LegalizeReform history
Finance Act 2009
76 versions
· 2009-07-21
2025-09-01
Finance Act 2009
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Finance Act 2009
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2024-03-01
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2023-09-30
Finance Act 2009
2023-09-14
Finance Act 2009
2023-05-01
Finance Act 2009
2023-04-01
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2023-03-15
Finance Act 2009
2023-01-05
Finance Act 2009
2023-01-01
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2022-12-06
Finance Act 2009
2022-04-06
Finance Act 2009
2022-04-01
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2022-02-24
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2022-01-14
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2021-06-10
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2021-04-06
Finance Act 2009
2020-10-05
Finance Act 2009
2020-07-22
Finance Act 2009
2020-05-26
Finance Act 2009
2019-09-06
Finance Act 2009
2019-07-11
Finance Act 2009
2019-07-05
Finance Act 2009
2019-06-01
Finance Act 2009
2019-04-06
Finance Act 2009
2019-02-12
Finance Act 2009
2018-04-06
Finance Act 2009
2018-01-25
Finance Act 2009
2018-01-01
Finance Act 2009
2017-04-27
Finance Act 2009
2017-04-06
Finance Act 2009
2016-09-15
Finance Act 2009
2016-06-16
Finance Act 2009
2015-11-18
Finance Act 2009
2015-04-01
Finance Act 2009
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Finance Act 2009
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Finance Act 2009
2015-02-17
Finance Act 2009
2015-02-12
Finance Act 2009
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Finance Act 2009
2014-12-31
Finance Act 2009
2014-10-06
Finance Act 2009
2014-09-11
Finance Act 2009
2014-08-01
Finance Act 2009
2014-07-17
Finance Act 2009
2014-05-06
Finance Act 2009
2014-04-06
Finance Act 2009
2014-01-01
Finance Act 2009
2013-10-01
Finance Act 2009
2013-07-17
Finance Act 2009
2013-04-19
Finance Act 2009
2013-04-01
Finance Act 2009
2013-03-17
Finance Act 2009
2013-02-01
Finance Act 2009
2012-07-17
Finance Act 2009
2012-07-01
Finance Act 2009
2012-06-30
Finance Act 2009
2011-10-31
Finance Act 2009
2011-10-06
Finance Act 2009
2011-09-30
Finance Act 2009
2011-07-19
Finance Act 2009
2011-04-22
Finance Act 2009
2011-04-06
Finance Act 2009
2011-04-01
Finance Act 2009
2011-01-25
Finance Act 2009
2010-12-16
Finance Act 2009
2010-12-10
Finance Act 2009
2010-08-31
Finance Act 2009
2010-04-08
Finance Act 2009
2010-04-06
Finance Act 2009
2010-04-01
Finance Act 2009
Changes on 2010-04-01
@@ -93,7 +93,7 @@
### Corporation tax
#### Charge and main rates for financial year 2010
#### Penalties for failure to make returns etc
##### 7
@@ -105,7 +105,7 @@
- (b) 30% on ring fence profits of companies.
- (3) In subsection (2) “*ring fence profits*” has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A) of that Act).
- (3) In subsection (2) “*ring fence profits*” has the meaning given by section 276 of CTA 2010.
#### Gaming duty
@@ -125,7 +125,7 @@
- (3) See section 7(3) of FA 2008 for provision applying section 3(3) to (7) of FA 2007 in relation to profits for an accounting period any part of which falls in the financial year 2009.
- (4) In this section “*ring fence profits*” has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A) of that Act).
- (4) In this section “*ring fence profits*” has the meaning given by section 276 of CTA 2010.
### Value added tax
@@ -659,13 +659,13 @@
##### 28
Schedule 9 contains provision about the treatment of certain preference shares for the purposes of group relief.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sale of lessor companies etc: reforms
##### 29
Schedule 10 contains provision amending Schedule 10 to FA 2006 (sale of lessor companies etc).
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#### Tax relief for business expenditure on cars and motor cycles
@@ -732,7 +732,7 @@
##### 35
Schedule 15 contains provision about the treatment for the purposes of corporation tax of certain financing costs and certain financing income of companies that are members of a group.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Controlled foreign companies
@@ -754,7 +754,7 @@
##### 38
Schedule 18 contains provision about foreign currency accounting.
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#### Certain distributions of offshore funds taxed as interest
@@ -881,7 +881,7 @@
In Schedule 22—
- Part 1 contains provision defining what is meant by an offshore fund for the purposes of section 41 of FA 2008 (tax treatment of participants in offshore funds), and
- ...
- Part 2 contains provision about the treatment of participants in certain offshore funds under TCGA 1992.
@@ -925,13 +925,13 @@
- (6) In this section—
- “*company*” has the same meaning as in section 842 of ICTA (investment trusts);
- “*investment trust*” means an investment trust within the meaning of section 842(1) of ICTA;
- “*company*” has the same meaning as in Chapter 4 of Part 24 of CTA 2010 (see section 1165(1) of that Act) (investment trusts);
- “*investment trust*” means an investment trust within the meaning of section 1158 of CTA 2010;
- “*loan relationship*” has the same meaning as in the Corporation Tax Acts (see section 302(1) and (2) of CTA 2009);
- “*prospective investment trust*” means a company that—intends to seek approval under section 842 of ICTA (investment trusts), andhas a reasonable belief that such approval will be obtained;
- “*prospective investment trust*” means a company that—intends to seek approval under section 1158 of CTA 2010 (meaning of “investment trust”), andhas a reasonable belief that such approval will be obtained;
- “*specified*” means specified in regulations under this section.
@@ -1116,7 +1116,7 @@
##### 56
- (1) Part 18 of ICTA (double tax relief) has effect as if tax for the benefit of the Communities payable in respect of any income under—
- (1) Part 2 of TIOPA 2010 (double taxation relief) has effect as if tax for the benefit of the Communities payable in respect of any income under—
- (a) Articles 9.1 and 10 (salaries),
@@ -1136,134 +1136,25 @@
##### 57
- (1) In section 799(1A) of ICTA (computation of foreign tax on dividends), for “in force when the dividend was paid” substitute “ applicable to profits of the company by which the dividend is received for the accounting period in which it is received or, where there is more than one such rate, the average rate over the whole of that accounting period ”.
- (2) Section 801 of ICTA (dividends paid between related companies) is amended as follows.
- (3) In subsection (2), after “had been paid” insert “ (at the time when the dividend mentioned in subsection (1) above is received) ”.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) The amendment made by subsection (3) has effect in relation to dividends paid to a company falling within section 801(1A) of ICTA if they are paid on or after 22 April 2009.
- (6) The other amendments made by this section have effect in relation to dividends paid on or after 1 April 2008.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Manufactured overseas dividends
##### 58
Schedule 29 contains provision about the amount of overseas tax treated as withheld in relation to certain manufactured overseas dividends.
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#### Payments by reference to foreign tax etc
##### 59
- (1) Part 18 of ICTA (double taxation relief) is amended as follows.
- (2) Before section 805 insert—
> (804G)
> (1) This section applies if—
> (a) credit for foreign tax falls to be allowed to a person (“P”) under any arrangements, and
> (b) a payment is made by a tax authority to P, or any person connected with P, by reference to the foreign tax.
> (2) The amount of that credit is to be reduced by an amount equal to that payment.
> (3) Section 839 applies for the purposes of determining whether or not a person is connected with P.
- (3) Section 806 (time limit for claims etc) is amended as follows.
- (4) In subsection (2)—
- (a) after “arrangements” insert “ is reduced under section 804G, or ”,
- (b) for “to which the adjustment gives rise” substitute “ to which the reduction or adjustment gives rise ”, and
- (c) for “all such assessments, adjustments” substitute “ all such assessments, reductions, adjustments ”.
- (5) In subsection (3)—
- (a) in paragraph (b), after “subsequently” insert “ reduced under section 804G or ”, and
- (b) in the words after paragraph (b), after “Board that” insert “ a reduction has been made or that ”.
- (6) In subsections (4) and (5), for “the adjustment” substitute “ the reduction or adjustment ”.
- (7) In subsection (6)—
- (a) for “any adjustment” substitute “ any reduction or adjustment ”, and
- (b) after “allowed” insert “ has been reduced or ”.
- (8) Section 811 (deduction for foreign tax where no credit allowable) is amended as follows.
- (9) After subsection (3) insert—
> (3A) If—
> (a) income of any person (“P”) is treated under subsection (1) as reduced by a sum paid in respect of tax on that income in the place where the income has arisen (“foreign tax”), and
> (b) a payment is made by a tax authority to P, or any person connected with P, by reference to the foreign tax,
> the amount of P's income is to be increased by an amount equal to the payment made to P or the connected person.
> (3B) Section 839 applies for the purposes of determining whether or not a person is connected with P.
- (10) In subsection (4)—
- (a) before “nothing” insert “ or the amount of P's income is increased under subsection (3A), ”,
- (b) for “adjustment gives rise” substitute “ adjustment or increase gives rise ”,
- (c) for “all such assessments, adjustments” substitute “ all such assessments, adjustments, increases ”, and
- (d) insert at the end “or increase under subsection (3A) falls to be made”.
- (11) In subsection (5)—
- (a) in paragraph (b), after “United Kingdom” insert “ or an increase under subsection (3A) ”, and
- (b) in the words after paragraph (b), after “adjustment” insert “ or increase ”.
- (12) In subsections (6), (7) and (8), after “adjustment” insert “ or increase ”.
- (13) The amendments made by this section have effect in relation to payments made on or after 22 April 2009.
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#### Anti-fragmentation
##### 60
- (1) Part 18 of ICTA (double taxation relief) is amended as follows.
- (2) In section 798A (section 797: trade income), after subsection (3) insert—
> (3A) Subsection (3) is subject to subsection (3B) if—
> (a) the taxpayer is a bank or a company connected with a bank, and
> (b) the amount of the included funding costs is significantly less than the amount of the notional funding costs.
> (3B) The amount of the notional funding costs is to be included in the subsection (3) total, but only to the extent that it exceeds the amount of the included funding costs.
> (3C) In subsections (3A) and (3B) and this subsection—
> - “*bank*” has the meaning given by section 840A;
> - “*connected*” has the meaning given by section 839;
> - “*included funding costs*” means the total of the funding costs that are—
> 1. incurred by the taxpayer, or any company connected with the taxpayer, in respect of capital used to fund the relevant transaction, and
> 2. included in the subsection (3) total (before the application of subsection (3B));
> - “*notional funding costs*” means the funding costs that the relevant bank would incur (on the basis of its average funding costs) in respect of the capital that would be needed to wholly fund the relevant transaction if that transaction were funded in that way (and for this purpose “*relevant bank*” means the bank that is the taxpayer, or with which the taxpayer is connected);
> - “*relevant transaction*” means the transaction, arrangement or asset from which the income or gain arises;
> - “*subsection (3) total*” means the amount to be taken into account under subsection (3) for the purposes of section 797(1).
- (3) Section 798B (section 798A: special cases), after subsection (4) insert—
> (4A) Income of a person (“D”) is to be treated for the purposes of section 798A as trade income (if it is not otherwise trade income) of D in a case where—
> (a) the income is received by D as part of a scheme or arrangement entered into by D and a connected person (“C”),
> (b) if C had received the income, it would be reasonable to assume that it would be trade income of C, and
> (c) a main purpose of the scheme or arrangement is to produce the result that section 798A will not have effect in relation to the income because it is received by D.
> (4B) For the purposes of subsection (4A)(b) it is to be assumed that, in the case of any relevant transaction to which a relevant person is a party, C were that party to that transaction.
> (4C) In subsections (4A) and (4B) and this subsection—
> - “*connected person*” means a person with whom D is connected (within the meaning of section 839);
> - “*relevant person*” means—
> 1. D, or
> 2. any other connected person who is a party to the scheme or arrangement;
> - “*relevant transaction*” means any of the transactions giving rise to the income.
- (4) The amendments made by this section have effect in relation to a credit for foreign tax which relates to—
- (a) a payment of foreign tax on or after 22 April 2009, or
- (b) income received on or after that date in respect of which foreign tax has been deducted at source.
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### Miscellaneous anti-avoidance provisions
@@ -1277,19 +1168,13 @@
##### 62
- (1) In section 393A of ICTA (set off of losses against profits of same or earlier accounting period), after subsection (2D) insert—
> (2E) But subsection (2A) above does not apply by reason of a company ceasing to carry on a trade if—
> (a) on the company ceasing to carry on the trade, any of the activities of the trade begin to be carried on by a person who is not (or by persons any or all of whom are not) within the charge to corporation tax, and
> (b) the company's ceasing to carry on the trade is part of a scheme or arrangement the main purpose, or one of the main purposes, of which is to secure that subsection (2A) above applies to a loss by reason of the cessation.
- (2) The amendment made by subsection (1) has effect in relation to cessations of a trade on or after 21 May 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sale of lessor companies etc: anti-avoidance
##### 63
Schedule 31 contains provision amending Schedule 10 to FA 2006 (sale of lessor companies etc) to prevent avoidance.
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#### Leases of plant or machinery
@@ -1307,7 +1192,7 @@
##### 66
Schedule 34 contains provision about Real Estate Investment Trusts.
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#### Deductions for employee liabilities
@@ -1901,13 +1786,7 @@
##### 90
- (1) Schedule 44 contains provision for the reduction of the supplementary charge under section 501A of ICTA on companies that are, or have been, licensees in new oil fields.
- (2) In section 501A of ICTA, after subsection (11) insert—
> (12) This section is subject to Schedule 44 to the Finance Act 2009.
- (3) This section and Schedule 44 have effect in relation to accounting periods ending on or after 22 April 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Miscellaneous amendments
@@ -2455,71 +2334,7 @@
##### 111
- (1) This section applies where a person (“P”) has entered into a managed payment plan in respect of—
- (a) an amount on account of income tax which is to become payable in accordance with section 59A(2) of TMA 1970,
- (b) an amount of income tax or capital gains tax which is to become payable in accordance with section 59B of that Act, or
- (c) an amount of corporation tax which is to become payable in accordance with section 59D of that Act.
- (2) P enters into a managed payment plan in respect of an amount if—
- (a) P agrees to pay, and an officer of Revenue and Customs agrees to accept payment of, the amount by way of instalments,
- (b) the instalments to be paid before the due date are balanced by the instalments to be paid after it (see subsections (8) to (10)), and
- (c) the agreement meets such other requirements as may be specified in regulations made by the Commissioners.
- (3) But this section does not apply, in the case of an amount of corporation tax, where an arrangement under section 36 of FA 1998 (payment of tax by members of a group of companies) has been made in relation to the amount.
- (4) If P pays all of the instalments in accordance with the plan, P is to be treated as having paid, on the due date, the total of those instalments.
- (5) If P—
- (a) pays one or more instalments in accordance with the plan, but
- (b) fails to pay one or more later instalments in accordance with it,
P is to be treated as having paid, on the due date, the total of the instalments paid before the failure (but this is subject to subsection (6)).
- (6) Where—
- (a) subsection (5) applies in a case where the first failure to pay an instalment occurs before the due date, and
- (b) P would (in the absence of a managed payment plan) be entitled to be paid interest on any amount paid before that date,
then, despite that subsection, P is entitled to be paid that interest.
- (7) Where—
- (a) subsection (5) applies,
- (b) P makes one or more payments after the due date (whether or not in accordance with the plan), and
- (c) an officer of Revenue and Customs gives P a notice specifying any or all of those payments,
P is not liable to a penalty or surcharge for failing to pay the amount of the specified payments on or before the due date.
- (8) The instalments to be paid before the due date are balanced by those to be paid after it if the time value of the instalments to be paid before that date is equal, or approximately equal, to the time value of the instalments to be paid after it.
- (9) The time value of the instalments to be paid before the due date is the total of the time value of each of the instalments to be paid before that date (and the time value of the instalments to be paid after that date is to be construed accordingly).
- (10) The time value of an instalment is—
$$A×T$where—A is the amount of the instalment, andT is the number of days before, or after, the due date that the instalment is to be paid.$
- (11) The Commissioners may by regulations make provision for the purpose of determining when an amount is approximately equal to another amount.
- (12) Regulations under this section may make different provision for different cases.
- (13) In this section—
- “*the Commissioners*” means the Commissioners for Her Majesty's Revenue and Customs;
- “*the due date*”, in relation to an amount mentioned in subsection (1), means the date on which it becomes payable.
- (14) This section has effect where the due date falls after the day on which this Act is passed.
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#### Customs and excise enforcement: movements between member States
@@ -2801,7 +2616,7 @@
##### 123
Schedule 61 contains provision about the taxation of chargeable gains, stamp duty land tax and capital allowances for and in connection with arrangements falling within section 48A of FA 2005 (alternative finance investment bonds).
Schedule 61 contains provision about the taxation of chargeable gains, stamp duty land tax and capital allowances for and in connection with arrangements to which section 564G of ITA 2007 or section 151N of TCGA 1992 (investment bond arrangements) applies.
#### Mutual societies: tax consequences of transfers of business etc
@@ -2943,6 +2758,8 @@
- “*CTA 2009*” means the Corporation Tax Act 2009,
- “*CTA 2010*” means the Corporation Tax Act 2010,
- “*FISMA 2000*” means the Financial Services and Markets Act 2000,
- “*HODA 1979*” means the Hydrocarbon Oil Duties Act 1979,
@@ -2964,6 +2781,8 @@
- “*PRTA 1980*” means the Petroleum Revenue Tax Act 1980,
- “*TCGA 1992*” means the Taxation of Chargeable Gains Act 1992,
- “*TIOPA 2010*” means the Taxation (International and Other Provisions) Act 2010,
- “*TMA 1970*” means the Taxes Management Act 1970,
@@ -3588,7 +3407,7 @@
##### 8
Section 839 of ICTA (connected persons) applies for the purposes of this Schedule.
Section 1122 of CTA 2010 (connected persons) applies for the purposes of this Schedule.
#### Receipt of payments
@@ -4217,7 +4036,7 @@
##### 3
- (1) Section 393A of ICTA (losses: set off against profits of same or earlier accounting period) has effect in relation to any loss to which this paragraph applies as if, in subsection (2) of that section, “3 years” were substituted for “ twelve months ” (but subject as follows).
- (1) Sections 37(3)(b) and 38(1) and (3) of CTA 2010 (trade loss relief against profits of same or earlier accounting period) have effect in relation to any loss to which this paragraph applies as if the references to 12 months were references to 3 years (but subject as follows).
