdom
Part 25 — Definitions for purposes of Act and final provisions
Browse 12 other sections in this Part — procedural / definitional / commencement
Abbreviated references to Acts
Claims and elections
Meaning of “connected” persons and “control”
Minor and consequential amendments
Power to make consequential provision
Power to undo changes
Transitional provisions and savings
Repeals and revocations
Index of defined expressions
Extent
Commencement
Short title
Schedules
In paragraph 8(4) of Schedule 34 (stamp duty: recovery of...
- Understand definitions of 'director' and 'controlling director' for stamp duty group relief recovery Director or Officer
(1) Amend Schedule 9 (stamp duty land tax: right to...
Other duties (1) — Crown / regulator
- Update cross-references in SDLT forms to new Corporation Tax Act Crown / Minister / Government department
(1) Amend Schedule 15 (stamp duty land tax: partnerships) as...
- Update references to connected person rules in SDLT partnership documents Any Person
Browse 835 other Schedules — structural / supplementary
The Income and Corporation Taxes Act 1988 is amended as...
Minor and consequential amendments
In section 755D(10) (“control” and the two “40 per cent”...
(1) Amend section 756 (interpretation and construction of Chapter 4)...
Omit sections 767A to 769 (change in ownership of company)....
Minor and consequential amendments
(1) Omit sections 774A to 774G (factoring of income receipts...
Omit sections 776 to 778 (transactions in land).
(1) Omit sections 779 to 785 (sale and lease-back etc)....
Omit section 785ZA (restrictions on use of losses: leasing partnerships)....
Omit section 785ZB (section 785ZA: definitions).
Omit section 785B (plant and machinery leases: capital receipts to...
Omit section 116 (arrangements for transferring relief).
Omit section 785C (section 785B: interpretation).
Omit section 785D (section 785B: lease of plant and machinery...
Omit section 785E (section 785B: expectation that relevant capital payment...
(1) Omit section 786 (transactions associated with loans or credit)....
In section 806A(2) (eligible unrelieved foreign tax dividends: introductory)—
Omit section 808 (restriction on deduction of interest or dividends...
Minor and consequential amendments
(1) Amend section 826 (interest on tax overpaid) as follows....
(1) Amend section 828 (orders and regulations made by the...
Omit section 830(1) (territorial sea of the United Kingdom).
Omit sections 118 to 118ZD (restrictions on relief for losses...
In section 831(3) (interpretation of ICTA) at the appropriate place...
Omit section 832 (interpretation of the Corporation Tax Acts).
Omit section 834 (interpretation of the Corporation Tax Acts).
Omit section 834A (miscellaneous charges).
Omit section 834B (meaning of “UK property business” and “overseas...
Omit section 834C (total profits).
Omit section 837A (meaning of “research and development”).
Omit section 837B (meaning of “oil and gas exploration and...
Omit section 837C (meaning of “offshore installation”).
Omit section 838 (subsidiaries).
In section 187(10) (interpretation of sections 185 and 186 etc)...
Omit section 839 (connected persons).
Omit section 840 (meaning of “control” in certain contexts).
Omit section 840ZA (meaning of “tax advantage”).
Omit section 840A (banks).
Omit section 841 (meaning of “recognised stock exchange” etc).
Omit section 842 (investment trusts).
Omit section 842A (local authorities).
Omit section 842B (meaning of “property investment LLP”).
In paragraph 5(2) of Schedule 10 (further provisions relating to...
Omit Schedule 17 (dual resident investing companies).
Omit Chapter 2 of Part 6 (matters which are distributions)....
Omit Schedule 18 (group relief: equity holders and profits or...
Omit Schedule 18A (group relief: overseas losses of non-resident companies)....
(1) Amend Schedule 19B (petroleum extraction activities: exploration expenditure supplement)...
Omit Schedule 19C (petroleum extraction activities: ring fence expenditure supplement)....
Omit Schedule 20 (charitable companies: qualifying investments and loans).
Omit Schedule 23A (manufactured dividends and interest).
(1) Amend Schedule 24 (assumptions for calculating chargeable profits etc)...
(1) Amend Schedule 25 (cases where section 747(3) of ICTA...
(1) Amend Schedule 26 (reliefs against liability for tax in...
Omit Schedule 28A (change in ownership of company with investment...
Omit Chapter 3 of Part 6 (matters which are not...
(1) Section 42 of the Finance Act 1930 (relief from...
(1) Section 11 of the Finance Act (Northern Ireland) 1954...
The Taxes Management Act 1970 is amended as follows.
In section 12AB(5) (partnership return to include partnership statement), in...
In section 12B(4A) (records to be kept for purposes of...
In section 59E(11) (further provision as to when corporation tax...
(1) Amend section 87A (interest on overdue corporation tax etc)...
(1) Amend section 98 (special returns etc) as follows.
(1) Amend section 109 (corporation tax on close companies in...
In section 118(1) (interpretation)— (a) in the definition of “company”...
Omit section 231 (tax credits for certain recipients of qualifying...
The Oil Taxation Act 1975 is amended as follows.
(1) Amend section 3 (allowance of expenditure) as follows.
(1) Amend section 5 (allowance of abortive exploration expenditure) as...
In section 6(4)(b) (allowance of unrelievable loss from abandoned field)...
In section 21(2) (citation etc)— (a) at the appropriate place...
(1) Amend Schedule 3 (petroleum revenue tax: miscellaneous provisions) as...
(1) Amend Schedule 4 (provisions supplementary to sections 3 and...
In Schedule 5 (allowance of expenditure) in paragraph 2B(2) for...
In paragraph 38(3) of Schedule 1A to the Solicitors (Northern...
In section 36B(8) of the Alcoholic Liquor Duties Act 1979...
Omit section 231AA (no tax credit for borrower under stock...
The Finance Act 1980 is amended as follows.
In section 107(7) (transmedian fields) after “meaning of” insert “...
(1) Amend Schedule 17 (transfers of interests in oil fields)...
The Betting and Gaming Duties Act 1981 is amended as...
In section 20(6)(a) (expenditure on bingo winnings) for “section 839...
In section 21(7) (gaming machine licences) for “Section 839 of...
The Finance Act 1982 is amended as follows.
In section 134(1) (alternative valuation of ethane used for petrochemical...
(1) In Schedule 19 (supplementary provisions relating to APRT) omit...
In Schedule 8 to the Finance Act 1983 (reliefs for...
Omit section 231AB (no tax credit for original owner under...
The Oil Taxation Act 1983 is amended as follows.
In section 6(4A)(b) (amounts which are not chargeable tariff receipts)...
In section 15(4) (interpretation etc) for “Section 839 of the...
In paragraph 8(2B)(b) of Schedule 1 (allowable expenditure: use of...
(1) Amend Schedule 2 (supplemental provisions as to receipts from...
The Finance Act 1984 is amended as follows.
In section 113(8) (restriction on PRT reliefs) for “section 838...