- (2) This paragraph applies to any loss incurred by a company in a trade in a relevant accounting period (but subject to sub-paragraph (3)); and a relevant accounting period is one ending after 23 November 2008 and before 24 November 2010.
@@ -4229,13 +4048,13 @@
and the overall limit or limits apply whether a loss is incurred by the company in only one relevant accounting period or losses are so incurred in more than one such period.
- (4) Subject to that, if in the case of the company the length of a relevant accounting period is less than one year, the maximum amount of the loss incurred in that period that may be set off under section 393A of ICTA by virtue of this paragraph is the relevant proportion of £50,000.
- (4) Subject to that, if in the case of the company the length of a relevant accounting period is less than one year, the maximum amount of the loss incurred in that period that may be relieved under section 37 of CTA 2010 by virtue of this paragraph is the relevant proportion of £50,000.
- (5) “The relevant proportion” is—
$$RAPY$where—RAP is the number of days in the relevant accounting period, andY is 365.$
- (6) The reference in subsection (2C) of section 393A of ICTA to so much of the loss referred to in that subsection not falling within subsection (2B) of that section as does not exceed the amount of the allowance mentioned in subsection (2C)(b) (“the subsection (2C) loss”) has effect in relation to a relevant accounting period as a reference to so much of the subsection (2C) loss as exceeds that which can be set off under section 393A of ICTA by virtue of this paragraph.
- (6) The reference in subsection (2) of section 40 of CTA 2010 to the loss mentioned in subsection (1)(a) of that section (so far as not a terminal loss and so far as not exceeding the allowance mentioned in subsection (1)(b) of that section) (“the section 40 loss”) has effect in relation to a relevant accounting period as a reference to so much of the section 40 loss as exceeds that which can be set off under section 37 by virtue of this paragraph.
## SCHEDULE 7
@@ -4772,89 +4591,41 @@
##### 1
Schedule 18 to ICTA (definitions relating to group relief) is amended as follows.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 2
- (1) Paragraph 1 is amended as follows.
- (2) In sub-paragraph (2), for “fixed-rate” substitute “ relevant ”.
- (3) In sub-paragraph (3)—
- (a) for “fixed-rate” substitute “ relevant ”,
- (b) for paragraph (c) substitute—
> (c) either—
> (i) do not carry a right to dividends, or
> (ii) carry a right to dividends to which paragraph 1A applies; and
, and
- (c) in paragraph (d), for “that new consideration” substitute “ the new consideration received by the company in respect of the issue of the shares ”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 3
After that paragraph insert—
> (1A)
> (1) This paragraph applies to a right to dividends carried by shares in a company if—
> (a) the dividends represent no more than a reasonable commercial return on the new consideration received by the company in respect of the issue of the shares, and
> (b) condition A, B or C is met.
> (2) Condition A is that—
> (a) the dividends are of a fixed amount or at a fixed rate per cent of the nominal value of the shares, and
> (b) the company is not entitled by virtue of any term subject to which the shares are issued or held to reduce the amount of, or not to pay, any of the dividends.
> (3) Condition B is that—
> (a) the dividends are of a rate per cent of the nominal value of the shares and the rate fluctuates in accordance with—
> (i) a standard published rate of interest, or
> (ii) the retail prices index, or any similar general index of prices which is published by the government, or by an agent of the government, of the country or territory in whose currency the shares are denominated, and
> (b) the company is not entitled by virtue of any term subject to which the shares are issued or held to reduce the amount of, or not to pay, any of the dividends.
> (4) Condition C is that condition A or B would be met but for sub-paragraph (2)(b) or (3)(b), and—
> (a) the company is only entitled to reduce the amount of, or not to pay, any of the dividends in relevant circumstances, or
> (b) having regard to all the circumstances, it is reasonable to assume that the company is only likely to reduce the amount of, or not to pay, any of the dividends in relevant circumstances.
> (5) For the purposes of sub-paragraph (4) a company reduces the amount of, or does not pay, dividends “in relevant circumstances” if—
> (a) at the time the dividend is or would be payable, the company is in severe financial difficulties, or
> (b) it does so for the purpose of following a recommendation of a relevant regulatory body.
> (6) The Treasury may by order specify circumstances in which a company is to be treated as in severe financial difficulties for the purposes of sub-paragraph (5)(a).
> (7) In sub-paragraph (5)(b) “*relevant regulatory body*” means—
> (a) in relation to a dividend paid by a company that is authorised for the purposes of the Financial Services and Markets Act 2000, the Financial Services Authority, and
> (b) in relation to a dividend paid by any other company, a body discharging functions in relation to the company under the law of a country or territory outside the United Kingdom that correspond to functions discharged by the Financial Services Authority in relation to a company authorised as mentioned in paragraph (a).
> (8) In this paragraph “*new consideration*” has the same meaning as in section 254.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 4
In paragraph 5B(4)(b), for “fixed-rate” substitute “ relevant ”.
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#### Commencement
##### 5
The amendments made by this Schedule have effect for accounting periods beginning on or after 1 January 2008.
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#### Election to opt out of changes in relation to pre-existing etc shares
##### 6
If a company so elects, the amendments made by this Schedule do not have effect in relation to shares issued by the company—
- (a) before 18 December 2008, or
- (b) on or after that date under an agreement entered into before that date.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 7
An election under paragraph 6—
- (a) must be made by the company by being included in its company tax return for the first accounting period of the company beginning on or after 1 January 2008 (and may be included in the return originally made or by amendment), and
- (b) is irrevocable.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 2(7) of Schedule 25 to ICTA
##### 8
The amendments made by this Schedule do not have effect for the purposes of paragraph 2(7) of Schedule 25 to ICTA (controlled foreign companies: definition of non-voting fixed-rate preference shares).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 10
@@ -4862,141 +4633,55 @@
##### 1
Schedule 10 to FA 2006 (sale etc of lessor companies etc) is amended as follows.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 7
##### 2
- (1) Paragraph 7 (provision for purposes of condition A in paragraph 6) is amended as follows.
- (2) In sub-paragraph (8)(b), for “acquires any plant or machinery directly or indirectly from a person who is connected with the company” substitute “ acquired any plant or machinery in circumstances in which this paragraph applies ”.
- (3) For sub-paragraph (9) substitute—
> (9) Paragraph (b) of sub-paragraph (8) above applies if—
> (a) the relevant day falls on or after 22 March 2006,
> (b) the plant or machinery was acquired directly or indirectly from a person who was connected with the company when the acquisition took place, and
> (c) either the acquisition took place on or after 5 December 2005 or the person from whom the plant or machinery was so acquired was also connected with the company on that date.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 13A
##### 3
After paragraph 13 insert—
> (13A)
> (1) This paragraph applies if—
> (a) a company (“company A”) is owned by a consortium, and
> (b) a relevant change in the relationship between company A and a principal company of company A occurs on any day,
> but the principal company's interest in company A remains unchanged.
> (2) For the purposes of this Schedule, there is no qualifying change of ownership in relation to company A on that day as a result of that change in that relationship.
> (3) For the purposes of this paragraph the principal company's interest in company A remains unchanged if the percentage of the ordinary share capital of company A that is beneficially owned directly or indirectly by the principal company is the same at the beginning and end of that day.
> (4) Section 838(2) and (4) to (10) of ICTA apply for construing sub-paragraph (3).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 17
##### 4
- (1) Paragraph 17 (meaning of “PM” in paragraph 16) is amended as follows.
- (2) In sub-paragraph (7)(b), for “acquires any plant or machinery directly or indirectly from a person who is connected with the company” substitute “ acquired any plant or machinery in circumstances in which this paragraph applies ”.
- (3) For sub-paragraph (8) substitute—
> (8) Paragraph (b) of sub-paragraph (7) above applies if—
> (a) the relevant day falls on or after 22 March 2006,
> (b) the plant or machinery was acquired directly or indirectly from a person who was connected with the company when the acquisition took place, and
> (c) either the acquisition took place on or after 5 December 2005 or the person from whom the plant or machinery was so acquired was also connected with the company on that date.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 23
##### 5
In paragraph 23 (leasing business carried on by company in partnership: change in company's interest in business), for sub-paragraph (6) substitute—
> (6) This paragraph is subject to paragraph 23A and is supplemented by paragraph 24.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 23A
##### 6
After that paragraph insert—
> (23A)
> (1) Paragraph 23 does not apply where conditions A, B and C are met.
> (2) Condition A is that at the end of the relevant day none of the companies by which the business was carried on any longer have any share in the profits or loss of the business.
> (3) Condition B is that, in consequence of what happens on the relevant day, the disposal value of all of the plant and machinery which was used for the purposes of the business and in respect of which capital allowances have been claimed is to be brought into account under section 61 of CAA 2001.
> (4) Condition C is that the disposal value to be brought into account in relation to all of the plant or machinery is the price which the plant or machinery would fetch in the open market on that day.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 32
##### 7
- (1) Paragraph 32 (leasing business carried on by a company in partnership: amount of expense) is amended as follows.
- (2) In sub-paragraph (1)—
- (a) in sub-paragraph (c), for “increases at any time on” substitute “ is greater at the end of that day than at the start of ”, and
- (b) in sub-paragraph (d), omit “at that time” (in both places).
- (3) For sub-paragraph (3) substitute—
> (3) The appropriate percentage is—
> $$OCIPCD$where—OCI is the increase in the other company's percentage share in the profits or losses of the business which is wholly attributable to the change in the partner company's interest in the business, andPCD is the decrease in the partner company's percentage share in the profits or losses of the business.$
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 39
##### 8
- (1) Paragraph 39 (relief for expense otherwise giving rise to carried forward loss) is amended as follows.
- (2) In sub-paragraph (1)—
- (a) in paragraph (c), insert at the end “or a later accounting period,”,
- (b) in paragraph (d), after “company” insert “ after the accounting period in which the loss is made ”, and
- (c) in paragraph (e), for “12 months beginning with” substitute “ 5 years beginning immediately after ”.
- (3) In subsection (1A)—
- (a) in paragraph (b), for “, and” substitute “ or a later accounting period, ”,
- (b) in paragraph (c), after “company” insert “ after the accounting period in which the loss is made ”, and
- (c) after that paragraph insert
> and
> (d) the subsequent accounting period starts within the period of 5 years beginning with the day that is the relevant day within the meaning of paragraph 23(1) and does not start as a result of paragraph 3 or 33.
- (4) In sub-paragraph (2)—
- (a) after “33” insert “ or this sub-paragraph ”, and
- (b) for “an expense” substitute “ giving rise to an expense of the relevant amount ”.
- (5) After that sub-paragraph insert—
> (2A) The relevant amount is the amount of the loss treated as an expense increased by—
> $$D365×R$where—D is the number of days in the accounting period in which the loss is made, andR is the percentage rate applicable to section 826 of ICTA under section 178 of FA 1989.$
- (6) In sub-paragraph (3), after “The” insert “ amount of the ”.
- (7) In sub-paragraph (4)—
- (a) after “33” insert “ or this paragraph ”, and
- (b) for “the expense under that paragraph” substitute “ that expense ”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commencement
##### 9
- (1) The amendments made by paragraph 8 have effect in relation to losses incurred in accounting periods ending on or after 22 April 2009.
- (2) The other amendments made by this Schedule have effect where the relevant day is on or after that date.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 11
@@ -5955,16 +5640,7 @@
##### 3
- (1) Section 136(2) of FA 2006 (Real Estate Investment Trusts: availability of group reliefs) is amended as follows.
- (2) For paragraph (a) substitute—
> (a) section 171 (transfer of assets within group),
> (aa) sections 171A to 171C (reallocation of gain or loss within a group),
.
- (3) In paragraph (b), for “reallocation or rollover of gain” substitute “ degrouping: reallocation of gain or loss, or rollover of gain, ”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 4
@@ -6291,19 +5967,7 @@
##### 6
- (1) Section 231 (tax credits for certain recipients of qualifying distributions) is amended as follows.
- (2) In subsection (1)—
- (a) omit “and section 219(4B) of the Finance Act 1994”,
- (b) for “resident in the United Kingdom makes a” substitute “ (whether resident in the United Kingdom or outside the United Kingdom) makes an exempt ”, and
- (c) for “another such company” substitute “ a company resident in the United Kingdom ”.
- (3) After subsection (1A) insert—
> (1B) For the purposes of subsection (1) a qualifying distribution is “exempt” if it is exempt for the purposes of Part 9A of CTA 2009 (company distributions).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 7
@@ -6311,26 +5975,7 @@
##### 8
- (1) Section 799 (double taxation relief: computation of underlying tax in respect of a dividend) is amended as follows.
- (2) In subsection (3) (as it has effect as amended by paragraph 8 of Schedule 30 to FA 2000)—
- (a) before paragraph (a) insert—
> (za) if the dividend is received in an accounting period of the recipient in which the recipient is not a small company, and the dividend is a relevant dividend, the profits in respect of which the dividend is paid;
,
- (b) in paragraph (a), insert at the beginning “ in a case not falling under paragraph (za), ”, and
- (c) in paragraph (c), insert at the beginning “in a case not falling under paragraph (za),”.
- (3) After subsection (3) insert—
> (3A) For the purposes of subsection (3)—
> (a) “*small company*” has the same meaning as in Part 9A of CTA 2009 (company distributions),
> (b) “*relevant dividend*” means a dividend that, for the purposes of section 931H of that Act (dividends derived from transactions not designed to reduce tax), is treated as paid in respect of profits other than relevant profits (see subsection (4) of that section), and
> (c) the profits in respect of which a dividend is paid are the profits in respect of which the dividend is treated as paid for the purposes of that section.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 9
@@ -6342,57 +5987,11 @@
##### 11
- (1) Paragraph 2 of Schedule 23A (manufactured dividends on UK equities: general) is amended as follows.
- (2) After sub-paragraph (1) insert—
> (1A) Sub-paragraphs (1C) to (1E) apply where—
> (a) a manufactured dividend is paid by a dividend manufacturer, and
> (b) the dividend of which the manufactured dividend is representative is taxable.
> (1B) For this purpose a dividend is “taxable” if—
> (a) it is received by the dividend manufacturer and the charge to corporation tax on income applies to it, or
> (b) it is received by a person other than the dividend manufacturer and the charge to corporation tax on income would have applied to it if it had been received by the dividend manufacturer.
> (1C) Where the dividend manufacturer carries on a trade to which the manufactured dividend relates, and neither sub-paragraph (1D) nor (1E) applies, the manufactured dividend is to be treated as an expense of the trade.
> (1D) Where the dividend manufacturer has investment business to which the manufactured dividend relates, the manufactured dividend is to be treated as expenses of management of the business for the purposes of Part 16 of CTA 2009.
> (1E) Where the dividend manufacturer carries on life assurance business to which the manufactured dividend relates, the manufactured dividend is to be treated as if, to the extent that it is referable to basic life assurance and general annuity business, it were an expense payable falling to be brought into account at step 3 of section 76(7).
> (1F) For the purposes of sub-paragraph (1E), the manufactured dividend is to be treated as referable to basic life assurance and general annuity business to the extent that the dividend of which it is representative—
> (a) is received by the dividend manufacturer and is so referable by virtue of section 432A, or
> (b) is received by a person other than the dividend manufacturer, and would have been so referable by virtue of section 432A if it had it been received by the dividend manufacturer.
- (3) In sub-paragraph (2), omit paragraph (b) (and the “and” before it).
- (4) After sub-paragraph (3) insert—
> (3A) In its application in relation to a manufactured dividend by virtue of sub-paragraph (2) or (3), Part 9A of CTA 2009 (company distributions) has effect subject to the following modification.
> (3B) The modification is that—
> (a) the definition of “the payer” in section 931T is to be treated as omitted, and
> (b) references in that Part to the payer are to be treated as references to the company that pays the dividend of which the manufactured dividend is representative.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 12
- (1) Paragraph 4 of Schedule 23A (manufactured overseas dividends) is amended as follows.
- (2) For sub-paragraph (1A) substitute—
> (1A) Sub-paragraphs (1C) to (1E) apply where the overseas dividend of which the manufactured overseas dividend is representative is taxable.
> (1B) For this purpose an overseas dividend is “taxable” if—
> (a) it is received by the overseas dividend manufacturer and the charge to corporation tax on income applies to it, or
> (b) it is received by a person other than the overseas dividend manufacturer and the charge to corporation tax on income would have applied to it if it had been received by the overseas dividend manufacturer.
> (1C) Where the overseas dividend manufacturer carries on a trade to which the manufactured overseas dividend relates, and neither sub-paragraph (1D) nor (1E) applies, the manufactured overseas dividend is to be treated as an expense of the trade.
> (1D) Where the overseas dividend manufacturer has investment business to which the manufactured overseas dividend relates, the manufactured overseas dividend is to be treated as expenses of management of the business for the purposes of Part 16 of CTA 2009.
> (1E) Where the overseas dividend manufacturer carries on life assurance business to which the manufactured overseas dividend relates, the manufactured overseas dividend is to be treated as if, to the extent that it is referable to basic life assurance and general annuity business, it were an expense payable falling to be brought into account at step 3 of section 76(7).
> (1F) For the purposes of sub-paragraph (1E), the manufactured overseas dividend is to be treated as referable to basic life assurance and general annuity business to the extent that the overseas dividend of which it is representative—
> (a) is received by the overseas dividend manufacturer and is so referable by virtue of section 432A, or
> (b) is received by a person other than the dividend manufacturer, and would have been so referable by virtue of section 432A if it had it been received by the dividend manufacturer.
- (3) After sub-paragraph (4) insert—
> (4A) In its application in relation to a manufactured overseas dividend by virtue of sub-paragraph (4), Part 9A of CTA 2009 (company distributions) has effect—
> (a) as if the manufactured overseas dividend were an overseas dividend on the overseas securities in question, and
> (b) subject to the following modification.
> (4B) The modification is that—
> (a) the definition of “the payer” in section 931T is to be treated as omitted, and
> (b) references in that Part to the payer are to be treated as references to the company that pays the dividend of which the manufactured overseas dividend is representative.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 13
@@ -6404,9 +6003,7 @@
##### 14
In paragraph 5 of Schedule 28AA (provision not at arm's length), after sub-paragraph (7) insert—
> (8) For the purposes of sub-paragraph (1) section 209(2)(d) (excessive interest etc treated as distribution) is to be disregarded.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### FA 1989
@@ -6450,7 +6047,7 @@
##### 19
In Schedule 17 to FA 2006 (group REITs modifications), in paragraph 32 (non-UK resident members), omit sub-paragraph (7).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### CTA 2009
@@ -6608,27 +6205,7 @@
##### 1
- (1) Part 2 contains provision for determining whether this Schedule applies in relation to any particular period of account of the worldwide group.
- (2) Part 3 provides for the disallowance of certain financing expenses of relevant group companies arising in a period of account of the worldwide group to which this Schedule applies.
The total of the amounts disallowed is the amount by which the tested expense amount (defined in Part 8) exceeds the available amount (defined in Part 9).
- (3) Part 4 provides for the exemption from the charge to corporation tax of certain financing income of UK group companies where financing expenses of relevant group companies have been disallowed under Part 3.
- (4) Part 5 provides for the exemption from the charge to corporation tax of certain intra-group financing income of UK group companies where the paying company is denied a deduction for tax purposes otherwise than under this Schedule.
- (5) Part 6 contains rules connected with tax avoidance.
- (6) Part 7 defines “financing expense amounts” and “financing income amounts” of a company for a period of account of the worldwide group, which are amounts that would, apart from this Schedule, be brought into account for the purposes of corporation tax.
- (7) Part 8 defines the “tested expense amount” and the “tested income amount” of the worldwide group for a period of account of the group, which are totals deriving from the financing expense amounts and financing income amounts of certain group companies.
- (8) Part 9 defines the “available amount” for a period of account of the worldwide group, which derives from certain financing costs disclosed in the group's consolidated financial statements.
- (9) Part 10 contains further interpretative provisions.
- (10) Part 11 contains consequential provision and provision about commencement.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 2 — Application of this Schedule
@@ -6636,351 +6213,79 @@
##### 2
- (1) This Schedule applies to any period of account of the worldwide group for which—
- (a) the UK net debt of the group (see paragraphs 3 and 4), exceeds
- (b) 75% of the worldwide gross debt of the group (see paragraph 5).
- (2) But a period of account that is within sub-paragraph (1) is not a period of account to which this Schedule applies if the worldwide group is a qualifying financial services group in that period (see paragraph 7).
- (3) The Treasury may by order amend sub-paragraph (1)(b) by substituting a higher or lower percentage for the percentage for the time being specified there.
- (4) No order may be made under sub-paragraph (3) unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons.
- (5) An order under sub-paragraph (3) may only have effect in relation to periods of account of the worldwide group beginning after the date on which the order is made.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### UK net debt of the worldwide group for period of account of worldwide group
##### 3
- (1) The reference in paragraph 2 to the “UK net debt” of the worldwide group for a period of account of the group is to the sum of the net debt amounts of each company that was a relevant group company at any time during the period.
- (2) In this paragraph “*net debt amount*”, in relation to a company, means the average of—
- (a) the net debt of the company as at that company's start date, and
- (b) the net debt of the company as at that company's end date.
For the meaning of “net debt”, see paragraph 4.
- (3) Where the amount determined in accordance with sub-paragraph (2) is less than £3 million, the net debt amount of the company is nil.
- (4) Where a company is dormant (within the meaning given by section 1169 of the Companies Act 2006) at all times in the period beginning with that company's start date and ending with that company's end date, the net debt amount of the company is nil.
- (5) The Treasury may by order amend sub-paragraph (3) by substituting a higher or lower amount for the amount for the time being specified there.
- (6) No order may be made under sub-paragraph (5) unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons.
- (7) An order under sub-paragraph (5) may only have effect in relation to periods of account of the worldwide group beginning after the date on which the order is made.
- (8) In this Part—
- (a) “the start date” of a company means the first day of the period of account of the worldwide group or, if later, the first day in the period on which the company was a relevant group company, and
- (b) “the end date” of a company means the last day of the period of account of the worldwide group or, if earlier, the last day in the period on which the company was a relevant group company.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Net debt of a company
##### 4
- (1) References in paragraph 3 to the “net debt” of a company as at any date are to—
- (a) the sum of the company's relevant liabilities as at that date, less
- (b) the sum of the company's relevant assets as at that date.
- (2) The amount determined in accordance with sub-paragraph (1) may be a negative amount.
- (3) For the purposes of this paragraph a company's “relevant liabilities” as at any date are the amounts that are disclosed in the balance sheet of the company as at that date in respect of—
- (a) amounts borrowed (whether by way of overdraft or other short term or long term borrowing),
- (b) liabilities in respect of finance leases, or
- (c) amounts of such other description as may be specified in regulations made by the Commissioners.
- (4) For the purposes of this paragraph a company's “relevant assets” as at any date are the amounts that are disclosed in the balance sheet of the company as at that date in respect of—
- (a) cash and cash equivalents,
- (b) amounts loaned (whether by way of overdraft or other short term or long term loan),
- (c) net investments, or net cash investments, in finance leases,
- (d) securities of Her Majesty's government or of the government of any other country or territory, or
- (e) amounts of such other description as may be specified in regulations made by the Commissioners.
- (5) Expressions used in sub-paragraphs (3)(a) and (b) and (4)(a) to (c) have the meaning for the time being given by generally accepted accounting practice.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Worldwide gross debt of worldwide group for period of account of worldwide group
##### 5
- (1) The reference in paragraph 2 to the “worldwide gross debt” of the worldwide group for a period of account of the group is to the average of—
- (a) the sum of the relevant liabilities of the group as at the day before the first day of the period, and
- (b) the sum of the relevant liabilities of the group as at the last day of the period.
- (2) For the purposes of this paragraph the “relevant liabilities” of the worldwide group as at any date are the amounts that are disclosed in the balance sheet of the group as at that date in respect of—
- (a) amounts borrowed (whether by way of overdraft or other short term or long term borrowing),
- (b) liabilities in respect of finance leases, or
- (c) amounts of such other description as may be specified in regulations made by the Commissioners.
- (3) Expressions used in sub-paragraph (2)(a) and (b) have the meaning for the time being given by the accounting standards in accordance with which the financial statements of the group are drawn up.
- (4) For provision about references in this Schedule to financial statements of the worldwide group, and amounts disclosed in financial statements, see paragraphs 87 to 90.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### References to amounts disclosed in balance sheet of relevant group company
##### 6
- (1) This paragraph applies for the purpose of construing references in paragraph 4 to amounts disclosed in the balance sheet of a relevant group company as at any date (“*the relevant date*”).
- (2) Where the company—
- (a) is not a foreign company, and
- (b) does not draw up a balance sheet as at the relevant date,
the references are to the amounts that would be disclosed in a balance sheet of the company as at that date, were one drawn up in accordance with generally accepted accounting practice.
- (3) Where the company—
- (a) is a foreign company, and
- (b) draws up a balance sheet (“a UK permanent establishment balance sheet”) as at the relevant date in respect of the company's permanent establishment in the United Kingdom that treats the establishment as a distinct and separate enterprise,
the references are to amounts in that balance sheet.
- (4) Where the company—
- (a) is a foreign company, and
- (b) does not draw up a UK permanent establishment balance sheet as at the relevant date,
the references are to the amounts that would be disclosed in a UK permanent establishment balance sheet as at that date, were one drawn up in accordance with generally accepted accounting practice.
- (5) For the purposes of this paragraph a relevant group company is a “foreign company” if it is not resident in the United Kingdom and is carrying on a trade in the United Kingdom through a permanent establishment in the United Kingdom.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying financial services groups
##### 7
- (1) The worldwide group is a qualifying financial services group in a period of account if the trading income condition—
- (a) is met in relation to that period, or
- (b) is not met in relation to that period, but only because of losses incurred by the group in respect of activities that are normally reported on a net basis in financial statements prepared in accordance with international accounting standards.
- (2) The trading income condition is met in relation to a period of account if—
- (a) all or substantially all of the UK trading income of the worldwide group for that period, or
- (b) all or substantially all of the worldwide trading income of the worldwide group for that period,
is derived from qualifying activities (see paragraph 8).
- (3) In this Part, in relation to a period of account of the worldwide group—
- “*UK trading income*” means the sum of the trading income for that period of each company that was a relevant group company at any time during that period (see paragraph 12);
- “*worldwide trading income*” means the trading income for that period of the worldwide group (see paragraph 13).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying activities
##### 8
In this Part “*qualifying activities*” means—
- (a) lending activities and activities that are ancillary to lending activities (see paragraph 9),
- (b) insurance activities and insurance-related activities (see paragraph 10), and
- (c) relevant dealing in financial instruments (see paragraph 11).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Lending activities and activities ancillary to lending activities
##### 9
- (1) In this Part “*lending activities*” means any of the following activities—
- (a) acceptance of deposits or other repayable funds;
- (b) lending of money, including consumer credit, mortgage credit, factoring (with or without recourse) and financing of commercial transactions (including forfeiting);
- (c) finance leasing (as lessor);
- (d) issuing and administering means of payment;
- (e) provision of guarantees or commitments to provide money;
- (f) money transmission services;
- (g) provision of alternative finance arrangements;
- (h) other activities carried out in connection with activities falling within any of paragraphs (a) to (g).
- (2) Activities that are ancillary to lending activities are not qualifying activities for the purposes of this Part if the income derived from the ancillary activities forms a significant part of the total of—
- (a) that income, and
- (b) the income derived from lending activities of the worldwide group in the period of account.
- (3) In sub-paragraph (2) “*income*” means the gross income or net income that would be taken into account for the purposes of paragraph 7 in calculating the UK or worldwide trading income of the worldwide group for the period of account.
- (4) The Commissioners may by order—
- (a) amend sub-paragraph (1), and
- (b) make other amendments of this paragraph in consequence of any amendment of sub-paragraph (1).
- (5) In sub-paragraph (1)(h), and in the references to ancillary activities in this paragraph and paragraph 8(a), “*activities*” includes buying, holding, managing and selling assets.
- (6) In this paragraph “*alternative finance arrangements*” has the same meaning as in Chapter 6 of Part 6 of CTA 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Insurance activities and insurance related activities
##### 10
- (1) In this Part “*insurance activities*” means—
- (a) the effecting or carrying out of contracts of insurance by a regulated insurer, and
- (b) investment business that arises directly from activities falling within paragraph (a).
- (2) In this Part “*insurance-related activities*” means—
- (a) activities that are ancillary to insurance activities, and
- (b) activities that—
- (i) are of the same kind as activities carried out for the purposes of insurance activities,
- (ii) are not actually carried out for those purposes, and
- (iii) would not be carried out but for insurance activities being carried out.
- (3) Sub-paragraph (2) is subject to sub-paragraph (4).
- (4) Activities that fall within sub-paragraph (2)(a) or (b) (“the relevant activities”) are not insurance-related activities if the income derived from the relevant activities forms a significant part of the total of—
- (a) that income, and
- (b) the income derived from insurance activities of the worldwide group in the period of account.
- (5) In sub-paragraph (4) “*income*” means the gross income or net income that would be taken into account for the purposes of paragraph 7 in calculating the UK or worldwide trading income of the worldwide group for the period of account.
- (6) In this paragraph—
- “*activities*” includes buying, holding, managing and selling assets;
- “*contract of insurance*” has the same meaning as in Chapter 1 of Part 12 of ICTA;
- “*regulated insurer*” means a member of the worldwide group that—is authorised under the law of any territory to carry on insurance business, oris a member of a body or organisation that is so authorised.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Relevant dealing in financial instruments
##### 11
- (1) In this Part “*financial instrument*” means anything that is a financial instrument for any purpose of the FSA Handbook.
- (2) For the purposes of this Part, a dealing in a financial instrument is a “relevant dealing” if—
- (a) it is a dealing other than in the capacity of a broker, and
- (b) profits or losses on the dealing form part of the trading profits or losses of a business.
- (3) In this paragraph “*broker*” includes any person offering to sell securities to, or purchase securities from, members of the public generally.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### UK trading income of the worldwide group
##### 12
- (1) This paragraph applies in relation to paragraph 7 for calculating the UK trading income of the worldwide group for a period of account.
- (2) The trading income for that period of a relevant group company is the aggregate of—
- (a) the gross income calculated in accordance with sub-paragraph (3), and
- (b) the net income calculated in accordance with sub-paragraph (4).
- (3) The income referred to in sub-paragraph (2)(a) is the gross income—
- (a) arising from the activities of the relevant group company (other than net-basis activities), and
- (b) accounted for as such under generally accepted accounting practice,
without taking account of any deductions (whether for expenses or otherwise).
- (4) The income referred to in sub-paragraph (2)(b) is the net income arising from the net-basis activities of the relevant group company that—
- (a) is accounted for as such under generally accepted accounting practice, or
- (b) would be accounted for as such if income arising from such activities were accounted for under generally accepted accounting practice.
- (5) Sub-paragraphs (3) and (4) are subject to sub-paragraph (6).
- (6) In a case where a proportion of an accounting period of a relevant group company does not fall within the period of account of the worldwide group, the gross income or net income for that accounting period of the company is to be reduced, for the purposes of this paragraph, by that proportion.
- (7) Gross income or net income is to be disregarded for the purposes of sub-paragraph (2) if the income arises in respect of an amount payable by another member of the worldwide group that is either a UK group company or a relevant group company.
- (8) In this paragraph “*net-basis activity*” means activity that is normally reported on a net basis in financial statements prepared in accordance with generally accepted accounting practice.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Worldwide trading income of the worldwide group
##### 13
- (1) This paragraph applies in relation to paragraph 7 for calculating the worldwide trading income of the worldwide group for a period of account.
- (2) The trading income for that period of the worldwide group is the aggregate of—
- (a) the gross income calculated in accordance with sub-paragraph (3), and
- (b) the net income calculated in accordance with sub-paragraph (4).
- (3) The income referred to in sub-paragraph (2)(a) is the gross income—
- (a) arising from the activities of worldwide group (other than net-basis activities), and
- (b) disclosed as such in the financial statements of the worldwide group,
without taking account of any deductions (whether for expenses or otherwise).
- (4) The income referred to in sub-paragraph (2)(b) is the net income arising from the net-basis activities of the worldwide group that—
- (a) is accounted for as such under international accounting standards, or
- (b) would be accounted for as such if income arising from such activities were accounted for under international accounting standards.
- (5) In this paragraph “*net-basis activity*” means activity that is normally reported on a net basis in financial statements prepared in accordance with international accounting standards.
- (6) For provision about references in this Schedule to financial statements of the worldwide group, and amounts disclosed in financial statements, see paragraphs 87 to 90.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Foreign currency accounting
##### 14
- (1) Subject to the following provisions of this paragraph, references in this Part to an amount disclosed in a balance sheet of a relevant group company, or of the worldwide group, as at any date are, where the amount is expressed in a currency other than sterling, to that amount translated into its sterling equivalent, translated by reference to the spot rate of exchange for that date.
- (2) Sub-paragraph (3) applies in relation to a period of account of the worldwide group if all the amounts disclosed in balance sheets (whether of relevant group companies, or of the worldwide group) that are relevant to a calculation under this Part in relation to that period are expressed in the same currency (“the relevant foreign currency”) and that currency is not sterling.
- (3) Where this sub-paragraph applies—
- (a) references in this Schedule to an amount disclosed in a balance sheet of a relevant group company, or of the worldwide group, are to that amount expressed in the relevant foreign currency, and
- (b) for the purposes of determining under paragraph 3 the net debt amount of a company, the reference in sub-paragraph (3) of that paragraph to £3 million is to be read as a reference to the relevant amount.
- (4) For this purpose “*the relevant amount*” means the average of—
- (a) £3 million expressed in the relevant foreign currency, translated by reference to the spot rate of exchange for the company's start date, and
- (b) £3 million expressed in the relevant foreign currency, translated by reference to the spot rate of exchange for the company's end date.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 3 — Disallowance of deductions
@@ -6988,205 +6293,73 @@
##### 15
- (1) This Part applies where, for a period of account of the worldwide group to which this Schedule applies (“the relevant period of account”)—
- (a) the tested expense amount (see Part 8), exceeds
- (b) the available amount (see Part 9).
- (2) In this Part “*the total disallowed amount*” means the difference between the amounts referred to in paragraphs (a) and (b) of sub-paragraph (1).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “company to which this Part applies”
##### 16
References in this Part to a company to which this Part applies are to a company that is a relevant group company at any time during the relevant period of account.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Appointment of authorised company for relevant period of account
##### 17
- (1) The companies to which this Part applies may appoint one of their number to exercise functions conferred under this Part on the reporting body in relation to the relevant period of account.
- (2) An appointment under this paragraph is of no effect unless it is signed on behalf of each company to which this Part applies by the appropriate person.
- (3) The Commissioners may by regulations make further provision about an appointment under this paragraph including, in particular, provision—
- (a) about the form and manner in which an appointment may be made,
- (b) about how an appointment may be revoked and the form and manner of such revocation,
- (c) requiring a person to notify HMRC of the making or revocation of an appointment and about the form and manner of such notification,
- (d) requiring a person to give information to HMRC in connection with the making or revocation of an appointment,
- (e) imposing time limits in relation to making or revoking an appointment,
- (f) providing that an appointment or its revocation is of no effect, or ceases to have effect, if time limits or other requirements under the regulations are not met, and
- (g) about cases where a company is not a relevant group company at all times during the relevant period of account.
- (4) In this paragraph “*the appropriate person*”, in relation to a company, means—
- (a) the proper officer of the company, or
- (b) such other person as may for the time being have the express, implied or apparent authority of the company to act on its behalf for the purposes of this Schedule.
- (5) Subsections (3) and (4) of section 108 of TMA 1970 (responsibility of company officers: meaning of “proper officer”) apply for the purposes of this paragraph as they apply for the purposes of that section.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “the reporting body”
##### 18
In this Part “*the reporting body*” means—
- (a) in a case in which an appointment under paragraph 17 has effect in relation to the relevant period of account, the company appointed under that paragraph, and
- (b) in a case in which such an appointment does not have effect in relation to the relevant period of account, the companies to which this Part applies, acting jointly.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statement of allocated disallowances: submission
##### 19
- (1) The reporting body must submit a statement (a “statement of allocated disallowances”) in relation to the relevant period of account to HMRC.
- (2) A statement submitted under this paragraph must be received by HMRC within 12 months of the end of the relevant period of account.
- (3) A statement submitted under this paragraph must comply with the requirements of paragraph 21.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statement of allocated disallowances: submission of revised statement
##### 20
- (1) Where the reporting body has submitted a statement of allocated disallowances under paragraph 19 or this paragraph, it may submit a revised statement to HMRC.