(1) Amend section 115 (information relating to sales at arm's...
The Inheritance Tax Act 1984 is amended as follows.
(1) Amend section 23 (gifts to charities) as follows.
In section 231B(12) (consequences of certain arrangements to pass on...
In section 96 (preference shares disregarded) for “section 210(4) of...
In section 102(1) (interpretation), in the definition of “participator”, for...
In Schedule 3, in the entry for “health service body”,...
In section 14(6) of the Police and Criminal Evidence Act...
In paragraph 36(3) of Schedule 2 to the Administration of...
The Finance Act 1986 is amended as follows.
Minor and consequential amendments
In section 80B(1) (intermediaries: supplementary) for “section 839 of the...
In section 80D(2)(a) (repurchasers and stock lending: replacement stock on...
In section 88B(1) (intermediaries: supplementary) for “section 839 of the...
Omit section 6(4) (the charge to corporation tax and exclusion...
Omit section 234 (information relating to distributions).
In section 89AB(2)(a) (section 87: exception for repurchasers and stock...
In section 90(9)(b) (section 87: other exceptions) for “section 416...
In section 19E(4) of the Gas Act 1986 (sections 19A...
The Finance Act 1987 is amended as follows.
In Schedule 13 (relief for research expenditure) in paragraph 11(2)...
In Schedule 14 (cross-field allowance) in paragraph 10(2) for “section...
The Local Government Finance Act 1988 is amended as follows....
In section 43(6)(b) (occupied hereditaments: liability) for “Schedule 18 to...
Minor and consequential amendments
In section 67(10A) (interpretation: other provisions)— (a) for “Schedule 18...
Omit section 234A (information relating to distributions: further provisions).
In paragraph 7(9) of Schedule 5 (non-domestic rating: exemption) for...
In section 54(2)(c) of the Housing Act 1988 (tax relief...
The Finance Act 1989 is amended as follows.
Minor and consequential amendments
Minor and consequential amendments
Omit section 102 (surrender of tax refund etc within group)....
In paragraph 16(2) of Schedule 5 (employee share ownership trusts)—...
In Schedule 12 (close companies) omit paragraphs 1, 3 and...
In section 58(8) of the Electricity Act 1989 (directions restricting...
In Article 16(6) of the Police and Criminal Evidence (Northern...
Omit Chapter 6 of Part 6 (miscellaneous and supplemental).
Omit section 25(10) and (12) of the Finance Act 1990...
The Finance Act 1991 is amended as follows.
(1) Omit sections 62 to 65 (abandonment guarantees and abandonment...
In section 104(3) (abandonment guarantees) for “section 839 of the...
In section 112(7)(b) (apportionment of consideration for stamp duty purposes)...
The Taxation of Chargeable Gains Act 1992 is amended as...
In section 8(1) (company's total profits to include chargeable gains)...
In section 13(12) (attribution of gains to members of non-resident...
In section 37 (consideration chargeable to tax on income) after...
In section 39 (exclusion of expenditure by reference to tax...
In section 337A (computation of company's profits or income: exclusion...
In section 96(10) (payments by and to companies)—
In section 117(1) (meaning of qualifying corporate bond) for the...
In section 125(6) (shares in close company transferring assets at...
In section 125A(1) (effect of share loss relief)—
In section 135(4) (exchange of securities for those in another...
In section 140L(1)(c)(i) (interpretation) for “section 832 of the Taxes...
In section 151BA (CITR: identification of securities of shares on...
In section 151BB (CITR: rights issues etc) in subsection (5)(b)...
In section 151C(5) (strips) for “section 840ZA of the Taxes...
In section 151D(5) (corporate strips) for “section 840ZA of the...
Omit section 338 (charges on income deducted from total profits)....
In section 161 (appropriations to and from stock) after subsection...
In section 165A(14) (meaning of “holding company” etc), in the...
(1) Amend section 170 (interpretation) as follows.
In section 171(2)(da) (transfers within a group: general provisions) for...
(1) Amend section 179 (company ceasing to be a member...
In section 184H(5)(b) (meaning of excluded arrangements) for “section 779(1)...
In section 190(13) (tax recoverable from another group company or...
(1) Amend section 192 (tax exempt distributions) as follows.
In section 198(5)(b) (replacement of business assets used in connection...
In section 212(1)(c) (annual deemed disposal of holdings of unit...
Omit section 338A (meaning of “charges on income”).
After section 217C insert— Industrial and provident societies and co-operatives...
Minor and consequential amendments
In section 228 (conditions for relief: supplementary) for subsection (10)...
In section 239(7) (employee trusts) for “in section 417(1) of...
(1) Amend section 256 (charities) as follows.
In the title to section 256A (attributing gains to the...
In the title to section 256B (how gains are attributed...
After section 256B insert— Attributing gains to the non-exempt amount:...
(1) Amend section 257 (gifts to charities etc) as follows....
In section 263B(7) (stock lending arrangements), in the definition of...
Omit section 339 (charges on income: donations to charity).
In section 263E(1)(a) (structured finance arrangements) before “(disregard” insert “...
(1) Amend section 271 (other miscellaneous exemptions) as follows.
In section 276(2)(d) (the territorial sea and the continental shelf)...
In section 286(3A)(b) (connected persons: interpretation) for “section 840 of...
(1) Amend section 288 (interpretation) as follows.
In paragraph 7(3)(a) of Schedule 3 (assets held on 31...
(1) Amend Schedule 5 (attribution of gains to settlors with...
(1) Amend Schedule 5AA (meaning of “scheme of reconstruction”) as...
In paragraph 19(1) of Schedule 5B (interpretation)—
(1) Amend Schedule 7AC (exemptions for disposals by companies with...
Omit section 342 (tax on company in liquidation).
(1) The Finance (No.2) Act 1992 is amended as follows....
In Article 62(8) of the Electricity (Northern Ireland) Order 1992...
In Article 22(2)(c) of the Housing (Northern Ireland) Order 1992...
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
The Finance Act 1993 is amended as follows.
Omit sections 92 to 92E (which set out rules about...
In section 193(6) (tariff receipts) for “section 839 of the...
In paragraph 5(1) of Schedule 20A (interpretation) in the definition...
Omit section 342A (tax on companies in administration).
The Finance Act 1994 is amended as follows.
In section 52A(8) (certain fees to be treated as premiums...
In section 219(4B) (Lloyd's underwriters: corporations etc : taxation of...
In section 227A(5) (restriction of group relief) for “section 402(2)...
In Schedule 6A (premiums liable to tax at the higher...
In the following provisions of the Value Added Tax Act...
The Finance Act 1995 is amended as follows.
(1) Amend section 151 (lease or tack: associated bodies) as...
(1) Amend section 152 (open-ended investment companies) as follows.
In section 154(1) (short rotation coppice) omit the words “the...
Omit section 343 (company reconstructions without a change of ownership)....
In paragraph 17(6)(a) of Schedule 22 (interpretation) for “section 416...
The Finance Act 1996 is amended as follows.
Omit section 175 (transactions in securities).
In paragraph 11(2D) of Schedule 15 (other adjustments in case...
(1) Schedule 7 to the Broadcasting Act 1996 (transfer schemes)...
(1) The Gas (Northern Ireland) Order 1996 is amended as...
(1) Schedule 12 to the Finance Act 1997 (leasing arrangements:...
(1) Schedule 18 to the Finance Act 1998 (company tax...
In section 17E(7) of the Petroleum Act 1998 (section 17D:...
Minor and consequential amendments
Omit section 7 (treatment of certain payments and repayment of...
Omit section 343ZA (transfers of trade to obtain balancing allowances)....
The Finance Act 1999 is amended as follows.
In section 97 (supplementary provisions) in subsection (2)(a) for “section...
In section 98(7) (qualifying assets) after paragraph (a) insert—
(1) Paragraph 6 of Schedule 3 to the Commonwealth Development...
The Greater London Authority Act 1999 is amended as follows....
In section 157(4) (restriction on exercise of certain powers except...
In section 419(2) (taxation: certain bodies treated as a local...
(1) Amend paragraph 13 of Schedule 33 (taxation provisions: public-private...
The Finance Act 2000 is amended as follows.
Omit section 46 (exemption for small trades etc).
Omit section 343A (company reconstructions involving business of leasing plant...
Omit section 98 (recovery of tax payable by non-resident company)....
In section 119(9) (transfer of land to connected company) for...
In section 120(7) (exceptions) for “section 839(3) of the Taxes...
In section 121(8) (grant of lease to connected company) for...
(1) Amend Schedule 6 (climate change levy) as follows.
(1) Amend Schedule 15 (the corporate venturing scheme) as follows....
(1) Amend Schedule 22 (tonnage tax) as follows.
Omit Schedule 28 (recovery of tax payable by non-resident company)....
In Schedule 34 (supplementary provisions) in paragraph 3(4)(b) for “section...
In section 19(3) of the Trustee Act 2000 (persons who...
Omit section 344 (company reconstructions: supplemental).
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 38B (general exclusions applying to section 38A) in...
In section 45F(3) (expenditure on plant and machinery for use...
In section 56(1A) (amount of allowances and charges) for “section...
In section 60(1)(c) (meaning of “disposal receipt”) after “or” insert...
In section 63(2) (cases in which disposal value is nil)—...
In section 70E(2B) (disposal events and disposal values)—
In section 369(6) (mortgage interest payable under deduction of tax)...
In section 70H(1) (lessee: requirement for tax return treating lease...
In section 70V(4) (tax avoidance involving international leasing) for “section...
In section 99 (the monetary limit) for subsection (5) substitute—...
In section 104F(10) (special rate cars: discontinued activity continued by...
In section 108(1)(b)(i) (effect of disposal to connected person on...
In section 112(1)(b)(i) (excess allowances: connected persons) for “section 343(1)...
In section 115(1)(c)(i) (prohibited allowances: connected persons) for “section 343(1)...
In section 131(7) (effect of postponement)— (a) for “section 403ZB(2)...
In section 138(2)(b) (limit on amount deferred) for “section 393...
In section 154(3)(b)(ii) (further registration requirement) for “section 343(2) of...
Omit Chapter 2 of Part 10 (loss relief).
In section 155(1)(b)(ii) (change in persons carrying on qualifying activity)...
In section 156(2)(b) (connected persons) for “section 343(2) of ICTA”...
In section 158 (members of same group) for “Chapter IV...
In section 162(2) (ring fence trade a separate qualifying activity)—...
(1) Amend section 220 (allocation of expenditure to a chargeable...
In section 228H(1A)(b) (sections 228A to 228G: supplementary) for “section...
In section 228M(2) (other definitions for the purposes of s.228K)—...
In section 249(2) (furnished holiday lettings business) for “Section 503...
In section 253(7) (companies with investment business) for “sections 768B(8)...
In section 260(7) (special leasing: corporation tax (excess allowance)) in...
Omit section 397 (restriction of loss relief in case of...
In section 261 (special leasing: life assurance business) in paragraph...
In section 261A(3) (special leasing: leasing partnerships)—
In section 267A(3) (restriction on effect of election)—
In section 355(6) (buildings for miners etc: carry-back of balancing...
In section 362(2) (meaning of “husbandry”) for “section 154(3) of...
In section 416B(5) (expenditure incurred by company for purposes of...
In section 420(b) (meaning of “disposal receipt”) after “or” insert...
In section 476(1)(b) (disposal value of patent rights) after “or”...
In section 505(1) (qualifying dwelling-houses: exclusions), in paragraph (a) of...
After section 560 insert— Transfers of trade without a change...
In section 398 (transactions in deposits) for “section 396” substitute...
In section 561(5) (transfer of division of UK business) for...
In section 561A(2) (transfer of asset by reason of cross-border...
In section 575A(1) (section 575: supplementary) in the definition of...
In section 577(1) (other definitions), in the definition of “dual...
(1) Amend Schedule A1 (first-year tax credits) as follows.
(1) Amend Schedule 1 (abbreviations and defined expressions) as follows....
Minor and consequential amendments
In section 19(3) of the Trustee Act (Northern Ireland) 2001...
The Finance Act 2002 is amended as follows.
Omit section 57(1) (community investment tax relief).
Omit section 399 (dealings in commodity futures).
Omit section 58 (relief for community amateur sports clubs).
In section 63(2)(a) (first year allowances for expenditure wholly for...
Minor and consequential amendments
Omit Schedule 16 (community investment tax relief).
Omit Schedule 18 (relief for community amateur sports clubs).
Minor and consequential amendments
In Schedule 37 (supplementary provisions) in paragraph 2(4)(b) for “section...
The Income Tax (Earnings and Pensions) Act 2003 is amended...
In section 24(6)(b) (limit on chargeable overseas earnings where duties...
Omit section 400 (write-off of government investment).
In section 51(5) (conditions of liability where intermediary is a...
In section 60(1)(a) (meaning of associate) for “section 417(3) and...
In section 61(1) (interpretation) in the definition of “associated company”...
(1) Amend section 68 (meaning of “material interest” in a...
In section 230(4)(c) (the approved amount for mileage allowance payments)...
In section 357(2) (business entertainment and gifts: exception where employer's...
In section 421H(2) (meaning of “employee-controlled” etc) for “same meaning...
In section 446A(3)(b) (application of Chapter) for “section 402(6) of...
In section 446K(3)(b) (application of Chapter) for “section 402(6) of...
In section 459(3) (transfer of intellectual property by controlled company)...
Omit Chapter 4 of Part 10 (group relief).
In section 479(9)(b) (amount of gain realised on occurrence of...
In section 493(3) (no charge on acquisition of dividend shares)...