- (2) A statement submitted under this paragraph must be received by HMRC within 36 months of the end of the relevant period of account.
- (3) A statement submitted under this paragraph must comply with the requirements of paragraph 21.
- (4) A statement submitted under this paragraph—
- (a) must indicate the respects in which it differs from the previous statement, and
- (b) supersedes the previous statement.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statement of allocated disallowances: requirements
##### 21
- (1) This paragraph applies in relation to a statement of allocated disallowances submitted under paragraph 19 or 20.
- (2) The statement must be signed—
- (a) in a case in which an appointment under paragraph 17 has effect in relation to the relevant period of account, by the appropriate person in relation to the company appointed under that paragraph, or
- (b) in a case in which such an appointment does not have effect in relation to the relevant period of account, by the appropriate person in relation to each company to which this Part applies.
- (3) The statement must show—
- (a) the tested expense amount,
- (b) the available amount, and
- (c) the total disallowed amount.
- (4) The statement must—
- (a) list one or more companies to which this Part applies, and
- (b) in relation to each listed company, specify one or more financing expense amounts for the relevant period of account that are to be disallowed, and give the relevant details in relation to each such amount.
- (5) For this purpose “*the relevant details*”, in relation to a financing expense amount, are—
- (a) which of conditions A, B or C in paragraph 54 is met in relation to the amount, and
- (b) the relevant accounting period of the company in which the amount would, apart from this Schedule, be brought into account for the purposes of corporation tax.
- (6) The sum of the amounts specified under sub-paragraph (4)(b) must equal the total disallowed amount.
- (7) In this paragraph “*the appropriate person*”, in relation to a company, means—
- (a) the proper officer of the company, or
- (b) such other person as may for the time being have the express, implied or apparent authority of the company to act on its behalf for the purposes of this Schedule.
- (8) Subsections (3) and (4) of section 108 of TMA 1970 (responsibility of company officers: meaning of “proper officer”) apply for the purposes of this paragraph as they apply for the purposes of that section.
- (9) For the meaning of “financing expense amount”, see Part 7.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statement of allocated disallowances: effect
##### 22
A financing expense amount of a company to which this Part applies that is specified in a statement of allocated disallowances under paragraph 21(4)(b) is not to be brought into account by the company for the purposes of corporation tax.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Company tax returns
##### 23
- (1) This paragraph applies where—
- (a) a company to which this Part applies has delivered a company tax return for a relevant accounting period, and
- (b) as a result of the submission of a revised statement of allocated disallowances under paragraph 20—
- (i) there is a change in the amount of profits on which corporation tax is chargeable for the period, or
- (ii) any other information contained in the return is incorrect.
- (2) The company is treated as having amended its company tax return for the accounting period so as to reflect the change mentioned in sub-paragraph (1)(b)(i) or to correct the information mentioned in sub-paragraph (1)(b)(ii).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to make regulations about statement of allocated disallowances
##### 24
The Commissioners may by regulations make further provision about a statement of allocated disallowances including, in particular, provision—
- (a) about the form of a statement and the manner in which it is to be submitted,
- (b) requiring a person to give information to HMRC in connection with a statement,
- (c) as to circumstances in which a statement that is not received by the time specified in paragraph 19(2) or 20(2) is to be treated as if it were so received, and
- (d) as to circumstances in which a statement that does not comply with the requirements of paragraph 21 is to be treated as if it did so comply.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Failure of reporting body to submit statement of allocated disallowances
##### 25
- (1) This paragraph applies if no statement of allocated disallowances is submitted under paragraph 19 that complies with the requirements of paragraph 21.
- (2) Each company to which this Part applies that has a net financing deduction for the relevant period of account that is greater than nil must reduce the amounts that it brings into account in relevant accounting periods in respect of financing expense amounts.
- (3) The total of the reductions required to be made by a company by virtue of sub-paragraph (2) is—
$$NFDTEA×TDA$where—NFD is the net financing deduction of the company for the relevant period of account (see paragraph 70(2)),TEA is the tested expense amount for the relevant period of account (see paragraph 70(1)), andTDA is the total disallowed amount (see paragraph 15(2)).$
- (4) The particular financing expense amounts that must be reduced, and the amounts by which they must be reduced, must be determined in accordance with regulations made by the Commissioners.
- (5) Regulations under this paragraph may, in particular, include provision—
- (a) conferring a discretion on a company required to make reductions under this paragraph as to the particular financing expense amounts that are to be reduced,
- (b) requiring a company required to make reductions under this paragraph to notify another relevant group company of the particular reductions made, and
- (c) as to the times by which such notices must be sent and as to information that must accompany such notices.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Powers to make regulations in relation to reductions required under paragraph 25
##### 26
- (1) The Commissioners may by regulations make provision for the purpose of securing that a company required under paragraph 25 to reduce the amounts that it brings into account in respect of financing expense amounts for the relevant period of account (“a company required to make default reductions”) has sufficient information to determine their amount.
- (2) Provision that may be made in regulations under sub-paragraph (1) includes provision requiring one or more members of the worldwide group to send specified information to a company required to make default reductions.
- (3) The Commissioners may by regulations make provision about cases in which (whether as a result of non-compliance with regulations made under sub-paragraph (1) or otherwise) a company required to make default reductions does not possess specified information.
- (4) Provision that may be made in regulations under sub-paragraph (3) includes provision as to assumptions that may or must be made in determining the amount of a reduction under paragraph 25 of a financing expense amount.
- (5) The Commissioners may by regulations make provision for determining a time later than that determined under paragraph 15(4) of Schedule 18 to FA 1998 (amendment of return by company) before which a company required to make default reductions may amend its company tax return so as to reflect a reduction under paragraph 25.
- (6) In this paragraph “*specified*” means specified in regulations under this paragraph.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 4 — Exemption of financing income
@@ -7194,243 +6367,79 @@
##### 27
- (1) This Part applies where, for a period of account of the worldwide group to which this Schedule applies (“the relevant period of account”)—
- (a) the tested expense amount (see Part 8), exceeds
- (b) the available amount (see Part 9).
- (2) In this Part the “*total disallowed amount*” means the difference between the amounts referred to in paragraphs (a) and (b) of sub-paragraph (1).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “company to which this Part applies”
##### 28
References in this Part to a company to which this Part applies are to a company that is a UK group company at any time during the relevant period of account.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Appointment of authorised company for relevant period of account
##### 29
- (1) The companies to which this Part applies may appoint one of their number to exercise functions conferred under this Part on the reporting body in relation to the relevant period of account.
- (2) An appointment under this paragraph is of no effect unless it is signed on behalf of each company to which this Part applies by the appropriate person.
- (3) The Commissioners may by regulations make further provision about an appointment under this paragraph including, in particular, provision—
- (a) about the form and manner in which an appointment may be made or revoked,
- (b) requiring a person to notify HMRC of the making or revocation of an appointment and about the form and manner of such notification,
- (c) requiring a person to give information to HMRC in connection with the making or revocation of an appointment,
- (d) imposing time limits in relation to making or revoking an appointment,
- (e) that an appointment or its revocation is of no effect, or ceases to have effect, if time limits or other requirements under the regulations are not met, and
- (f) about cases where a company does not meet condition A in paragraph 86, or is not a member of the worldwide group, at all times during the relevant period of account.
- (4) In this paragraph “*the appropriate person*”, in relation to a company, means—
- (a) the proper officer of the company, or
- (b) such other person as may for the time being have the express, implied or apparent authority of the company to act on its behalf for the purposes of this Schedule.
- (5) Subsections (3) and (4) of section 108 of TMA 1970 (responsibility of company officers: meaning of “proper officer”) apply for the purposes of this paragraph as they apply for the purposes of that section.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “the reporting body”
##### 30
In this Part “*the reporting body*” means—
- (a) in a case in which an appointment under paragraph 29 has effect in relation to the relevant period of account, the company appointed under that paragraph, and
- (b) in a case in which such an appointment does not have effect in relation to the relevant period of account, the companies to which this Part applies, acting jointly.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statement of allocated exemptions: submission
##### 31
- (1) The reporting body must submit a statement (a “statement of allocated exemptions”) in relation to the relevant period of account to HMRC.
- (2) A statement submitted under this paragraph must be received by HMRC within 12 months of the end of the relevant period of account.
- (3) A statement submitted under this paragraph must comply with the requirements of paragraph 33.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statement of allocated exemptions: submission of revised statement
##### 32
- (1) Where the reporting body has submitted a statement of allocated exemptions under paragraph 31 or this paragraph, it may submit a revised statement to HMRC.
- (2) A statement submitted under this paragraph must be received by HMRC within 36 months of the end of the relevant period of account.
- (3) A statement submitted under this paragraph must comply with the requirements of paragraph 33.
- (4) A statement submitted under this paragraph—
- (a) must indicate the respects in which it differs from the previous statement, and
- (b) supersedes the previous statement.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statement of allocated exemptions: requirements
##### 33
- (1) This paragraph applies in relation to a statement of allocated exemptions submitted under paragraph 31 or 32.
- (2) The statement must be signed—
- (a) in a case in which an appointment under paragraph 29 has effect in relation to the relevant period of account, by the appropriate person in relation to the company appointed under that paragraph, or
- (b) in a case in which such an appointment does not have effect in relation to the relevant period of account, by the appropriate person in relation to each company to which this Part applies.
- (3) The statement must show—
- (a) the tested expense amount,
- (b) the available amount, and
- (c) the total disallowed amount.
- (4) The statement must—
- (a) list one or more companies to which this Part applies, and
- (b) in relation to each listed company, specify one or more financing income amounts for the relevant period of account that are to be exempted, and give the relevant details in relation to each such amount.
- (5) For this purpose “*the relevant details*”, in relation to a financing income amount, are—
- (a) which of conditions A, B or C in paragraph 55 is met in relation to the amount, and
- (b) the relevant accounting period of the company in which the amount would, apart from this Schedule, be brought into account for the purposes of corporation tax.
- (6) The sum of the amounts specified under sub-paragraph (4)(b) must not exceed the lower of—
- (a) total disallowed amount, and
- (b) the tested income amount (see Part 8).
- (7) In this paragraph “*the appropriate person*”, in relation to a company, means—
- (a) the proper officer of the company, or
- (b) such other person as may for the time being have the express, implied or apparent authority of the company to act on its behalf for the purposes of this Schedule.
- (8) Subsections (3) and (4) of section 108 of TMA 1970 (responsibility of company officers: meaning of “proper officer”) apply for the purposes of this paragraph as they apply for the purposes of that section.
- (9) For the meaning of “financing income amount”, see Part 7.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Statement of allocated exemptions: effect
##### 34
A financing income amount of a company to which this Part applies that is specified in a statement of allocated exemptions under paragraph 33(4)(b) is not to be brought into account by the company for the purposes of corporation tax.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Company tax returns
##### 35
- (1) This paragraph applies where—
- (a) a company to which this Part applies has delivered a company tax return for a relevant accounting period, and
- (b) as a result of the submission of a revised statement of allocated exemptions under paragraph 32—
- (i) there is a change in the amount of profits on which corporation tax is chargeable for the period, or
- (ii) any other information contained in the return is incorrect.
- (2) The company is treated as having amended its company tax return for the accounting period so as to reflect the change mentioned in sub-paragraph (1)(b)(i) or to correct the information mentioned in sub-paragraph (1)(b)(ii).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to make regulations about statement of allocated exemptions
##### 36
The Commissioners may by regulations make further provision about a statement of allocated exemptions including, in particular, provision—
- (a) about the form of a statement and the manner in which it is to be submitted,
- (b) requiring a person to give information to HMRC in connection with a statement,
- (c) as to circumstances in which a statement that is not received by the time specified in paragraph 31(2) or 32(2) is to be treated as if it were so received, and
- (d) as to circumstances in which a statement that does not comply with the requirements of paragraph 33 is to be treated as if it did so comply.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Failure of reporting body to submit statement of allocated exemptions
##### 37
- (1) This paragraph applies if no statement of allocated exemptions is submitted under paragraph 31 that complies with the requirements of paragraph 33.
- (2) Subject to the following provisions of this paragraph, each financing income amount for the relevant period of account of each company to which this Part applies is to be reduced to nil.
- (3) In this paragraph “*unrestricted reduction*” means a reduction of a financing income amount for the relevant period of account of a company to which this Part applies, determined in accordance with sub-paragraph (2).
- (4) Sub-paragraph (5) applies if—
- (a) the total of the unrestricted reductions, exceeds
- (b) the lower of—
- (i) the total disallowed amount, and
- (ii) the tested income amount.
- (5) Each unrestricted reduction is to be reduced by—
$$URTUR×X$where—UR is the unrestricted reduction in question,TUR is the total of the unrestricted reductions, andX is the excess mentioned in sub-paragraph (4).$
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Power to make regulations in relation to reductions required under paragraph 37
##### 38
- (1) The Commissioners may by regulations make provision for the purpose of securing that a company required under paragraph 37 to reduce the amounts that it brings into account in respect of financing income amounts for the relevant period of account (“a company required to make default reductions”) has sufficient information to determine their amount.
- (2) Provision that may be made in regulations under sub-paragraph (1) includes provision requiring one or more members of the worldwide group to send specified information to a company required to make default reductions.
- (3) The Commissioners may by regulations make provision about cases in which (whether as a result of non-compliance with regulations made under sub-paragraph (1) or otherwise) a company required to make default reductions does not possess specified information.
- (4) Provision that may be made in regulations under sub-paragraph (3) includes provision as to assumptions that may or must be made in determining the amount of a reduction under paragraph 37 of a financing income amount.
- (5) The Commissioners may by regulations make provision for determining a time later than that determined under paragraph 15(4) of Schedule 18 to FA 1998 (amendment of return by company) before which a company required to make default reductions may amend its company tax return so as to reflect a reduction under paragraph 37.
- (6) In this paragraph “*specified*” means specified in regulations under this paragraph.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Balancing payments between group companies: no charge to, or relief from, tax
##### 39
- (1) This paragraph applies where—
- (a) one or more financing income amounts of a company (“company A”) for the relevant period of account are—
- (i) by virtue of paragraph 34, not brought into account, or
- (ii) by virtue of paragraph 37, reduced,
- (b) one or more financing expense amounts of another company (“company B”) for the relevant period of account are—
- (i) by virtue of paragraph 22, not brought into account, or
- (ii) by virtue of paragraph 25, reduced,
- (c) company A makes one or more payments (“the balancing payments”) to company B, and
- (d) the sole or main reason for making the balancing payments is that the conditions in paragraphs (a) and (b) are met.
- (2) To the extent that the sum of the balancing payments does not exceed the amount specified in sub-paragraph (3), those payments—
- (a) are not to be taken into account in computing profits or losses of either company A or company B for the purposes of corporation tax, and
- (b) are not to be regarded as distributions for any of the purposes of the Corporation Tax Acts.
- (3) The amount referred to in sub-paragraph (2) is the lower of—
- (a) the sum of the financing income amounts mentioned in sub-paragraph (1)(a), and
- (b) the sum of the financing expense amounts mentioned in sub-paragraph (1)(b).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 5 — Intra-group financing income where payer denied deduction
@@ -7438,175 +6447,43 @@
##### 40
- (1) A financing income amount of a company that is a member of the worldwide group (“*the recipient*”) is not to be brought into account for the purposes of corporation tax if—
- (a) it arises as a result of a payment by another company that is a member of the worldwide group (“the payer”),
- (b) the payment is received during a period of account of the worldwide group to which this Schedule applies, and
- (c) conditions A, B and C are met.
- (2) Condition A is that, at the time the payment is received, the payer is a relevant associate of the recipient (see paragraph 41).
- (3) Condition B is that, at the time the payment is received—
- (a) the payer is tax-resident in an EEA territory (see paragraph 42), and
- (b) the payer is liable to a tax of that territory that is chargeable by reference to profits, income or gains arising to the payer.
- (4) Condition C is that—
- (a) qualifying EEA tax relief for the payment is not available to the payer in the period in which the payment is made (“*the current period*”) or any previous period (see paragraph 43), and
- (b) qualifying EEA tax relief for the payment is not available to the payer in any period after the current period (see paragraph 44).
- (5) For the meaning of “financing income amount”, see paragraph 46.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “relevant associate”
##### 41
For the purposes of this Part the payer is a “relevant associate” of the recipient if—
- (a) the payer is a parent of the recipient,
- (b) the payer is a 75% subsidiary of the recipient, or
- (c) the payer is a 75% subsidiary of a parent of the recipient.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “tax-resident” and “EEA territory”
##### 42
- (1) For the purposes of this Part the payer is “tax-resident” in a territory if it is liable, under the law of that territory, to tax by reason of domicile, residence or place of management.
- (2) In this Part “*EEA territory*” means a territory outside the United Kingdom that is within the European Economic Area.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying EEA tax relief for payment in the current period or a previous period
##### 43
- (1) For the purposes of this Part qualifying EEA tax relief for a payment is not available to the payer in the current period or a previous period if conditions A and B are met in relation to the payment.
- (2) Condition A is that no deduction calculated by reference to the payment can be taken into account in calculating any profits, income or gains that—
- (a) arise to the payer in the current period or any previous period, and
- (b) are chargeable to any tax of the United Kingdom or an EEA territory for the current period or any previous period.
- (3) Condition B is that no relief determined by reference to the payment can be given in the current period or any previous period for the purposes of any tax of the United Kingdom or an EEA territory by—
- (a) the payment of a credit,
- (b) the elimination or reduction of a tax liability, or
- (c) any other means of any kind.
- (4) Conditions A and B are not met in relation to the payment unless every step is taken (whether by the payer or any other person) to secure that deductions are taken into account as mentioned in sub-paragraph (2) and reliefs are given as mentioned in sub-paragraph (3).
- (5) Conditions A and B are not met in relation to the payment unless they would be met disregarding a failure to obtain a deduction or relief by virtue of—
- (a) this Schedule, or
- (b) provision made as a result of double taxation arrangements between any two territories (including provision sanctioned by associated enterprise rules contained in such arrangements).
- (6) For this purpose—
- (a) arrangements are “double taxation arrangements” if they are arrangements made between any two territories with a view to affording relief from double taxation, and
- (b) “*associated enterprise rules*” means —
- (i) rules that, on the passing of this Act, were contained in Article 9 of the Model Tax Convention on Income and on Capital published by the Organisation for Economic Co-operation and Development, or
- (ii) any rules in the same or equivalent terms.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying EEA tax relief for payment in future period
##### 44
- (1) For the purposes of this Part qualifying EEA tax relief for a payment is not available to the payer in a period after the current period if conditions A and B are met in relation to the payment.