In section 538(4) (share conversions excluded for the purposes of...
In section 549(4)(a) (application of Chapter) for “same meaning as...
In section 714(2) (meaning of “donations”), in the definition of...
(1) Amend Schedule 1 (abbreviations and defined expressions) as follows....
(1) Amend Schedule 2 (approved share incentive plans) as follows....
(1) Amend Schedule 3 (approved SAYE option schemes) as follows....
(1) Amend Schedule 4 (approved CSOP schemes) as follows.
(1) Amend Schedule 5 (enterprise management incentives) as follows.
Omit section 11(3) and (4) (companies not resident in the...
Omit Chapter 1 of Part 11 (close companies: interpretation).
The Finance Act 2003 is amended as follows.
In section 44(11) (contract and conveyance) for “Section 839 of...
In section 45(6) (contract and conveyance: effect of transfer of...
In section 45A(10) (contract providing for conveyance to third party:...
In section 53(2) (deemed market value where transaction involves connected...
In section 54(3)(b) (exceptions from deemed market value rule) for...
In section 73AB(4) (sections 71A to 72A: arrangements to transfer...
In section 75A(5)(b) (anti-avoidance) for “section 839 of the Taxes...
In section 101(6) (unit trust schemes) for “Section 469A of...
In section 108(1) (linked transactions) for “Section 839 of the...
Omit Chapter 2 of Part 11 (close companies: charges to...
Omit section 148 (meaning of “permanent establishment”).
Omit section 150 (non-resident companies: assessment, collection and recovery of...
Omit section 152 (non-resident companies: transactions carried out through broker,...
(1) Amend section 195 (companies acquiring their own shares) as...
In Schedule 4 (stamp duty land tax: chargeable consideration) in...
In Schedule 6A (relief for certain acquisitions of residential property)...
(1) Amend Schedule 7 (stamp duty land tax: group relief...
In Schedule 17A (further provisions relating to leases) in paragraph...
Minor and consequential amendments
In Schedule 20 (stamp duty: restriction to instruments relating to...
Omit Schedule 26 (non-resident companies: transactions through broker, investment manager...
In Article 85(2) of the Housing (Northern Ireland) Order 2003...
The Finance Act 2004 is amended as follows.
Omit section 50 (generally accepted accounting practice).
Omit section 51 (use of different accounting practices within a...
In section 59(4) (contractors) for “section 343 of the Taxes...
Omit section 83 (giving through the self-assessment return).
In section 273(9) (members liable as scheme administrator) for “section...
In section 307(2)(b) (meaning of “promoter”)— (a) for “section 840A...
Minor and consequential amendments
In paragraph 4(2) of Schedule 11 (the compliance test) for...
(1) Amend Schedule 29A (taxable property held by investment-regulated pension...
(1) Amend Schedule 36 (pension schemes: transitional provision and savings)...
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)—...
In paragraph 3 of Schedule 4 (supplemental taxation provisions for...
(1) Amend Schedule 9 (taxation provisions relating to nuclear transfer...
(1) Section 54C of the Companies (Audit, Investigations and Community...
Minor and consequential amendments
The Scotland Act 1998 (Transfer of Functions to the Scottish...
Omit article 3 (transfer of functions to the Scottish Ministers)....
Omit article 5 (modification of ICTA).
In article 6 (general modifications of enactments etc)—
The Income Tax (Trading and Other Income) Act 2005 is...
In section 100(4) (meaning of sale and lease-back arrangement) for...
In section 108(3) (gifts of trading stock to charities etc)...
For section 148D (lessor under long funding operating lease: periodic...
After section 148D insert— Starting value”: general (1) This section is about the meaning of “starting value”...
For section 148E substitute— Long funding operating lease: lessor's additional...
Minor and consequential amendments
After section 148E insert— Determination of remaining residual value resulting...
For section 148F substitute— Lessor under long funding operating lease:...
In section 375(1) (interpretation of sections 373 and 374) for...
In section 388(1) (interpretation of sections 386 and 387) for...
In section 389(5) (authorised unit trust dividend distributions) for “section...
In section 401(7) (relief: qualifying distributions after linked non-qualifying distribution)...
In Chapter 3 of Part 4 after section 401 insert—...
After section 401A insert— Power to obtain information (1) An officer of Revenue and Customs may, for the...
(1) Amend section 410 as follows. (2) For subsection (1)...
After section 410 insert— Conversion etc of bonus share capital...
Minor and consequential amendments
(1) Amend section 412 (cash equivalent of share capital) as...
After section 414 insert— Interpretation of Chapter (1) In this Chapter “bonus share capital” means—
(1) Amend section 415 (charge to tax under Chapter 6)...
In section 419(1)(b) (loans and advances to people who die)...
In section 420(1)(b) (loans and advances to trustees of settlements...
After section 421 insert— Power to obtain information (1) An officer of Revenue and Customs may, for the...
(1) Amend section 456 (securities issued to connected persons etc...
In section 460(2) (minor definitions) for “section 840ZA of ICTA”...
In section 482(7) (conditions in relation to excepted group life...
In section 520(4) (the property categories) for “section 842 of...
Minor and consequential amendments
In section 643(4) (interpretation) for “section 416 of ICTA” substitute...
(1) Amend Schedule 2 (transitionals and savings) as follows.
(1) Amend Schedule 4 (abbreviations and defined expressions) as follows....
The Finance Act 2005 is amended as follows.
(1) In section 48B(5) (alternative finance arrangements: alternative finance investment...
(1) Omit section 54A (treatment of section 47, 49 and...
Omit section 84 (taxation of securitisation companies).
In section 102(7)(b) (Pension Protection Fund etc) for “section 832(1)...
(1) Schedule 10 to the Railways Act 2005 (taxation provisions...
In section 17(4) of the Finance (No. 2) Act 2005...
Minor and consequential amendments
The Finance Act 2006 is amended as follows.
Omit section 82 (sale etc of lessor companies etc).
In section 83(6)(a) (restrictions on use of losses etc: leasing...
In Part 4 (Real Estate Investment Trusts) omit—
Omit Schedule 10 (sale etc of lessor companies etc).
Omit Schedule 16 (Real Estate Investment Trusts: excluded business and...
Omit Schedule 17 (group Real Estate Investment Trusts: modifications).
The Companies Act 2006 is amended as follows.
In section 141(4)(a) (subsidiary acting as authorised dealer in securities)...
Minor and consequential amendments
Minor and consequential amendments
In section 1278(1)(c) (institutions to which information provisions apply) for...
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
The Income Tax Act 2007 is amended as follows.
In section 69(7) (whether trade is same trade) for “has...
In section 136(2) (disposals of new shares) for “one of...
In section 139(4) (the control and independence requirement) in the...
(1) Amend section 151 (interpretation of Chapter) as follows.
In section 170 (persons interested in capital etc of company)—...
Omit sections 13 to 13A (small companies' relief).