- (2) Condition A is that no deduction calculated by reference to the payment can be taken into account in calculating any profits, income or gains that—
- (a) might arise to the payer in any period after the current period, and
- (b) would, if they did so arise, be chargeable to any tax of the United Kingdom or an EEA territory for any period after the current period.
- (3) Condition B is that no relief determined by reference to the payment can be given in any period after the current period for the purposes of any tax of the United Kingdom or an EEA territory by—
- (a) the payment of a credit,
- (b) the elimination or reduction of a tax liability, or
- (c) any other means of any kind.
- (4) The question whether a deduction can be taken into account as mentioned in sub-paragraph (2) or a relief can be given as mentioned in sub-paragraph (3), is to be determined by reference to the position immediately after the end of the current period.
- (5) Conditions A and B are not met in relation to the payment unless they would be met disregarding a failure to obtain a deduction or relief by virtue of—
- (a) this Schedule, or
- (b) provision made as a result of double taxation arrangements between any two territories (including provision sanctioned by associated enterprise rules contained in such arrangements).
- (6) For this purpose—
- (a) arrangements are “double taxation arrangements” if they are arrangements made between any two territories with a view to affording relief from double taxation, and
- (b) “*associated enterprise rules*” means—
- (i) rules that, on the passing of this Act, were contained in Article 9 of the Model Tax Convention on Income and on Capital published by the Organisation for Economic Co-operation and Development, or
- (ii) any rules in the same or equivalent terms.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### References to tax of a territory
##### 45
- (1) References in this Part to a tax of the United Kingdom are to income tax or corporation tax.
- (2) References in this Part to a tax of a territory outside the United Kingdom are to a tax chargeable under the law of that territory that—
- (a) is charged on income and corresponds to United Kingdom income tax, or
- (b) is charged on income or chargeable gains or both and corresponds to United Kingdom corporation tax.
- (3) For the purposes of this paragraph a tax chargeable under the law of a territory outside the United Kingdom does not fail to correspond to income or corporation tax just because—
- (a) it is chargeable under the law of a province, state or other part of a country, or
- (b) it is levied by or on behalf of a municipality or other local body.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Financing income amounts of a company
##### 46
- (1) References in this Part to a “financing income amount” of a company are (subject to sub-paragraph (6)) to any amount that meets condition A, B or C.
- (2) Condition A is that the amount is a credit that—
- (a) would, apart from this Part, be brought into account by the company for the purposes of corporation tax,
- (b) would be so brought into account in respect of a loan relationship—
- (i) under Part 3 of CTA 2009 by virtue of section 297 of that Act (loan relationships for purposes of trade), or
- (ii) under Part 5 of that Act (other loan relationships), and
- (c) is not an excluded credit.
- (3) A credit is “excluded” if it is in respect of—
- (a) the reversal of an impairment loss,
- (b) an exchange gain, or
- (c) a profit from a related transaction.
- (4) Condition B is that the amount is an amount that would, apart from this Part, be brought into account by the company for the purposes of corporation tax in respect of the financing income implicit in amounts received under finance leases.
- (5) Condition C is that the amount is an amount that would, apart from this Part, be brought into account by the company for the purposes of corporation tax in respect of the financing income receivable on debt factoring, or any similar transaction.
- (6) The provisions of Part 7 apply in relation to an amount that is a financing income amount of a company by virtue of meeting condition A, B or C in this paragraph as they apply in relation to an amount that is a financing income amount of a relevant group company by virtue of meeting condition A, B or C in paragraph 55.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 6 — Anti-avoidance
@@ -7614,141 +6491,43 @@
##### 47
- (1) A period of account of the worldwide group that, apart from this paragraph, is not within paragraph 2(1) is treated as within that provision if conditions A to C are met.
- (2) Condition A is that—
- (a) at any time before the end of the period, a scheme is entered into, and
- (b) if the scheme had not been entered into, the period would have been within paragraph 2(1).
- (3) Condition B is that the main purpose, or one of the main purposes, of any party to the scheme on entering into the scheme is to secure that the period is not within paragraph 2(1).
- (4) Condition C is that the scheme is not an excluded scheme.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Schemes involving manipulation of rules in Parts 3 and 4
##### 48
- (1) Where conditions A to C are met in relation to a period of account of the worldwide group (“the relevant period of account”), the tested expense amount, the tested income amount and the available amount for the period are to be calculated in accordance with paragraph 50.
- (2) Condition A is that—
- (a) at any time before the end of the relevant period of account, a scheme is entered into, and
- (b) the main purpose, or one of the main purposes, of any party to the scheme on entering into it is to secure that the amount of the relevant net deduction (within the meaning given by paragraph 49) is lower than it would be if that amount were calculated in accordance with paragraph 50.
- (3) Condition B is that a result of the scheme is that—
- (a) the sum of the profits of UK group companies that arise in relevant accounting periods and that are chargeable to corporation tax is less than it would be if that sum were determined in accordance with paragraph 50, or
- (b) the sum of the losses of UK group companies that arise in relevant accounting periods (other than any taken into account in calculating profits within paragraph (a)) and that are capable of being a carried-back amount or a carried-forward amount is higher than it would be if that sum were determined in accordance with paragraph 50.
- (4) Condition C is that the scheme is not an excluded scheme.
- (5) In a case where—
- (a) a profit or loss arises in an accounting period of a UK group company, and
- (b) a proportion of that period does not fall within the relevant period of account,
the profit or loss is to be reduced, for the purposes of condition B, by the same proportion.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “relevant net deduction”
##### 49
- (1) In paragraph 48(2) the “*relevant net deduction*” means—
- (a) the amount by which the total disallowed amount exceeds the tested income amount, or
- (b) if the total disallowed amount does not exceed the tested income amount, nil.
- (2) In this paragraph the “*total disallowed amount*” means—
- (a) the amount by which the tested expense amount exceeds the available amount, or
- (b) if the tested expense amount does not exceed the available amount, nil.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Calculation of amounts
##### 50
- (1) References in paragraph 48 to the calculation of any amount or sum in accordance with this paragraph are to the calculation of that amount or sum on the following assumptions.
- (2) The assumptions are that—
- (a) the scheme in question was not entered into, and
- (b) instead, anything that it is more likely than not would have been done or not done, had this Schedule not had effect in relation to the relevant period of account, was done or not done.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “carried-back amount” and “carried-forward amount”
##### 51
- (1) In paragraph 48 “*carried-back amount*” means—
- (a) an amount carried back under section 393A(1)(b) of ICTA (trading losses),
- (b) an amount carried back by virtue of a claim under section 459(1)(b) of CTA 2009 (non-trading deficits from loan relationships), or
- (c) an amount carried back under section 389(2) of CTA 2009 (deficits of insurance companies).
- (2) In paragraph 48 “*carried-forward amount*” means—
- (a) an amount carried forward under section 76(12) or (13) of ICTA (certain expenses of insurance companies),
- (b) an amount carried forward under section 392A(2) or (3) of ICTA (UK property business losses),
- (c) an amount carried forward under section 392B(1)(b) of ICTA (overseas property business losses),
- (d) an amount carried forward under section 393(1) of ICTA (trading losses),
- (e) an amount carried forward under section 396(1) of ICTA (losses from miscellaneous transactions),
- (f) an amount carried forward under section 436A(4) of ICTA (insurance companies: losses from gross roll-up business),
- (g) an amount carried forward under section 8(1)(b) of TCGA 1992 (allowable losses),
- (h) an amount carried forward under section 391(2) of CTA 2009 (deficits of insurance companies),
- (i) an amount carried forward under section 457(3) of CTA 2009 (non-trading deficits from loan relationships),
- (j) an amount carried forward under section 753(3) of CTA 2009 (non-trading loss on intangible fixed assets),
- (k) an amount carried forward under section 925(3) of CTA 2009 (patent income: relief for expenses), or
- (l) an amount carried forward under section 1223 of CTA 2009 (expenses of management and other amounts).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Schemes involving manipulation of rules in Part 5
##### 52
- (1) This paragraph applies to a financing income amount of a company received during a period of account of the worldwide group if—
- (a) apart from this paragraph, the financing income amount would, by virtue of paragraph 40, not be brought into account for the purposes of corporation tax, and
- (b) conditions A to C are met.
- (2) Condition A is that, at any time before the financing income amount is received, a scheme is entered into that secures that any of the conditions in sub-paragraphs (2) to (4) of paragraph 40 (“the relevant paragraph 40 condition”) is met in relation to the amount.
- (3) Condition B is that the purpose, or one of the main purposes, of any party to the scheme on entering into the scheme is to secure that the relevant paragraph 40 condition is met.
- (4) Condition C is that the scheme is not an excluded scheme.
- (5) Where this paragraph applies to a financing income amount, the relevant paragraph 40 condition is treated as not met in relation to the amount.
- (6) Paragraph 46 (meaning of references to a “financing income amount” of a company) applies for the purposes of this paragraph.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “scheme” and “excluded scheme”
##### 53
- (1) For the purposes of this Part “*scheme*” includes any scheme, arrangements or understanding of any kind whatever, whether or not legally enforceable, involving a single transaction or two or more transactions.
- (2) For the purposes of this Part a scheme is “excluded” if it is of a description specified in regulations made by the Commissioners.
- (3) Regulations under sub-paragraph (2) may make different provision for different purposes.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 7 — “Financing expense amount” and “financing income amount”
@@ -7756,399 +6535,97 @@
##### 54
- (1) References in this Schedule to a “financing expense amount” of a company for a period of account of the worldwide group are to any amount that meets condition A, B or C.
- (2) Condition A is that the amount is a debit that—
- (a) would, apart from this Schedule, be brought into account in a relevant accounting period of the company,
- (b) would be so brought into account in respect of a loan relationship—
- (i) under Part 3 of CTA 2009 by virtue of section 297 of that Act (loan relationships for purposes of trade), or
- (ii) under Part 5 of that Act (other loan relationships), and
- (c) is not an excluded debit.
- (3) A debit is “excluded” if it is in respect of—
- (a) an impairment loss,
- (b) an exchange loss, or
- (c) a related transaction.
- (4) Condition B is that the amount is an amount that would, apart from this Schedule, be brought into account for the purposes of corporation tax in a relevant accounting period of the company in respect of the financing cost implicit in payments made under finance leases.
- (5) Condition C is that the amount is an amount that would, apart from this Schedule, be brought into account for the purposes of corporation tax in a relevant accounting period of the company in respect of the financing cost payable on debt factoring, or any similar transaction.
- (6) In a case where—
- (a) a debit or other amount would, apart from this Schedule, be brought into account in an accounting period, and
- (b) a proportion of that period does not fall within the period of account of the worldwide group,
the debit or other amount is to be reduced, for the purposes of this paragraph, by the same proportion.
- (7) This paragraph is subject to paragraphs 57 to 68.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The financing income amounts of a company
##### 55
- (1) References in this Schedule (except in Part 5 and paragraph 52) to a “financing income amount” of a company for a period of account of the worldwide group are to any amount that meets condition A, B or C.
- (2) Condition A is that the amount is a credit that—
- (a) would, apart from this Schedule, be brought into account in a relevant accounting period of the company,
- (b) would be so brought into account in respect of a loan relationship—
- (i) under Part 3 of CTA 2009 by virtue of section 297 of that Act (loan relationships for purposes of trade), or
- (ii) under Part 5 of that Act (other loan relationships), and
- (c) is not an excluded credit.
- (3) A credit is “excluded” if it is in respect of—
- (a) the reversal of an impairment loss,
- (b) an exchange gain, or
- (c) a profit from a related transaction.
- (4) Condition B is that the amount is an amount that would, apart from this Schedule, be brought into account for the purposes of corporation tax in a relevant accounting period of the company in respect of the financing income implicit in amounts received under finance leases.
- (5) Condition C is that the amount is an amount that would, apart from this Schedule, be brought into account for the purposes of corporation tax in a relevant accounting period of the company in respect of the financing income receivable on debt factoring, or any similar transaction.
- (6) In a case where—
- (a) a credit or other amount would, apart from this Schedule, be brought into account in an accounting period, and
- (b) a proportion of that period does not fall within the period of account of the worldwide group,
the credit or other amount is to be reduced, for the purposes of this paragraph, by the same proportion.
- (7) This paragraph is subject to paragraphs 57 to 68.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of paragraphs 54 and 55
##### 56
In paragraphs 54 and 55 the following expressions have the same meaning as they have in Part 5 of the Corporation Tax Act 2009 (loan relationships)—
- “exchange gain” and “exchange loss”;
- “impairment”;
- “impairment loss”;
- “related transaction”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Group treasury companies
##### 57
- (1) This paragraph applies where, apart from this paragraph, an amount (“*the relevant amount*”) is—
- (a) a financing expense amount of a group treasury company by virtue of meeting condition A, B or C in paragraph 54, or
- (b) a financing income amount of a group treasury company by virtue of meeting condition A, B or C in paragraph 55.
- (2) The relevant amount, and all other amounts that are relevant amounts in respect of the group treasury company and the relevant period, are treated as not being a financing expense amount or a financing income amount of the group treasury company, but only if that company makes an election for the purposes of this paragraph in respect of the relevant period.
- (3) An election under this paragraph must be made within 3 years after the end of the relevant period.
- (4) If two or more members of the worldwide group are group treasury companies in the relevant period, an election under this paragraph made by any of them is not valid unless each of them makes such an election in respect of the relevant period before the end of the 3 year period mentioned in sub-paragraph (3).
- (5) A company is a group treasury company in the relevant period if the following conditions are met.
- (6) The first condition is that the company is a member of the worldwide group.
- (7) The second condition is that the company undertakes treasury activities for the worldwide group in the relevant period (whether or not it also undertakes other activities).
- (8) The third condition is that—
- (a) if the company is the only company to meet the first and second conditions in the relevant period, or the only other companies to meet those conditions are not UK group companies, at least 90% of the relevant income of the company for the relevant period is group treasury revenue, or
- (b) if the company and one or more other companies each of which is a UK group company meet the first and second conditions in the relevant period, at least 90% of the aggregate relevant income of those companies for the relevant period is group treasury revenue.
- (9) For the purposes of this paragraph a company undertakes treasury activities for the worldwide group in the relevant period if, in that period, it does one or more of the following things in relation to, or on behalf of, the worldwide group or any of its members—
- (a) managing surplus deposits of money or overdrafts,
- (b) making or receiving deposits of money,
- (c) lending money,
- (d) subscribing for or holding shares in another company which is a UK group company and a group treasury company,
- (e) investing in debt securities, and
- (f) hedging assets, liabilities, income or expenses.
- (10) For the purposes of this paragraph “*group treasury revenue*”, in relation to a company, means revenue—
- (a) arising from the treasury activities that the company undertakes for the worldwide group, and
- (b) accounted for as such under generally accepted accounting practice;
before any deduction (whether for expenses or otherwise).
- (11) But revenue consisting of a dividend or other distribution is not group treasury revenue unless it is a dividend or distribution from a company that is, in the relevant period—
- (a) a UK group company, and
- (b) a group treasury company.
- (12) In this paragraph—
- “*debt security*” has the same meaning as in the FSA Handbook;
- “*relevant income*”, in relation to a company, means income—arising from the activities of the company, andaccounted for as such under generally accepted accounting practice,before any deduction (whether for expenses or otherwise);
- “*relevant period*” means the period of account of the worldwide group to which the relevant amount relates.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Real estate investment trusts
##### 58
- (1) This paragraph applies where, apart from this paragraph, an amount (“*the relevant amount*”) is—
- (a) a financing expense amount of a company by virtue of meeting condition A in paragraph 54, or
- (b) a financing income amount of a company by virtue of meeting condition A in paragraph 55.
- (2) The relevant amount is treated as not being a financing expense amount or a financing income amount of the company if the finance arrangement is one to which section 211 of CTA 2009 does not apply by virtue of section 120(3)(a) of FA 2006.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Companies engaged in oil extraction activities
##### 59
- (1) This paragraph applies where, apart from this paragraph, an amount (“*the relevant amount*”) is—
- (a) a financing expense amount of a company by virtue of meeting condition A or condition B in paragraph 54, or
- (b) a financing income amount of a company by virtue of meeting condition A or condition B in paragraph 55.
- (2) The relevant amount is treated as not being a financing expense amount or a financing income amount of the company if the following conditions are met.
- (3) The first condition is that the company is treated, in the accounting period in which the amount is brought into account, as carrying on a ring fence trade (see section 502 of ICTA).
- (4) The second condition is that the amount falls to be brought into account in calculating the profits of that trade for that accounting period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Intra-group short-term finance: financing expense
##### 60
- (1) This paragraph applies where, apart from this paragraph, an amount (“*the relevant amount*”) is a financing expense amount of a company (“company A”) by virtue of meeting condition A in paragraph 54.
- (2) The relevant amount is treated as not being a financing expense amount of company A, but only if an election is made for this purpose.
- (3) Such an election may not be made unless the following conditions are met.
- (4) The first condition is that company A and the other party to the loan relationship (“company B”) are both members of the worldwide group.
- (5) The second condition is that the finance arrangement is a short-term loan relationship as respects the period of account of the worldwide group.
- (6) An election under this paragraph may only be made—
- (a) jointly by company A and company B, and
- (b) within 36 months of the end of the period of account of the worldwide group to which the relevant amount relates.
- (7) An election under this paragraph is irrevocable.
- (8) In this paragraph “*short-term loan relationship*” has the meaning given in paragraph 62.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Intra-group short-term finance: financing income
##### 61
- (1) This paragraph applies where—
- (a) under paragraph 60, the relevant amount is treated as not being a financing expense amount of company A, and
- (b) apart from this paragraph, the relevant amount is a financing income amount of company B by virtue of meeting condition A in paragraph 55.
- (2) The relevant amount is treated as not being a financing income amount of company B.
- (3) In this paragraph “*company A*” and “*company B*” have the same meanings as in paragraph 60.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Short-term loan relationships
##### 62
- (1) For the purposes of paragraph 60 the finance arrangement is a short-term loan relationship as respects the period of account of the worldwide group (“*the relevant period*”) if—
- (a) regulations made by the Commissioners provide for it to be so, or
- (b) one or other of the following conditions is met.