Minor and consequential amendments
In section 190 (meaning of “qualifying 90% subsidiary”)—
In section 199(3)(c) (excluded activities: provision of services or facilities...
In section 232(4)(a) (acquisition of a trade or trading assets)—...
In section 257 (minor definitions)— (a) in subsection (1) in...
In section 301 (meaning of “qualifying 90% subsidiary”)—
In section 310(3)(c) (excluded activities: provision of services or facilities...
In section 313 (interpretation)— (a) in subsection (4) for “section...
In section 332 (minor definitions etc) in the definition of...
In section 340 (application and criteria for accreditation) after subsection...
In section 341 (terms and conditions of accreditation) after subsection...
Minor and consequential amendments
In section 346 (conditions to be met in relation to...
(1) Amend section 348 (CITR: tax relief certificates) as follows....
In section 355 (securities or shares: no claim after disposal...
(1) Amend section 356 (no claim after loss of accreditation...
(1) Amend section 361 (disposal of securities or shares during...
In section 363 (value received by investor during 6 year...
In section 364 (value received by investor during 6 year...
In section 365 (receipts of insignificant value to be added...
In section 368 (value received if more than one investment)...
In section 369 (effect of receipt of value on future...
Omit section 467 (exemption for trade unions and employers' associations)....
In section 373 (information to be provided by the investor)...
In section 392(4) (loan to buy interest in close company)—...
In section 394(5) (meaning of “material interest” in section 393)—...
In section 395(6) (meaning of “associate” in section 394) in...
In section 413(5) (overview of Chapter) for the words from...
In section 426(7) (election by donor: gift treated as made...
In section 430(1)(d) (“charity” to include exempted bodies) for “Schedule...
In section 432(2) (meaning of “qualifying investment”), in the definition...
In section 442(7)(b) (qualifying interests in land held jointly) for...
In section 443(5) (calculation of relievable amount where joint disposal...
Omit section 468 (authorised unit trusts).
In section 527(2)(a) for “section 214 of ICTA” substitute “...
In section 531(2A) (exemption for property income etc) for “section...
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
In section 559(3) (securities which are approved charitable investments), in...
In section 576 (manufactured dividends on UK shares: Real Estate...
(1) Amend section 577 (statements about manufactured dividends) as follows....
In section 591(1) (interpretation of other terms used in Chapter)—...
Omit section 468A (open-ended investment companies).
In section 597(1)(d) (deemed interest: cash collateral under stock lending...
(1) Amend section 602 (deemed manufactured payments: repos) as follows....
(1) Amend section 603 (deemed deductions of tax) as follows....
(1) Amend section 604 (deemed increase in repurchase price: price...
In section 606 (interpretation of Chapter)— (a) for subsection (2)...
Minor and consequential amendments
Minor and consequential amendments
In section 772(1) (interpretation of Chapter) for “section 776 of...
In section 809ZA (plant and machinery leases: capital receipts to...
Omit section 809ZB (section 809ZA: interpretation).
Omit section 469 (other unit trusts).
In section 809ZC(1) (section 809ZA: lease of plant and machinery...
After section 809ZD insert— Capital payment”, “relevant capital payment” etc...
In section 809M(3) (meaning of “relevant person”)—
In section 836(3) (jointly held property) for “section 254 of...
In section 899(5) (meaning of “qualifying annual payment”) for paragraph...
In section 918 (manufactured dividends on UK shares: Real Estate...
(1) Amend section 928 (chargeable payments connected with exempt distributions)...
In section 936(2) (recipients who are to be paid gross)—...
In section 953(6) (how a set-off claim works)—
In section 972(6) (regulations under section 971) for “section 121(2)(c)...
Omit section 469A (court common investment funds).
(1) Amend section 973 (income tax due in respect of...
(1) Amend section 974 (regulations under section 973) as follows....
(1) Amend section 989 (definitions) as follows.
In section 991 (meaning of “bank”) after subsection (4) insert—...
In section 992(2) (meaning of “company”) for “section 468 of...
In section 994(1) (meaning of “connected” person: supplementary) in the...
In section 997(5) (meaning of “international accounting standards”) for “section...
(1) Amend section 999 (meaning of “local authority”) as follows....
In section 1000 (meaning of “local authority association”) for subsections...
In section 1016(2) (table of provisions to which that section...
Omit section 477A (building societies: loan relationships).
In section 1017 (abbreviated references to Acts) at the appropriate...
(1) Amend Schedule 2 (transitional and savings) as follows.
In Schedule 4 (index of defined expressions)—
The Finance Act 2007 is amended as follows.
Omit section 3 (small companies' rates and fractions for financial...
In paragraph 5(4)(b) of Schedule 24 (potential lost revenue: normal...
The Finance Act 2008 is amended as follows.
In section 6(3) (charge and main rates for financial year...
Omit section 7 (small companies' rates and fractions for financial...
In section 165(1) (interpretation) at the appropriate place insert— “CTA...
Omit section 486 (industrial and provident societies and co-operative associations)....
(1) Amend Schedule 19 (reduction of basic rate of income...
(1) Amend Schedule 20 (leases of plant or machinery) as...
(1) Amend Schedule 36 (information and inspection powers) as follows....
In paragraph 7(4) of Schedule 41 (potential lost revenue)—
(1) Schedule 13 to the Crossrail Act 2008 (transfer schemes:...
The Charities Act (Northern Ireland) 2008 is amended as follows....
In section 5(4) for the words from “a club” to...
(1) Amend section 45 as follows. (2) In subsection (1)—...
In paragraph 1 of the Schedule to the Transfer of...
The Corporation Tax Act 2009 is amended as follows.
Omit section 488 (co-operative housing associations).
In section 20(3) (profits attributable to permanent establishment: introduction) for...
In section 25(3) (non-UK resident banks: introduction) for “section 840A...
In section 39(3) (profits of mines, quarries and other concerns)...
In section 57 (car hire: supplementary)— (a) in subsection (2)(a)...
In section 87(5) (expenses of research and development) for “section...
In section 88(1)(a) (payments to research associations, universities etc)—
In section 97(4) (meaning of sale and lease-back arrangement) for...
(1) Amend section 105 (gifts of trading stock to charities...
In section 132(5) (dividends etc granted by industrial and provident...
In section 168 (connected persons) in paragraph (a) for “section...
Omit section 14 (qualifying distributions).
Omit section 489 (self-build societies).
After section 221 insert— Sums to which sections 217 to...
In section 260(3) (mutual business) for “section 488 of ICTA”...
In section 264(2) (overview of Chapter) for paragraph (a) substitute—...
In section 269(2)(b) (capital allowances and loss relief) for “Chapter...
In section 297(5)(c) (trading credits and debits to be brought...
In section 326(3) (writing off government investments)—
In section 345(1)(b) (transferee leaving group otherwise than because of...
In section 346(1) (transferee leaving group because of exempt distribution)—...