- (2) The first condition is that the finance arrangement does not terminate during the relevant period and—
- (a) to the extent that the finance arrangement provides for the creation of money debt, its terms require all money debt created under it to be settled within 12 months of money debt first being created under it, and
- (b) to the extent that the finance arrangement is otherwise a loan relationship, its terms provide for it to terminate within 12 months of its coming into force.
- (3) The second condition is that the finance arrangement terminates during, or after the end of, the relevant period and—
- (a) to the extent that the relationship provided for the creation of money debt, all money debt created under it was settled within 12 months of money debt first being created under it, and
- (b) to the extent that the relationship was otherwise a loan relationship, it terminated within 12 months of its coming into force.
- (4) The Treasury may by regulations make provision about other circumstances in which the finance arrangement is to be taken not to be a short-term loan relationship as respects—
- (a) the relevant period, or
- (b) any part or parts of the relevant period.
- (5) Regulations under sub-paragraph (4) may include provision for the finance arrangement to be taken never to have been a short-term loan relationship as respects the relevant period or the part or parts of it.
- (6) No regulations may be made under sub-paragraph (4) unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, the House of Commons.
- (7) The Commissioners may by regulations make provision (including provision conferring a discretion on the Commissioners) about circumstances in which regulations under sub-paragraph (4) are not to apply in relation to the finance arrangements.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Stranded deficits in non-trading loan relationships: financing expense
##### 63
- (1) This paragraph applies where, apart from this paragraph, an amount (“*the relevant amount*”) is a financing expense amount of a company (“company A”) by virtue of meeting condition A in paragraph 54.
- (2) The relevant amount is to be treated as not being a financing expense amount of company A, but only if an election is made for this purpose.
- (3) Such an election may not be made unless the following conditions are met.
- (4) The first condition is that company A and the other party to the loan relationship (“company B”) are both members of the worldwide group.
- (5) The second condition is that company B—
- (a) is resident in the United Kingdom, or
- (b) is not resident in the United Kingdom and is carrying on a trade in the United Kingdom through a permanent establishment in the United Kingdom.
- (6) The third condition is that, under section 457 of CTA 2009, company B carries forward an amount of non-trading deficit and sets it off against non-trading profits of an accounting period that falls wholly or partly within the period of account of the worldwide group.
- (7) The fourth condition is that the amount of non-trading deficit carried forward and set off is equal to, or greater than, the relevant amount.
- (8) An election under this paragraph may only be made—
- (a) jointly by company A and company B, and
- (b) within 36 months of the end of the period of account of the worldwide group to which the relevant amount relates.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Stranded deficits in non-trading loan relationships: financing income
##### 64
- (1) This paragraph applies where—
- (a) under paragraph 63, the relevant amount is treated is not being a financing expense amount of company A, and
- (b) apart from this paragraph, the relevant amount is a financing income amount of company B by virtue of meeting condition A in paragraph 55.
- (2) The relevant amount is treated as not being a financing income amount of company B.
- (3) In this paragraph “*company A*” and “*company B*” have the same meanings as in paragraph 63.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Stranded management expenses in non-trading loan relationships: financing expense
##### 65
- (1) This paragraph applies where, apart from this paragraph, an amount (“*the relevant amount*”) is a financing expense amount of a company (“company A”) by virtue of meeting condition A in paragraph 54.
- (2) The relevant amount is treated as not being a financing expense amount of company A, but only if an election is made for this purpose.
- (3) Such an election may not be made unless the following conditions are met.
- (4) The first condition is that company A and the other party to the finance arrangement (“company B”) are both members of the worldwide group.
- (5) The second condition is that company B is a company with investment business (within the meaning of Part 16 of CTA 2009) and—
- (a) is resident in the United Kingdom, or
- (b) is not resident in the United Kingdom and is carrying on a trade in the United Kingdom through a permanent establishment in the United Kingdom.
- (6) The third condition is that company B is allowed a deduction under section 1219 of CTA 2009 (expenses of management of a company's investment business) in respect of an accounting period that falls wholly or partly within the period of account of the worldwide group (“*the relevant period*”).
- (7) The fourth condition is that the amount of the deduction allowed is equal to, or greater than, the relevant amount.
- (8) The fifth condition is that the calculation of company B's total profits for the relevant period for the purposes of corporation tax results in a loss if company B's credit is not included in that calculation.
- (9) An election under this paragraph may only be made—
- (a) jointly by company A and company B, and
- (b) within 36 months of the end of the period of account of the worldwide group to which the relevant amount relates.
- (10) In this paragraph “*company B's credit*” means the credit to company B that arises from the debit to company A by virtue of which condition A in paragraph 54 is met.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Stranded management expenses in non-trading loan relationships: financing income
##### 66
- (1) This paragraph applies where—
- (a) under paragraph 65, the relevant amount is treated is not being a financing expense amount of company A, and
- (b) apart from this paragraph, the relevant amount is a financing income amount of company B by virtue of meeting condition A in paragraph 55.
- (2) The relevant amount is treated as not being a financing income amount of company B.
- (3) In this paragraph “*company A*” and “*company B*” have the same meanings as in paragraph 65.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Charities
##### 67
- (1) This paragraph applies where, apart from this paragraph, an amount (“*the relevant amount*”) is a financing expense amount of a company by virtue of meeting condition A, B or C in paragraph 54.
- (2) The relevant amount is treated as not being a financing expense amount of the company if the creditor is a charity.
- (3) In this paragraph—
- “*charity*” means any body of persons or trust established for charitable purposes only;
- “*creditor*” means—in a case where the relevant amount is a debit that meets condition A in paragraph 54, the loan creditor who receives the payment in relation to which the relevant amount arises;in a case where the relevant amount meets condition B or C in paragraph 54, the recipient of the payment in relation to which the relevant amount arises.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Educational and public bodies
##### 68
- (1) This paragraph applies where, apart from this paragraph, an amount (“*the relevant amount*”) is a financing expense amount of a company by virtue of meeting condition A, B or C in paragraph 54.
- (2) The relevant amount is treated as not being a financing expense amount of the company if the creditor is—
- (a) a designated educational establishment,
- (b) a health service body,
- (c) a local authority, or
- (d) a person that is prescribed, or is of a description of persons prescribed, in an order made by the Commissioners for the purposes of this paragraph.
- (3) The Commissioners may not prescribe a person, or a description of persons, for the purposes of this paragraph unless they are satisfied that the person, or each of the persons within the description, has functions some or all of which are of a public nature.
- (4) In this paragraph—
- “*creditor*” means—in a case where the relevant amount is a debit that meets condition A in paragraph 54, the loan creditor who receives the payment in relation to which the relevant amount arises;in a case where the relevant amount meets condition B or C in paragraph 54, the recipient of the payment in relation to which the relevant amount arises;
- “*designated educational establishment*” has the same meaning as in section 105 of CTA 2009;
- “*health service body*” has the same meaning as in section 519A of ICTA.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation of paragraphs 57 to 68
##### 69
In paragraphs 57 to 68 “*finance arrangement*” means—
- (a) in the case of an amount that is a debit or credit that meets the condition in paragraph 54(2) or 55(2), the loan relationship to which the debit or credit relates;
- (b) in the case of an amount that meets the condition in paragraph 54(4) or 55(4), the finance lease to which the amount relates;
- (c) in the case of an amount that meets the condition in paragraph 54(5) or 55(5), the debt factoring or similar transaction to which the amount relates.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 8 — The “tested expense amount” and “tested income amount”
@@ -8156,49 +6633,19 @@
##### 70
- (1) References in this Schedule to the “tested expense amount” for a period of account of the worldwide group are to the sum of the net financing deductions of each relevant group company.
- (2) References in this Schedule to the “net financing deduction” of a company for a period of account of the worldwide group are to—
- (a) the sum of the company's financing expense amounts for the period (see paragraph 54), less
- (b) the sum of the company's financing income amounts for the period (see paragraph 55).
- (3) References in sub-paragraph (2) to a company's financing expense amounts or financing income amounts for a period of account of the worldwide group do not include any amount that arises as a result of a transaction that takes place at a time at which the company is not a relevant group company.
- (4) Where the amount determined in accordance with sub-paragraph (2) is negative, the net financing deduction of the company for the period is nil.
- (5) Where the amount determined in accordance with sub-paragraph (2) is small (see paragraph 72), the net financing deduction of the company for the period is nil.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### The tested income amount
##### 71
- (1) References in this Schedule to the “tested income amount” for the period of account of the worldwide group are to the sum of the net financing incomes of each UK group company.
- (2) The reference in sub-paragraph (1) to the “net financing income” of a company for a period of account of the worldwide group is to—
- (a) the sum of the company's financing income amounts for the period (see paragraph 55), less
- (b) the sum of the company's financing expense amounts for the period (see paragraph 54).
- (3) References in sub-paragraph (2) to a company's financing expense amounts or financing income amounts for a period of account of the worldwide group do not include any amount that arises as a result of a transaction that takes place at a time at which the company is not a UK group company.
- (4) Where the amount determined in accordance with sub-paragraph (2) is negative, the net financing income of the company for the period is nil.
- (5) Where the amount determined in accordance with sub-paragraph (2) is small (see paragraph 72), the net financing income of the company for the period is nil.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Companies with net financing deduction or net financing income that is small
##### 72
- (1) An amount determined in accordance with paragraph 70(2) or 71(2) is “small” if it is less than £500,000.
- (2) The Treasury may by order amend sub-paragraph (1) by substituting a higher or lower amount for the amount for the time being specified there.
- (3) No order may be made under sub-paragraph (2) unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, the House of Commons.
- (4) An order under sub-paragraph (2) may only have effect in relation to periods of account of the worldwide group beginning after the date on which the order is made.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 9 — The “available amount”
@@ -8206,77 +6653,31 @@
##### 73
- (1) References in this Schedule to the “available amount” for a period of account of the worldwide group are to the sum of the amounts disclosed in the financial statements of the group for that period in respect of—
- (a) interest payable on amounts borrowed,
- (b) amortisation of discounts relating to amounts borrowed,
- (c) amortisation of premiums relating to amounts borrowed,
- (d) amortisation of ancillary costs relating to amounts borrowed,
- (e) the financing cost implicit in payments made under finance leases,
- (f) the financing cost relating to debt factoring, or
- (g) amounts of such other description as may be specified in regulations made by the Commissioners.
- (2) An amount that falls within any of paragraphs (a) to (g) of sub-paragraph (1) is to be disregarded for the purposes of that sub-paragraph to the extent that—
- (a) the amount represents a dividend payable in respect of preference shares, and
- (b) those shares are recognised as a liability in the financial statements of the group for the period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Group members with income from oil extraction subject to particular tax treatment in UK
##### 74
- (1) In calculating the available amount, an amount disclosed in the financial statements of the worldwide group (“the external finance amount”) must be disregarded if the following conditions are met.
- (2) Condition A is that a member of the worldwide group is treated in a relevant accounting period as carrying on a ring fence trade (see section 502 of ICTA).
- (3) Condition B is that the external finance amount falls to be brought into account for the purposes of corporation tax in calculating the profits of that trade for that accounting period.
- (4) In this paragraph “*relevant accounting period*”, in relation to a member of the worldwide group, means an accounting period of the member that falls wholly or partly within the period of account.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Group members with income from shipping subject to particular tax treatment in UK
##### 75
- (1) In calculating the available amount, an amount disclosed in the financial statements of the worldwide group (“the external finance amount”) must be disregarded if the following conditions are met.
- (2) Condition A is that a member of the worldwide group is, for a relevant accounting period, a tonnage tax company for the purposes of Schedule 22 to FA 2000.
- (3) Condition B is that the external finance amount—
- (a) is taken into account in computing relevant shipping profits of that company for that accounting period, or
- (b) comprises deductible finance costs outside the ring fence, to the extent that they are adjusted under paragraph 61 or 62 of Schedule 22 to FA 2000.
- (4) In this paragraph—
- “*relevant accounting period*”, in relation to a member of the worldwide group, means an accounting period of the member that falls wholly or partly within the period of account;
- “*relevant shipping profits*” has the same meaning as in Schedule 22 to FA 2000 (see Part 6 of that Schedule).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Group members with income from property rental subject to particular tax treatment in UK
##### 76
- (1) In calculating the available amount, an amount disclosed in the financial statements of the worldwide group (“the external finance amount”) must be disregarded if the following conditions are met.
- (2) Condition A is that a member of the worldwide group is treated in a relevant accounting period as carrying on a separate business under section 113 of FA 2006 (ring-fencing of tax exempt business).
- (3) Condition B is that the external finance amount falls to be brought into account in calculating the profits arising from that business in that accounting period.
- (4) In this paragraph “*relevant accounting period*”, in relation to a member of the worldwide group, means an accounting period of the member that falls wholly or partly within the period of account.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of accounting expressions used in this Part
##### 77
Subject to any provision to the contrary, expressions used in this Part have the meaning for the time being given by international accounting standards.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 10 — Other interpretative provisions
@@ -8284,323 +6685,103 @@
##### 78
In this Schedule “*the worldwide group*” means any group of entities that—
- (a) is large, and
- (b) contains one or more relevant group companies.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “group”
##### 79
- (1) Subject to sub-paragraphs (2) and (3), in this Schedule “*group*” has the meaning for the time being given by international accounting standards.
- (2) Where a group would (apart from this sub-paragraph) contain more than one ultimate parent, each of those ultimate parents, together with its subsidiaries, is to be treated as a separate group.
- (3) An entity that is a parent of the ultimate parent of a group is to be treated as not being a member of the group.
- (4) Sub-paragraphs (2) and (3) do not apply for the purposes of paragraph 80.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “ultimate parent”
##### 80
- (1) For the purposes of this Schedule “*ultimate parent*”, in relation to a group, means an entity that—
- (a) is a member of the group,
- (b) is a corporate entity or a relevant non-corporate entity,
- (c) is not a subsidiary (whether direct or indirect) of a corporate entity or a relevant non-corporate entity, and
- (d) is not a collective investment scheme.
- (2) In this paragraph “*collective investment scheme*” has the meaning given by section 235 of FISMA 2000.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “corporate entity”
##### 81
- (1) In this Schedule “*corporate entity*” means (subject to sub-paragraph (4))—
- (a) a body corporate incorporated under the laws of any part of the United Kingdom or any other country or territory, or
- (b) any other entity that meets conditions A and B.
- (2) Condition A is that the person or persons who have an interest in the entity hold shares in the entity, or interests corresponding to shares.
- (3) Condition B is that the amount of profits to which each person who has an interest in the entity is entitled depends upon a decision that—
- (a) is taken by the entity or members of the entity, and
- (b) is taken after the period in which the profits arise.
- (4) The following are not corporate entities for the purposes of this Schedule—
- (a) the Crown,
- (b) a Minister of the Crown,
- (c) a government department,
- (d) a Northern Ireland department, or
- (e) a foreign sovereign power.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “relevant non-corporate entity”
##### 82
- (1) In this Schedule “*relevant non-corporate entity*” means an entity—
- (a) that is not a corporate entity, and
- (b) in relation to which conditions A and B are met.
- (2) Condition A is that shares or other interests in the entity are listed on a recognised stock exchange.
- (3) Condition B is that the shares or other interests in the entity are sufficiently widely held.
- (4) For this purpose shares or other interests in an entity are “sufficiently widely held” if no participator in the entity holds more than 10% by value of all the shares or other interests in the entity.
- (5) Section 417(1) of ICTA (meaning of participator) applies for the purposes of this paragraph.
- (6) In the application of that provision for those purposes, references to a company are to be treated as references to an entity.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of entities stapled to corporate entities or relevant non-corporate entities
##### 83
- (1) Where a corporate entity is stapled to another entity, the two entities are treated for the purposes of this Schedule as if—
- (a) they were one entity, and
- (b) that one entity were a corporate entity.
- (2) Where a relevant non-corporate entity is stapled to another entity, the two entities are treated as if—
- (a) they were one entity, and
- (b) that one entity were a relevant non-corporate entity.
- (3) For the purposes of this paragraph an entity (“entity A”) is “stapled” to another (“entity B”) if, in consequence of the nature of the rights attaching to the shares or other interests in entity A (including any terms or conditions attaching to the right to transfer the interests), it is necessary or advantageous for a person who has, disposes of or acquires shares or other interests in entity A also to have, to dispose of or to acquire shares or other interests in entity B.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Treatment of business combinations
##### 84
- (1) This paragraph applies where two corporate entities are—
- (a) not subsidiaries of the same entity, but
- (b) are treated under international accounting standards as a single economic entity by reason of being a business combination achieved by contract.
- (2) The two entities are treated for the purposes of this Schedule as if—
- (a) they were one entity, and
- (b) that one entity were a corporate entity.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “large” in relation to a group
##### 85
- (1) For the purposes of this Schedule a group is “large” at any time if (and only if) any member of the group is not at that time within the category of micro, small and medium-sized enterprises as defined in the Annex to Commission Recommendation 2003/361/EC of 6 May 2003 (“*the Annex*”).
- (2) In its application by virtue of sub-paragraph (1), the Annex has effect subject to the following qualifications.
- (3) Where a member of the group is in liquidation or administration, the rights of the liquidator or administrator (in that capacity) are to be left out of account when applying Article 3(3)(b).
- (4) Article 3 has effect with the omission of paragraph (5) (declaration in good faith where control cannot be determined etc).
- (5) The first sentence of Article 4(1) has effect as if the reference to the latest approved accounting period of a member of the group were to the current accounting period of that member.
- (6) Article 4 has effect with the omission of—
- (a) the second sentence of paragraph (1) (data to be taken into account from date of closure of accounts),
- (b) paragraph (2) (no change of status unless ceilings exceeded for two consecutive periods), and
- (c) paragraph (3) (estimate in case of newly established enterprise).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “UK group company” and “relevant group company”
##### 86
- (1) This paragraph applies for the purposes of this Schedule.
- (2) A company is a “UK group company” if—
- (a) it meets condition A, and
- (b) it is a member of the worldwide group.
- (3) A company is a “relevant group company” if—
- (a) it meets condition A, and
- (b) it meets condition B.
- (4) Condition A is that the company—
- (a) is resident in the United Kingdom, or
- (b) is not resident in the United Kingdom and is carrying on a trade in the United Kingdom through a permanent establishment in the United Kingdom.
- (5) Condition B is that the company is either—
- (a) the ultimate parent of the worldwide group, or
- (b) a relevant subsidiary of the ultimate parent of the worldwide group.
- (6) A company is a “relevant subsidiary” of the ultimate parent of the worldwide group if the company is a member of the worldwide group and—
- (a) the company is a 75% subsidiary of the ultimate parent,
- (b) the ultimate parent is beneficially entitled to at least 75% of any profits available for distribution to equity holders of the company, or
- (c) the ultimate parent would be beneficially entitled to at least 75% of any assets of the company available for distribution to its equity holders on a winding-up.
- (7) Schedule 18 to ICTA (equity holders and profits or assets available for distribution) applies in relation to sub-paragraph (6)(b) and (c) as it applies in relation to section 413(7) of that Act.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Financial statements of the worldwide group
##### 87
- (1) This paragraph applies for the purposes of this Schedule.
- (2) References to financial statements of the worldwide group are to consolidated financial statements of the ultimate parent and its subsidiaries; and references to a balance sheet of the worldwide group are to be read accordingly.
- (3) References to a period of account of the worldwide group are to a period in respect of which financial statements of the worldwide group are drawn up.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Non-compliant financial statements of worldwide group
##### 88
- (1) This paragraph applies where—
- (a) financial statements of the worldwide group are drawn up in respect of a period,
- (b) those financial statements are not acceptable, and
- (c) the amounts disclosed in those financial statements are materially different from those that would be disclosed in IAS financial statements for the period.
- (2) This Schedule (apart from this paragraph) applies as if IAS financial statements had been drawn up in respect of the period.
- (3) For the purposes of this paragraph financial statements are “acceptable” if—
- (a) they are drawn up in accordance with international accounting standards,
- (b) they meet such conditions relating to accounting standards, or accounting principles or practice, as may be specified in regulations made by the Commissioners, or
- (c) conditions A to C are met.
- (4) Condition A is that—
- (a) the companies whose results are included in the financial statements, and
- (b) the companies whose results would be included in IAS financial statements of the worldwide group for the same period, were such statements drawn up,
are the same.
- (5) Condition B is that—
- (a) the transactions whose results are reflected in the amounts mentioned in paragraph 73(1)(a) to (g) in the financial statements, and
- (b) the transactions whose results would be reflected in those amounts in IAS financial statements of the worldwide group for the same period, were such statements drawn up,
are the same.
- (6) Condition C is that the amounts mentioned in paragraph 73(1)(a) to (d) in the financial statements are calculated using the effective interest method.
- (7) In this paragraph references to IAS financial statements of the worldwide group for a period are to financial statements of the group for the period drawn up in accordance with international accounting standards.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Non-existent financial statements of worldwide group
##### 89
- (1) This paragraph applies where financial statements of the worldwide group are not drawn up in respect of a period (“*the relevant period*”).
- (2) If the relevant period is 12 months or less, this Schedule (apart from this paragraph) applies as if IAS financial statements had been drawn up in respect of the relevant period.
- (3) If the relevant period is more than 12 months, this Schedule (apart from this paragraph) applies as if IAS financial statements had been drawn up in respect of each period to which sub-paragraph (4) applies.
- (4) This sub-paragraph applies to a period if—
- (a) it is the first period of 12 months falling within the relevant period,
- (b) it is a period of 12 months falling within the relevant period that begins immediately after the end of the period mentioned in paragraph (a), or immediately after the end of a period determined under this paragraph, or
- (c) it is a period of less than 12 months that—
- (i) begins immediately after the end of the period mentioned in paragraph (a) or after the end of a period determined under paragraph (b), and
- (ii) ends at the end of the relevant period.
- (5) In this paragraph references to IAS financial statements of the worldwide group for a period are to financial statements of the group for the period drawn up in accordance with international accounting standards.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### References to amounts disclosed in financial statements
##### 90
- (1) References in this Schedule to amounts disclosed in financial statements include an amount comprised in an amount so disclosed.
- (2) References in this Schedule to amounts disclosed in financial statements do not include, in the case of an amount that—
- (a) is an amount mentioned in paragraph 73(1)(a) to (g), and
- (b) has been capitalised and is accordingly included in the balance sheet comprised in the financial statements,
any part of that amount that was included in a balance sheet comprised in financial statements for an earlier period.
- (3) References in this Schedule to amounts disclosed in financial statements do not include—
- (a) any amount disclosed in respect of a group pension scheme, or
- (b) any amount disclosed in respect of any entity that is not a member of the group.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Translation of amounts disclosed in financial statements into sterling
##### 91
- (1) References in this Schedule (except in Part 2) to an amount disclosed in financial statements for a period are, where the amount is expressed in a currency other than sterling, to that amount translated into its sterling equivalent.
- (2) The exchange rate by reference to which the amount is to be translated is the average rate of exchange for the period calculated from daily spot rates.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Expressions taking their meaning from international accounting standards
##### 92
- (1) For the purposes of this Schedule the following expressions have the meaning for the time being given by international accounting standards—
- “effective interest method”;
- “entity”;
- “parent”;
- “subsidiary”.
- (2) The Commissioners may by order amend this paragraph.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “relevant accounting period”
##### 93
For the purposes of this Schedule a “relevant accounting period” of a company, in relation to a period of account of the worldwide group, means any accounting period that falls wholly or partly within the period of account of the worldwide group.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Meaning of “the Commissioners” and “HMRC”
##### 94
In this Schedule—
- “*the Commissioners*” means the Commissioners for Her Majesty's Revenue and Customs;
- “*FSA Handbook*” means the Handbook made by the Financial Services Authority under FISMA 2000;
- “*HMRC*” means Her Majesty's Revenue and Customs.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 11 — Consequential amendments and commencement
@@ -8608,57 +6789,29 @@
##### 95
In section 98 of TMA 1970 (special returns etc), in the first column of the Table, insert at the end— “ regulations under paragraph 24, 25, 26, 36 or 38 of Schedule 15 to FA 2009. ”
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 96
In paragraph 5 of Schedule 28AA to ICTA (provision not at arm's length), after sub-paragraph (8) (as inserted by paragraph 14 of Schedule 14 to this Act) insert—
> (9) For the purposes of sub-paragraph (1), Schedule 15 to FA 2009 (tax treatment of financing costs and income) is to be disregarded.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commencement
##### 97
This Schedule has effect in relation to periods of account of the worldwide group—
- (a) that begin on or after 1 January 2010, or
- (b) to which paragraph 98 applies.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Anti-avoidance: change of period of account of worldwide group
##### 98
This paragraph applies to a period of account of the worldwide group (“the relevant period of account”) if—
- (a) the ultimate parent of the group changes the date to which financial statements of the group are drawn up,
- (b) as a result of the change, the relevant period of account—
- (i) begins before 1 January 2010, and
- (ii) includes a period that would, if the change had not been made, have fallen within a period of account beginning on or after that date, and
- (c) the main purpose, or one of the main purposes, of the ultimate parent of the group in making the change is to secure that the first period of account in relation to which this Schedule has effect does not include any period falling within the relevant period of account.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transitional provision
##### 99
- (1) An amount that would, apart from this paragraph, meet condition A, B or C in paragraph 54 (definition of “financing expense amount”) does not meet that condition if it is a debit that, but for a relevant enactment, would be brought into account for the purposes of corporation tax in an accounting period beginning before 1 January 2010.
- (2) For this purpose the following are “relevant enactments”—
- (a) section 373 of CTA 2009 (late interest treated as not accruing until paid in some cases),
- (b) section 407 of that Act (postponement until redemption of debits for connected companies' deeply discounted securities),
- (c) section 409 of that Act (postponement until redemption of debits for close companies' deeply discounted securities), and
- (d) regulation 3A of the Loan Relationships and Derivative Contracts (Change of Accounting Practice) Regulations 2004 (S.I. 2004/3271) (prescribed debits and credits brought into account over prescribed period).
- (3) An amount that would, apart from this paragraph, meet condition A, B or C in paragraph 55 (definition of “financing income amount”) does not meet that condition if it is a credit that, but for the regulation mentioned in sub-paragraph (2)(d) of this paragraph, would be brought into account for the purposes of corporation tax in an accounting period beginning before 1 January 2010.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 16
@@ -8762,7 +6915,7 @@
- (2) Where this paragraph provides that the straddling accounting period is to be treated as “split”—
- (a) that part of the straddling accounting period that falls before 1 July 2009 and that part of the straddling accounting period that falls on or after that date are to be treated for the purposes of Chapter 4 of Part 17, and Part 18, of ICTA as separate accounting periods, and
- (a) that part of the straddling accounting period that falls before 1 July 2009 and that part of the straddling accounting period that falls on or after that date are to be treated for the purposes of Chapter 4 of Part 17, and Part 18, of ICTAand Part 2 of TIOPA 2010 as separate accounting periods, and
- (b) the company's chargeable profits for the straddling accounting period, and its creditable tax (if any) for that period, are to be apportioned to the two separate accounting periods on a just and reasonable basis.
@@ -9312,7 +7465,7 @@
- “*subsidiary*”, in relation to a reporting body, means a body corporate that is controlled by—the reporting body, orwhere the reporting body is a party to an arrangement under paragraph 6, any party to the arrangement.
- (5) Paragraph 3 of Schedule 28AA to ICTA (meaning of “*transaction*” and “*series of transactions*”) applies for the purposes of this Schedule.
- (5) Section 150 of TIOPA 2010 (meaning of “*transaction*” and “*series of transactions*”) applies for the purposes of this Schedule.
## Part 3 — Commencement etc
@@ -9336,269 +7489,69 @@
##### 1
FA 1993 is amended as follows.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 2
In section 92(2) (the basic rule: sterling to be used), insert at the end—
> section 92D (sterling equivalents: the basic rule);
> sections 92DA and 92DB (sterling equivalents: special rules where amounts carried back or forward);
> sections 92DC and 92DD (adjustment of sterling amounts carried back or forward where operating currency changes).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 3
In section 92B (company operating in currency other than sterling and preparing accounts in another currency), insert at the end—
> (4) Where, for the purposes of computing the profits or losses of the company arising in an accounting period, an amount expressed in sterling is required by subsection (3) to be translated into its equivalent expressed in another currency, it must be translated by reference to the appropriate exchange rate.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 4
In section 92C (company preparing accounts in currency other than sterling), insert at the end—
> (5) Where, for the purposes of computing the profits or losses of the company arising in an accounting period, an amount expressed in sterling is required by subsection (4) to be translated into its equivalent expressed in another currency, it must be translated by reference to the appropriate exchange rate.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 5
For section 92D (translating amounts into equivalent in different currency) substitute—
> (92D)
> (1) This section applies where, for the purposes of computing the profits or losses of a company arising in an accounting period, a profit or loss is required by section 92B or 92C to be translated into its sterling equivalent.
> (2) The translation must be made by reference to the appropriate exchange rate.
> (3) This section is subject to sections 92DA and 92DB (special rules where translation is for the purpose of computing amounts to be carried back or carried forward to other accounting periods).
> (92DA)
> (1) This section applies where, for the purpose of computing a carried-back amount in respect of a company, a loss (“the loss”) is required by section 92B or 92C to be translated into its sterling equivalent.
> (2) The translation must be made in accordance with rule 1, 2 or 3 (whichever is applicable).
> (3) Rule 1 applies if the operating currency of the company in the accounting period in which the loss arises (“the later operating currency”) is the same as the operating currency of the company in the accounting period to which the carried-back amount is to be carried back (“the earlier operating currency”).
> (4) Rule 1 is that the loss must be translated into its sterling equivalent by reference to the same rate of exchange as that at which the profit against which the carried-back amount is to be set off is required to be translated under section 92D.
> (5) Rule 2 applies if—
> (a) the later operating currency is not the same as the earlier operating currency, and
> (b) the earlier operating currency is sterling.
> (6) Rule 2 is that the loss must be translated into its sterling equivalent by reference to the spot rate of exchange for the last day of the relevant accounting period.
> (7) Rule 3 applies if—
> (a) the later operating currency is not the same as the earlier operating currency, and
> (b) the earlier operating currency is a currency other than sterling.
> (8) Rule 3 is that the loss must be translated into its sterling equivalent by—
> (a) being translated into the earlier operating currency by reference to the spot rate of exchange for the last day of the relevant accounting period, before
> (b) being translated into sterling by reference to the same rate of exchange as that at which the profit against which the carried-back amount is to be set off is required to be translated under section 92D.
> (9) In this section “*the relevant accounting period*” means the latest accounting period of the company before the accounting period in which the loss arises in which the operating currency of the company is the earlier operating currency.
> (92DB)
> (1) This section applies where, for the purpose of computing a carried-forward amount in respect of a company, a loss (“the loss”) is required by section 92B or 92C to be translated into its sterling equivalent.
> (2) The translation must be made in accordance with rule 1, 2 or 3 (whichever is applicable).
> (3) Rule 1 applies if the operating currency of the company in the accounting period in which the loss arises (“the earlier operating currency”) is the same as the operating currency of the company in the accounting period to which the carried-forward amount is to be carried forward (“the later operating currency”).
> (4) Rule 1 is that the loss must be translated into its sterling equivalent by reference to the same rate of exchange as that at which the profit against which the carried-forward amount is to be set off is required to be translated under section 92D.
> (5) Rule 2 applies if—
> (a) the earlier operating currency is not the same as the later operating currency, and
> (b) the later operating currency is sterling.
> (6) Rule 2 is that the loss must be translated into its sterling equivalent by reference to the spot rate of exchange for the first day of the relevant accounting period.
> (7) Rule 3 applies if—
> (a) the earlier operating currency is not the same as the later operating currency, and
> (b) the later operating currency is a currency other than sterling.
> (8) Rule 3 is that the loss must be translated into its sterling equivalent by—
> (a) being translated into the later operating currency by reference to the spot rate of exchange for the first day of the relevant accounting period, before
> (b) being translated into sterling by reference to the same rate of exchange as that at which the profit against which the carried-forward amount is to be set off is required to be translated under section 92D.
> (9) In this section “*the relevant accounting period*” means the earliest accounting period of the company after the accounting period in which the loss arises in which the operating currency of the company is the later operating currency.
> (92DC)
> (1) This section applies if conditions A to C are met.
> (2) Condition A is that, in accordance with generally accepted accounting practice, a company resident in the United Kingdom—
> (a) prepares its accounts for a period of account in sterling, or
> (b) prepares its accounts for a period of account in a currency other than sterling and in those accounts identifies sterling as its functional currency.
> (3) Condition B is that a loss of the company for the period that falls to be computed in accordance with generally accepted accounting practice for corporation tax purposes (“the loss”) is to be a carried-back amount.
> (4) Condition C is that the operating currency of the company in the accounting period to which the loss is to be carried back (“the earlier operating currency”) is a currency other than sterling.
> (5) The loss must be adjusted by—
> (a) being translated into the earlier operating currency by reference to the spot rate of exchange for the last day of the relevant accounting period, before
> (b) being translated into sterling by reference to the same rate of exchange as that at which the profit against which the carried-back amount is to be set off is required to be translated under section 92D.
> (6) In this section “*the relevant accounting period*” means the latest accounting period of the company before the accounting period in which the loss arises in which the operating currency of the company is the earlier operating currency.
> (92DD)
> (1) This section applies if conditions A to C are met.
> (2) Condition A is that, in accordance with generally accepted accounting practice, a company resident in the United Kingdom—
> (a) prepares its accounts for a period of account in sterling, or
> (b) prepares its accounts for a period of account in a currency other than sterling and in those accounts identifies sterling as its functional currency.
> (3) Condition B is that a loss of the company for the period that falls to be computed in accordance with generally accepted accounting practice for corporation tax purposes (“the loss”) is to be a carried-forward amount.
> (4) Condition C is that the operating currency of the company in the accounting period to which the loss is to be carried forward (“the later operating currency”) is a currency other than sterling.
> (5) The loss must be adjusted by—
> (a) being translated into the later operating currency by reference to the spot rate of exchange for the first day of the relevant accounting period, before
> (b) being translated into sterling by reference to the same rate of exchange as that at which the profit against which the carried-forward amount is to be set off is required to be translated under section 92D.
> (6) In this section “*the relevant accounting period*” means the earliest accounting period of the company after the accounting period in which the loss arises in which the operating currency of the company is the later operating currency.
> (92DE)
> (1) In sections 92DA and 92DC “*carried-back amount*” means—
> (a) an amount carried back under section 393A(1)(b) of the Taxes Act 1988 (trading losses),
> (b) an amount carried back by virtue of a claim under section 459(1)(b) of the Corporation Tax Act 2009 (non-trading deficits from loan relationships), or
> (c) an amount carried back under section 389(2) of the Corporation Tax Act 2009 (deficits of insurance companies).
> (2) In sections 92DB and 92DD “*carried-forward amount*” means—
> (a) an amount carried forward under section 76(12) or (13) of the Taxes Act 1988 (certain expenses of insurance companies),
> (b) an amount carried forward under section 392A(2) or (3) of the Taxes Act 1988 (UK property business losses),
> (c) an amount carried forward under section 392B(1)(b) of the Taxes Act 1988 (overseas property business losses),
> (d) an amount carried forward under section 393(1) of the Taxes Act 1988 (trading losses),
> (e) an amount carried forward under section 396(1) of the Taxes Act 1988 (losses from miscellaneous transactions),
> (f) an amount carried forward under section 436A(4) of the Taxes Act 1988 (insurance companies: losses from gross roll-up business),
> (g) an amount carried forward under section 391(2) of the Corporation Tax Act 2009 (deficits of insurance companies),
> (h) an amount carried forward under section 457(3) of the Corporation Tax Act 2009 (non-trading deficits from loan relationships),
> (i) an amount carried forward under section 753(3) of the Corporation Tax Act 2009 (non-trading loss on intangible fixed assets),
> (j) an amount carried forward under section 925(3) of the Corporation Tax Act 2009 (patent income: relief for expenses), or
> (k) an amount carried forward under section 1223 of the Corporation Tax Act 2009 (expenses of management and other amounts).
> (3) References in sections 92DB and 92DD to the profit against which a carried-forward amount is to be set off are, in the case of a carried-forward amount to which this subsection applies, to the profit in computing which the amount is deductible, disregarding the deduction.
> (4) Subsection (3) applies to a carried-forward amount that is treated as arising in an accounting period later than that in which it in fact arises, and is accordingly deductible in computing a profit for the later period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 6
- (1) Section 92E (meaning of “accounts”, “return of accounts” and “functional currency”) is amended as follows.
- (2) Before subsection (1) insert—
> (A1) This section applies for the purposes of sections 92A to 92DD.
- (3) In subsection (1), omit “in sections 92A to 92C”.