In section 364(5) (introduction to Chapter) for “section 403C of...
(1) Amend section 371 (interpretation) as follows.
Omit section 490 (companies carrying on a mutual business or...
(1) Amend section 376 (interpretation of section 375) as follows....
In section 383(8) (lending between partners and the partnership) for...
(1) Amend section 390 (meaning of available profits) as follows....
In section 410(5) (exception to section 409) in the definition...
In section 411(3) (interpretation of section 409)—
Minor and consequential amendments
(1) Amend section 443 (restriction of relief for interest where...
In section 448(1)(c) (exchange gains and losses on debtor relationships:...
(1) Amend section 457 (basic rule for deficits: carry forward...
In section 459(2) (claim to set off deficit against profits...
Omit section 492 (treatment of oil extraction activities etc for...
(1) Amend section 461 (claim to set off deficit against...
In section 463(5) (profits available for relief under section 462)—...
In section 464(3) (priority of Part for corporation tax purposes)—...
In section 465(3) (exclusion of distributions except in tax avoidance...
In section 476(1) (other definitions)— (a) in the definition of...
In section 486F(2)(a) (meaning of “income stream transfer”) for “Part...
In section 486G(2) (meaning of “relevant receipts”) for “paragraph 1(2)...
(1) Amend section 488 (meaning of “open-ended investment company etc”)...
(1) Amend section 493 (the qualifying investments test) as follows....
In section 495(3)(a)(ii) (qualifying holdings) for “section 468A(3) of ICTA”...
(1) Omit section 493 (valuation of oil disposed of or...
In section 502(1)(a) (meaning of “financial institution”) for “section 840A...
In section 518(2)(c) (investment bond arrangements: treatment as securities) for...
(1) Amend section 519 (investment bond arrangements: other provisions) as...
In section 520(2)(b) (provision not at arm's length: non-deductibility of...
In section 521D(5) (excepted shares) for the words from “Chapter...
In section 539(7) (introduction to Chapter 9 of Part 6)...
In section 540(3) (manufactured interest treated as interest under loan...
(1) Amend section 541 (debits for deemed interest under stock...
In section 606H(11) (other interpretative provisions) for “section 840ZA of...
In section 629(5) (tax avoidance), in the definition of “tax...
Omit sections 494 to 494A (loan relationships etc, sale and...
In section 631(1) (transferee leaving group otherwise than because of...
In section 632(1) (transferee leaving group because of exempt distribution)—...
In section 691(6) (meaning of “unallowable purpose”) for “section 840ZA...
(1) Amend section 710 (other definitions) as follows.
In section 753(3)(b) (treatment of non-trading losses) for “(see section...
In section 768 (company cannot be member of more than...
In section 772 (equity holders and profits or assets available...
In section 773(1) (supplementary provisions) for “section 838 of ICTA”...
In section 775(4)(b) (transfers within a group) for “section 404...
In section 777(3)(e) (relief on realisation and reinvestment: application to...
(1) Omit section 495 (regional development grants).
In section 784 (groups with a relevant connection) for subsection...
In section 787(5) (company ceasing to be member of group...
In section 793(4)(b) (further requirements about elections) for “section 404...
(1) Amend section 796 (interpretation of section 795) as follows....
In section 814(5) (research and development) for “section 837A of...
In section 818(4)(b) (company reconstruction involving transfer of business) for...
In section 826(3)(c) (amalgamation of, or transfer of engagements by,...
(1) Amend section 841 (“participator” and “associate”) as follows.
In section 847(5)(a) (transfers involving other taxes) for “section 209...
In section 931B(b) (exemption of distributions received by small companies)...
(1) Omit section 496 (tariff receipts and tax-exempt tariffing receipts)....
In section 931D(b) (exemption of distributions received by companies that...
In section 931V(2) (meaning of “scheme” and “tax advantage scheme”)...
Omit section 968 (meaning of “personal representatives”) (including the italic...
In section 971(2)(b) (overview of Chapter) for “section 7(2) of...
In section 974(6) (charge to tax under Chapter 6) for...
In section 1004(9) (groups, consortiums and commercial associations of companies)...
In section 1041 (“research and development”) for “section 837A of...
(1) Amend section 1048 (treatment of deemed trading loss under...
In section 1049(3) (restriction on consortium relief) for “under section...
(1) Amend section 1056 (amount of unrelieved trading loss) as...
Omit section 496B (ring fence expenditure supplement).
In section 1062(2) (restriction on losses carried forward where tax...
Minor and consequential amendments
Minor and consequential amendments
Minor and consequential amendments
In section 1116(4)(a) (meaning of “the actual reduction in tax...
In section 1142(1) (meaning of “qualifying body”)—
(1) Amend section 1153 (amount of unrelieved loss) as follows....
(1) Amend section 1158 (restriction on losses carried forward where...
In section 1179 (other definitions) for the definition of “UK...
Omit sections 500 to 501B (deduction of PRT, interest on...
In section 1209(2) (restriction on use of losses while film...
(1) Amend section 1210 (use of losses in later periods)...
(1) Amend section 1211 (terminal losses) as follows.
In section 1219 (expenses of management of a company's investment...
In section 1220(5)(b) (meaning of “unallowable purpose”) for “section 840ZA...
In section 1221(1) (amounts treated as expenses of management)—
(1) Amend section 1223 (carrying forward expenses of management and...
In section 1225(3) (accounts conforming with GAAP) for “section 1311”...
In section 1229(6) (claw back of relief) for “section 1311”...
In section 1248 (expenses in connection with arrangements for securing...
(1) Omit section 502 (interpretation of Chapter 5).
In section 1256(2) (overview) for “section 116 of ICTA (arrangements...
(1) Amend section 1262 (allocation of firm's profits or losses...
Before section 1302 insert— Qualifying charitable donations In calculating a company's income from any source for corporation...
In section 1306(3)(a) (losses calculated on same basis as miscellaneous...
(1) Amend section 1307 (apportionment etc of miscellaneous profits and...
In section 1308(7) (expenditure brought into account in determining value...
Omit section 1311 (apportionment to different periods) (including the italic...
In section 1312 (abbreviated references to Acts) insert at the...
(1) Amend section 1316 (meaning of “connected” persons and “control”)...
Omit section 1317 (meaning of “farming” and related expressions).
(1) Omit section 24 (which has come to apply only...
Omit Chapter 5A of Part 12 (special rules for long...
Omit section 1318 (meaning of grossing up).
(1) Amend section 1319 (other definitions) as follows.
Omit section 1320(1) (interpretation: Scotland).
(1) Amend Schedule 2 (transitionals and savings) as follows.
(1) Amend Schedule 4 (index of defined expressions) as follows....
Minor and consequential amendments
The Finance Act 2009 is amended as follows.
In section 7(3) (charge and main rates for financial year...
In section 8(4) (small companies' rates and fractions for financial...
Omit section 38 (corporation tax: foreign currency accounting).
Omit section 503 (letting of furnished holiday accommodation).
In section 45(6) (power to enable dividends of investment trusts...
Omit section 90 (supplementary charge: reduction for certain new oil...
In section 126(1) (interpretation) at the appropriate place insert— “CTA...
In Schedule 3 (VAT: supplementary charge and orders changing rate)...
(1) Amend paragraph 3 of Schedule 6 (temporary extension of...
Omit Schedule 18 (corporation tax: foreign currency accounting).
(1) Amend Schedule 22 (offshore funds) as follows.
Omit paragraphs 1 to 6 of Schedule 25 (transfer of...
(1) Amend Schedule 33 (long funding leases of films) as...
In Schedule 35 (pensions: special annual allowance charge) in paragraph...
Omit section 505 (charitable companies: general).
Omit Schedule 44 (supplementary charge: reduction for certain new oil...
(1) Amend paragraph 18 of Schedule 46 (duties of senior...
In Schedule 53 (late payment interest) in paragraph 6 for...
In Schedule 55 (penalty for failure to make returns etc)...
(1) Amend Schedule 61 (alternative finance investment bonds) as follows....
Omit section 506 (charitable and non-charitable expenditure).
Omit section 506A (transactions with substantial donors).
Omit section 506B (section 506A: exceptions).
Omit section 506C (sections 506A and 506B: supplemental).
Omit section 507 (the National Heritage Memorial Fund, the Historic...
Omit section 508 (scientific research organisations).
Omit section 510 (agricultural societies).
Omit section 56(3)(c) (exemption for transactions in deposits).
Omit section 510A (European Economic Interest Groupings).
Omit section 511(7) (the Gas Council).
Omit section 513 (British Airways Board and National Freight Corporation)....
Omit section 517 (issue departments of Reserve Bank of India...
Omit section 518 (harbour reorganisation schemes).
Omit section 519 (local authorities).
Omit section 519A (health service bodies).
In section 552A(11) (tax representatives) for “Section 839” substitute “...
Omit Chapter 5A of Part 13 (share loss relief).
Omit section 587B (gifts of shares, securities and real property...
Minor and consequential amendments
Omit section 587BA (qualifying interests in land held jointly).
Omit section 587C (supplementary provision for gifts of real property)....
Omit section 687A (discretionary payments by trustees to companies).
Omit section 689B (order in which trustees' expenses are to...
Omit Chapter 1 of Part 17 (cancellation of corporation tax...
Omit section 736A (manufactured dividends and interest).
Omit section 736B (deemed manufactured payments in the case of...
In section 749B(3) (interests in companies) for “Part VI” substitute...
In section 750(3)(c)(i) (territories with a lower level of taxation)...
In section 751(6)(b) (accounting periods and creditable tax) for “section...
The repeal of provisions and their enactment in a rewritten...
(1) This paragraph applies if, in the case of any...
Section 949 does not apply if the transfer of the...
Section 996 does not have effect in relation to periods...
Section 1006 applies only to securities issued after 5 April...
(1) Securities do not meet Condition A in section 1015...
Section 1018(1) applies only to securities issued after 5 April...
(1) Section 1022(3) (amount paid up on bonus share capital...
(1) In relation to share capital issued before 7 April...
(1) Section 1032(1) does not apply in the case of...
(1) This paragraph applies if— (a) share capital is issued...
Section 1050 does not apply in relation to a conversion...
(1) This paragraph applies if— (a) a loss of a...
Paragraph 8(1) (saving for certain provisions repealed by this Act...
In relation to a distribution paid before 1 July 2009...
Section 1110(5) and (6) and section 1111(1) do not apply...
(1) Section 1139 has effect as if in subsection (4)(b)...
(1) In relation to shares and securities issued before 17...
If an order under paragraph 13(2) of Schedule 22 to...
(1) This paragraph applies if— (a) a loss arises in...
(1) Paragraphs 14, 15 and 16 apply if a company—...
In relation to an accounting period beginning before 21 July...
This Schedule has effect in relation to the company as...
In relation to profits or losses arising in accounting periods...
(1) The repeal by this Act of the superseded carry...
(1) This paragraph applies for the purposes of section 37...
(1) This paragraph applies for the purposes of section 42...
Paragraph 1 does not apply to any change made by...
Section 41 does not have effect in relation to cessations...
Section 52(1)(c) does not cover arrangements made wholly before 6...
Section 53(1)(a) does not cover contracts entered into before 6...
The relief covered by section 56(4) includes—
(1) The relief covered by section 59(4) includes relief given...
(1) This paragraph applies to any loss made by a...
Section 92(1) does not cover government investment written off before...
(1) In relation to new shares issued before 1 April...
(1) In relation to shares issued before 17 March 2004,...
(1) In relation to shares issued before 6 April 2007,...
Any subordinate legislation or other thing which—
(1) In relation to shares issued before 17 March 2004,...
(1) In relation to shares issued before 6 April 2007,...
Section 82 does not apply in relation to shares issued...
Section 83 does not apply in relation to shares issued...
(1) In relation to shares issued before 6 April 2006,...
(1) In relation to shares issued before 7 March 2001,...
Section 86 does not apply in relation to shares issued...
(1) In relation to new shares issued before 1 April...
Section 88 does not apply in relation to shares issued...
(1) In relation to shares issued before 1 April 2010,...
(1) Any reference (express or implied) in this Act, another...
In relation to shares issued before 6 April 1998, section...
(1) This paragraph applies in relation to shares issued before...
In relation to shares issued before 17 March 2004, section...
(1) In relation to shares issued before 6 April 2008,...
In relation to shares issued before 6 April 2007, section...
(1) In relation to shares issued before 6 April 2007,...
(1) Sub-paragraph (3) applies, in the circumstances mentioned in sub-paragraph...
(1) This paragraph applies in relation to shares issued on...
In relation to shares issued before 6 April 2000, section...
In relation to shares issued before 6 April 2007, section...
(1) Any reference (express or implied) in any enactment, instrument...
(1) Sub-paragraph (2) applies in relation to—
(1) For the purposes of this Part of this Schedule,...
In section 127 “arrangements” covers only— (a) arrangements made on...
Section 175 has effect in relation to an accounting period...
Sections 173 to 178 do not have effect where the...
(1) Sub-paragraph (2) applies in relation to shares issued by...
Section 192, and the words “(but see section 192)” in...
(1) This paragraph applies if— (a) a payment is made...
(1) This paragraph applies if the Enactment of Extra-Statutory Concessions...
(1) Sub-paragraph (2) applies in relation to any time after...
Paragraphs 1 to 5 have effect instead of section 17(2)...
In relation to accounting periods beginning before 1 April 2011—...
(1) Chapter 2 of Part 9 (long funding leases of...
(1) If at the beginning of 13 December 2007—
(1) Sections 370 and 371 do not apply if—
(1) Section 376 (films) does not apply if the inception...
(1) In relation to losses incurred in accounting periods ending...
(1) In relation to losses incurred in accounting periods ending...
(1) In relation to losses incurred in accounting periods ending...
(1) If the relevant date for the purposes of any...
(1) The reference in section 456(4)(b) to other outstanding loans...
Paragraphs 4 and 5 apply only so far as the...
The repeal by this Act of section 56(3)(c) of ICTA...
In relation to distributions paid before 1 July 2009 section...
(1) In relation to distributions paid before 1 July 2009...
Section 496(1)(e) and (f) and sections 502 to 510 (non-charitable...
For the purposes of section 502 a person may meet...
In relation to times before 23 April 2009, section 502(2)(b)...
Until paragraph 15 of Schedule 9 to the Housing and...
(1) This paragraph applies if, as a result of sections...
(1) This paragraph applies in relation to accounting periods beginning...
(1) In relation to any time before 6 July 2009,...
(1) The repeal by this Act of a transitional or...
So far as any function of the Welsh Ministers under...
So far as any function of the Welsh Ministers under...
Until paragraph 13 of Schedule 9 to the Housing and...
Until paragraph 14 of Schedule 9 to the Housing and...
(1) Part 15 (transactions in securities), so far as relating...
(1) In its application to a transaction in securities that...
Chapter 1 of Part 16 does not have effect in...
Chapter 2 of Part 16 has no effect in relation...
(1) In relation to a transfer before 22 April 2009,...
In relation to a transfer before 22 April 2009, section...
(1) In this Part— “enactment” includes subordinate legislation (within the...
Manufactured payments and repos
Manufactured payments and repos
Manufactured payments and repos
Manufactured payments and repos
Manufactured payments and repos
(1) Sub-paragraphs (2) and (3) apply if—
(1) Chapter 2 of Part 20 does not apply as...
(1) In relation to payments made under leases whose inception...
So far as it applies in relation to a period...
Section 945 does not apply if the transfer of the...
Other sections — not classified into a Part
These sections sit outside the numbered Parts — usually provisions added or moved by later amendments.
Group allowance allocation statement: submission
- Submit a group allowance allocation statement to HMRC Trader
Group allowance allocation statement: requirements and effects
- File a correct group allowance allocation statement and fix errors within 30 days Trader
Company tax return to specify amount of deductions allowance
- Include deductions allowance details in company tax return Trader
Excessive specifications of deductions allowance
- Amend tax return if you specify an excessive deductions allowance Trader
Overview of Part
Amended 4 times“Oil contractor activities” etc
Amended 4 times“Relevant asset”
Amended 4 times“Associated person”
Amended 4 times“Lease”
Amended 4 times“Contractor's ring fence profits”
Amended 4 timesOil contractor activities treated as separate trade
Amended 4 timesRestriction on hire etc of relevant assets to be brought into account
Amended 4 timesRestriction on hire: further provision
Amended 4 timesRestriction on debits to be brought into account
Amended 4 timesRestriction on credits to be brought into account
Amended 4 timesManagement expenses
Amended 4 timesLosses
Amended 4 timesGroup relief and group relief for carried-forward losses
Amended 4 timesCapital allowances
Amended 4 timesRestriction on deductions from contractor's ring fence profits
Amended 4 timesDeductions allowances where company has contractor's ring fence profits
Amended 4 timesModification of provisions restricting the use of losses
Amended 4 timesOverview of Part
Amended 4 timesDisposals of land in the United Kingdom
Amended 4 timesDisposals of land: profits treated as trading profits
Amended 4 timesDisposals of property deriving its value from land in the United Kingdom
Amended 4 timesDisposals within section 356OD: profits treated as trading profits
Amended 4 timesProfits and losses
Amended 4 timesThe chargeable company
Amended 4 timesFragmented activities
Amended 4 timesCalculation of profit or gain on disposal
Amended 4 timesApportionments
Amended 4 timesArrangements for avoiding tax
Amended 4 timesProfits attributable to period before relevant activities etc began
Amended 4 timesTracing value
Amended 4 timesRelevance of transactions, arrangements, etc
Amended 4 times“Another person”
Amended 4 times“Arrangement”
Amended 4 times“Disposal”
Amended 4 times“Land” and related expressions
Amended 4 timesReferences to realising a gain
Amended 4 timesRelated parties
Amended 4 timesBrowse 43 other sections
Overview of Part
Restriction on deductions from trading profits
Restriction on deductions from chargeable gains
Restriction on deductions from non-trading profits
Restriction on deductions from total profits
References to a company’s “deductions allowance”
Restriction on deductions from total profits: insurance companies
“Relevant trading profits” , “total relevant non-trading profits” etc
“Relevant profits”
Modifications for certain insurance companies
Restriction on deductions of non-BLAGAB allowable losses from BLAGAB chargeable gains
General insurance companies: excluded accounting periods
“Insolvency procedures”
“Qualifying latent claims”
Exclusion of shock losses from restrictions
Meaning of “shock loss”: requirement to make a claim
Further provision about claims under section 269ZK
Meaning of “solvency shock period”
Determination of shock loss threshold
Calculation of solvency loss
Interpretation of sections 269ZJ to 269ZO
Power to amend
Deductions allowance for company in a group
Group deductions allowance and the nominated company
Group allowance nomination: former groups
Group allowance allocation statement: submission of revised statement
Group allowance allocation statement: former groups
Deductions allowance for company not in a group
Increase of deductions allowance for insolvent companies
Increase of deductions allowance in connection with onerous or impaired leases
Meaning of “relevant reversal credit”
Deductions allowance for company without a source of chargeable income
Provisional application of section 269ZYA
Other relevant credits
Meaning of “group”
Losses and profits from tax mismatch scheme to be disregarded
Meaning of “tax mismatch scheme”
Meaning of “scheme loss” and “scheme profit”
Meaning of “relevant tax advantage” etc and “the scheme period”
Meaning of references to economic profits and losses
Tax capacity assumption
Meaning of “scheme”
Priority
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Removal of eligibility of private schools for business rates charitable relief (opens in a new tab) Publication
- Charitable rate relief (opens in a new tab) Detailed Guidance
- How VAT affects charities (VAT Notice 701/1) (opens in a new tab) from HMRC Detailed Guidance
- VAT for charities (opens in a new tab) Detailed Guidance
- Charity trading rules and when you need a trading subsidiary (opens in a new tab) Detailed Guidance
- mygov.scot: Charity Relief (opens in a new tab) Detailed Guidance
- Charities and trading (opens in a new tab) Detailed Guidance
- Trustees, trading and tax: how charities may lawfully trade (CC35) (opens in a new tab) Publication
- Prepare charity accounts using SORP (opens in a new tab) Detailed Guidance
- Charity tax and business rates reliefs (opens in a new tab) Detailed Guidance
- ... and 30 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
Find other UK business legislation with related guidance.
Regulators
Learn more about the bodies that enforce this legislation.