- (4) In subsection (2), for “The reference in section 92C” substitute “ A reference ”.
- (5) In subsection (3), omit “in sections 92A, 92B and 92D”.
- (6) Insert at the end—
> (4) References to “*the appropriate exchange rate*”, in relation to the translation of an amount for the purposes of computing the profits or losses of a company arising in an accounting period, are to—
> (a) the average exchange rate for the accounting period, or
> (b) where the amount to be translated relates to a single transaction, an appropriate spot rate of exchange for the transaction, or
> (c) where the amount to be translated relates to more than one transaction, a rate of exchange derived on a just and reasonable basis from appropriate spot rates of exchange for those transactions.
> (5) References to the “operating currency” of a company in an accounting period are to the currency in which profits or losses of that company arising in that accounting period that fall to be computed in accordance with generally accepted accounting practice for corporation tax purposes are required to be computed by virtue of section 92(1), 92A(2), 92B(2)(a) or 92C(3)(a).
- (7) For the heading substitute “**Interpretation of sections 92A to 92DD**”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commencement and transitional provision
##### 7
- (1) The amendments made by this Schedule have effect in relation to profits or losses (including losses that are to be carried-back amounts or carried-forward amounts) arising in accounting periods beginning on or after the commencement date.
- (2) Sub-paragraph (1) is subject to the following provisions of this Schedule.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sterling equivalent if amount carried back to pre-commencement accounting period
##### 8
- (1) This paragraph applies where—
- (a) a loss of a company (“the loss”) is required by section 92B or 92C of FA 1993 to be translated from a currency other than sterling into its sterling equivalent,
- (b) the translation is for the purpose of computing a loss arising in an accounting period beginning on or after the commencement date, and
- (c) the loss is to be a carried-back amount that is to be carried back to an accounting period beginning before the commencement date.
- (2) Section 92DA of FA 1993 does not have effect in relation to the loss.
- (3) The translation must be made by reference to the appropriate exchange rate.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Sterling equivalent if amount carried forward from earlier period
##### 9
- (1) This paragraph applies where—
- (a) a loss of a company (“the loss”) is required by section 92B or 92C of FA 1993 to be translated from a currency other than sterling (“the original currency”) into its sterling equivalent,
- (b) the translation is for the purpose of computing a loss arising in an accounting period beginning before the commencement date, and
- (c) the loss is to be a carried-forward amount that is to be carried forward to an accounting period beginning on or after the commencement date.
- (2) The translation must be made by taking the following steps—
*Step 1*: translate the loss into its sterling equivalent by reference to the appropriate exchange rate.
*Step 2*: translate the loss (as translated under step 1) into the original currency by reference to the spot rate of exchange for the first day of the first accounting period of the company beginning on or after the commencement date.
*Step 3*: translate the loss (as translated under step 2) into its sterling equivalent in accordance with rule 1, 2 or 3 (whichever is applicable).
- (3) Rule 1 applies if the original currency and the operating currency of the company in the accounting period to which the carried-forward amount is to be carried forward (“the later operating currency”) are the same.
- (4) Rule 1 is that the loss must be translated into its sterling equivalent by reference to the same rate of exchange as that at which the profit against which the carried-forward amount is to be set off is required to be translated under section 92D of FA 1993.
- (5) Rule 2 applies if—
- (a) the original currency is not the same as the later operating currency, and
- (b) the later operating currency is sterling.
- (6) Rule 2 is that the loss must be translated into its sterling equivalent by reference to the spot rate of exchange for the first day of the relevant accounting period.
- (7) Rule 3 applies if—
- (a) the original currency is not the same as the later operating currency, and
- (b) the later operating currency is a currency other than sterling.
- (8) Rule 3 is that the loss must be translated into its sterling equivalent by—
- (a) being translated into the later operating currency by reference to the spot rate of exchange for the first day of the relevant accounting period, before
- (b) being translated into sterling by reference to the same rate of exchange as that at which the profit against which the carried-forward amount is to be set off is required to be translated under section 92D of FA 1993.
- (9) In this paragraph “*the relevant accounting period*” means the earliest accounting period of the company beginning after the commencement date in which the operating currency of the company is the later operating currency.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustment of sterling loss if amount carried back to pre-commencement accounting period
##### 10
- (1) This paragraph applies where—
- (a) a loss arises in an accounting period beginning on or after the commencement date,
- (b) the loss is to be a carried-back amount that is to be carried back to an accounting period beginning before the commencement date, and
- (c) apart from this paragraph, section 92DC of FA 1993 would require that the loss be adjusted.
- (2) Section 92DC of FA 1993 does not have effect in relation to the loss.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Adjustment of sterling loss if amount carried forward from earlier period
##### 11
- (1) This paragraph applies where—
- (a) a loss arises in an accounting period beginning before the commencement date,
- (b) the loss is to be a carried-forward amount that is to be carried forward to an accounting period beginning on or after the commencement date,
- (c) if section 92DD of FA 1993 had effect in relation to losses arising in the accounting period mentioned in paragraph (a), that section would require that the loss be adjusted.
- (2) Section 92DD of FA 1993 has effect in relation to the loss.
- (3) In the application of section 92DD of FA 1993 by virtue of sub-paragraph (2) that section has effect as if for subsection (6) there were substituted—
> (6) In this section “*the relevant accounting period*” means the earliest accounting period of the company beginning after the commencement date in which the operating currency of the company is the later operating currency.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation
##### 12
- (1) In this Schedule the following expressions have the meaning given by section 92DE or 92E of FA 1993—
- “appropriate exchange rate”;
- “carried-back amount”;
- “carried-forward amount”;
- “operating currency”.
- (2) Subsections (3) and (4) of section 92DE of FA 1993 (meaning of certain references to profit against which carried-forward amount is to be set off) apply in relation to this Schedule as they apply in relation to section 92DB and 92DD of that Act.
- (3) In this Schedule “*the commencement date*” means 29 December 2007.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Right of company to elect for different commencement and transitional provision to apply
##### 13
- (1) If a company so elects, this Schedule has effect in relation to the company with the following modifications—
- (a) paragraphs 9 and 11 do not apply, and
- (b) “*the commencement date*” means the day on which this Act is passed.
- (2) An election by a company under this paragraph—
- (a) must be made before the end of the period of 30 days beginning with the first day of the first accounting period of the company beginning on or after the day on which this Act is passed, and
- (b) is irrevocable.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 19
@@ -10417,33 +8370,7 @@
##### 6
- (1) Regulations under section 41 of FA 2008 may not make provision about the treatment of a person in respect of any rights in an affected offshore fund that are acquired by the person—
- (a) before 1 December 2009, or
- (b) in accordance with sub-paragraph (2),
(but see sub-paragraph (4)).
- (2) Rights are acquired in accordance with this sub-paragraph if—
- (a) the rights are acquired by the participant in accordance with a legally enforceable agreement in writing that was entered into by the participant before 30 April 2009,
- (b) if the agreement was conditional, the conditions are satisfied before that date, and
- (c) the agreement is not varied on or after that date.
- (3) Rights of a person in a fund are rights in an affected offshore fund if—
- (a) the fund is an offshore fund within the meaning of section 40A of FA 2008, but
- (b) on the date on which the person acquired them, the fund was not an offshore fund within the meaning of Chapter 5 of Part 17 of ICTA.
- (4) Sub-paragraph (1) does not prevent regulations under section 41 of FA 2008 making—
- (a) provision for a person to elect to be treated in accordance with the regulations in respect of rights referred to in that sub-paragraph, or
- (b) provision that does not increase the person's liability to tax in respect of such rights.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 2 — Application of TCGA 1992 to offshore funds
@@ -10486,7 +8413,11 @@
after “sections 99” insert “ , 103A ”.
- (2) In section 842(4) of ICTA (investment trusts), after “sections 99” insert “ , 103A ”.
- (2) In section 1165 of CTA 2010—
- (a) in subsection (1) for “section 99 of TCGA 1992 (application of that Act to unit trust schemes)” substitute “ sections 99 and 103A of TCGA 1992 (application of that Act to unit trust schemes and to certain offshore funds) ”, and
- (b) in subsection (3) for “section 99 of TCGA 1992” substitute “ sections 99 and 103A of TCGA 1992 ”.
- (3) In ITTOIA 2005—
@@ -10540,7 +8471,7 @@
- (b) may include transitional provision and savings.
- (2) Section 828(3) of ICTA, section 287(3) of TCGA 1992 and section 1014(4) of ITA 2007 (orders etc subject to annulment) do not apply in relation to such an order.
- (2) Section 1171(4) of CTA 2010, section 287(3) of TCGA 1992 and section 1014(4) of ITA 2007 (orders etc subject to annulment) do not apply in relation to such an order.
#### Election modifying commencement
@@ -10953,9 +8884,7 @@
##### 6
In section 26 of F(No.2)A 2005 (tax arbitrage), for subsection (10) substitute—
> (10) This subsection applies to an amount that is brought into account by virtue of Chapter 2A or 6A of Part 6 of CTA 2009 (shares treated as loan relationships).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 7
@@ -11103,107 +9032,37 @@
##### 1
- (1) This Part applies where—
- (a) a company within the charge to corporation tax (“*the transferor*”) makes a transfer to another person (“*the transferee*”) of a right to relevant receipts (see sub-paragraph (2)), and
- (b) (subject to sub-paragraph (3)) the transfer of the right is not a consequence of the transfer to the transferee of an asset from which the right to relevant receipts arises.
- (2) “*Relevant receipts*” means any income—
- (a) which (but for the transfer) would be charged to corporation tax as income of the transferor, or
- (b) which (but for the transfer) would be brought into account in calculating profits of the transferor for the purposes of corporation tax.
- (3) Despite paragraph (b) of sub-paragraph (1), this Part applies if the transfer of the right is a consequence of the transfer to the transferee of all rights under an agreement for annual payments; and for the purposes of that paragraph the transfer of an asset under a sale and repurchase agreement is not to be regarded as a transfer of the asset.
- (4) Paragraph 2 makes provision as to the consequences of this Part applying.
- (5) For exclusions from this Part, see—
- (a) paragraph 3 (amount otherwise taxed), and
- (b) paragraph 4 (transfer by way of security).
- (6) Paragraph 5 makes special provision about transfers of partnership shares.
- (7) Paragraph 6 contains supplementary provisions.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Value of transferred income stream treated as income
##### 2
- (1) The relevant amount (see sub-paragraph (2)) is to be treated as income of the transferor chargeable to corporation tax in the same way and to the same extent as that in which the relevant receipts—
- (a) would have been chargeable to corporation tax, or
- (b) would have been brought into account in calculating any profits for the purposes of corporation tax,
but for the transfer of the right to relevant receipts.
- (2) The relevant amount is—
- (a) (except where paragraph (b) applies) the amount of the consideration for the transfer of the right, or
- (b) where the amount of any such consideration is substantially less than the market value of the right at the time when the transfer takes place (or where there is no consideration for the transfer of the right), the market value of the right at that time.
- (3) The income under sub-paragraph (1) is to be treated as arising—
- (a) to the extent that it does not exceed the amount of the consideration for the transfer of the right, in the period or periods for which, in accordance with generally accepted accounting practice, the consideration for the transfer is recognised for accounting purposes in a profit and loss account or income statement of the transferor, and
- (b) otherwise, in the period or periods for which, in accordance with generally accepted accounting practice, the consideration for the transfer would be so recognised if it were of an amount equal to the market value of the right at the time when the transfer takes place.
- (4) But if at any time it becomes reasonable to assume that the income (to any extent) is not, or would not be, treated by sub-paragraph (3) as arising in an accounting period of the transferor, the income is to that extent to be treated as arising immediately before that time.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exception: amount otherwise taxed
##### 3
This Part does not apply if and to the extent that the income under paragraph 2(1) is (apart from this Part)—
- (a) charged to tax as income of the transferor,
- (b) brought into account as income in calculating the profits of the transferor, or
- (c) brought into account under CAA 2001.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Exception: transfer by way of security
##### 4
This Part does not apply if the consideration for the transfer is the advance under an arrangement that is a structured finance arrangement for the purposes of section 774A or 774C of ICTA in relation to the transferor or a partnership in which the transferor is a partner.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Partnership shares
##### 5
- (1) For the purposes of this Part a transfer of a right to relevant receipts consisting of the reduction in the transferor's share in the profits or losses of a partnership is to be regarded as a consequence of a transfer of an asset from which the right arose (that is, the partnership property) if condition A or B is met.
- (2) Condition A is that there is a reduction of the transferor's share in the partnership property and the reduction in the transferor's share in the profits or losses is proportionate to that reduction.
- (3) Condition B is that it is not the main purpose, or one of the main purposes, of the transfer to secure that the relevant receipts are not charged to corporation tax or income tax as income of any partner or brought into account as income of any partner for the purpose of either of those taxes.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Interpretation
##### 6
- (1) For the purposes of this Part—
- (a) the grant or surrender (or renunciation) of a lease of land is to be regarded as a transfer of the land,
- (b) the disposal of an interest in an oil licence (within the meaning of section 809 of CTA 2009) is to be regarded as a transfer of the oil licence, and
- (c) the grant or disposal of an interest in intellectual property (within the meaning of section 712(3) of CTA 2009) which constitutes a pre-2002 asset (within the meaning of section 881 of that Act) is to be regarded as a transfer of that intellectual property.
- (2) The Treasury may by order make other provision for securing that other transactions are to be regarded as transfers of assets for those purposes.
- (3) In this Part—
- (a) references to a transfer include sale, exchange, gift and assignment (or assignation) and any other arrangement which equates in substance to a transfer, and
- (b) references to a transfer taking place are, in the case of an arrangement other than a sale, exchange, gift or assignment (or assignation), to the making of the arrangement.
- (4) A transfer to or by any partnership of which the transferor or transferee is a member, and a transfer to the trustees of any trust of which the transferor is a beneficiary, counts as a transfer in relation to which this Part applies.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 2 — Non-corporate transferors
@@ -11343,7 +9202,7 @@
- (i) in CTA 2009, in Schedule 1, paragraphs 214 and 230.
- (4) In section 785ZB(3) of ICTA, for “has the same meaning as in section 785A” substitute “ includes an underlease, sublease, tenancy or licence and an agreement for any of those things ”.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) In section 2(13) of ITA 2007, omit the “and” at the end of paragraph (d) and insert at the end
@@ -11641,69 +9500,19 @@
##### 1
- (1) Schedule 23A to ICTA (manufactured dividends and interest) is amended as follows.
- (2) In paragraph 4, in sub-paragraph (4)—
- (a) in paragraph (a), for “the amount deducted under section 922(2) of ITA 2007 or (as the case may be)” substitute “ the relevant amount in relation to the amount deducted under section 922(2) of ITA 2007 or the whole of the amount ”,
- (b) in paragraph (b), for “the amount so deducted or” substitute “ the relevant amount in relation to the amount so deducted or the whole of the amount ”, and
- (c) insert at the end— “ For the meaning of references in this paragraph to the relevant amount in relation to an amount deducted under section 922(2) of ITA 2007, see paragraph 4A. ”
- (3) After that paragraph insert—
> (4A)
> (1) A reference in paragraph 4(4)(a) or (b) to the relevant amount in relation to an amount deducted under section 922(2) of ITA 2007 is—
> (a) where the deduction is made in respect of a manufactured overseas dividend that is treated as paid under paragraph 13(1) of Schedule 13 to FA 2007 (sale and repurchase of securities), to amount A, and
> (b) otherwise, to the amount deducted under section 922(2) of ITA 2007.
> (2) Amount A is—
> (a) in a case to which sub-paragraph (3) applies, the amount deducted under section 922(2) of ITA 2007,
> (b) in a case to which sub-paragraph (4) applies—
> (i) the amount deducted under section 922(2) of ITA 2007, less
> (ii) the excess mentioned in that sub-paragraph, and
> (c) in any other case, nil.
> (3) This sub-paragraph applies to a case in which—
> (a) an amount is actually paid by way of manufactured overseas dividend,
> (b) the amount so paid equals the relevant net amount, and
> (c) it is reasonable to assume that, in deciding the repurchase price of the securities, no account was taken of the fact that the amount would be so paid.
> (4) This sub-paragraph applies to a case in which—
> (a) an amount is actually paid by way of manufactured overseas dividend,
> (b) the amount so paid exceeds the relevant net amount, and
> (c) it is reasonable to assume that, in deciding the repurchase price of the securities, no account was taken of the fact that the amount would be so paid.
> (5) In this paragraph “the repurchase price” of the securities means the price at which the payer of the manufactured overseas dividend is entitled or obliged to sell the securities, or similar securities, to the recipient of the manufactured overseas dividend.
> (6) In this paragraph “*the securities*” means the securities in respect of which the overseas dividend of which the manufactured overseas dividend is representative is paid.
> (7) In this paragraph “*the relevant net amount*” means—
> (a) the gross amount of the overseas dividend of which the manufactured overseas dividend is representative, less
> (b) the amount deducted under section 922(2) of ITA 2007.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Stock lending
##### 2
- (1) Section 736B of ICTA (deemed manufactured payments in the case of stock lending arrangements) is amended as follows.
- (2) In subsection (2), for “subsection (2A)” substitute “ subsections (2A) and (2B) ”.
- (3) After subsection (2A) insert—
> (2B) In its application by virtue of subsection (2), paragraph 4(4) of Schedule 23A has effect as if—
> (a) in paragraph (a), the words from “but paid after” to the end were omitted, and
> (b) paragraph (b) were omitted.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commencement
##### 3
- (1) The amendments made by paragraph 1 have effect in relation to overseas dividends paid on or after 22 April 2009.
- (2) The amendments made by paragraph 2 have effect in relation to interest on securities paid on or after 22 April 2009.
- (3) In this paragraph—
- “*interest*” has the same meaning as in section 736B of ICTA;
- “*overseas dividend*” has the same meaning as in Schedule 23A to ICTA.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 30
@@ -11882,151 +9691,73 @@
##### 1
Schedule 10 to FA 2006 (sale etc of lessor companies etc) is amended as follows.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 6
##### 2
In paragraph 6(3) (meaning of “business of leasing plant or machinery”: condition A), for “accounting value of the plant or machinery owned by the relevant company on the relevant day” substitute “ relevant plant or machinery value ”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 7
##### 3
- (1) Paragraph 7 (provision for purposes of condition A) is amended as follows.
- (2) For sub-paragraphs (2) and (3) substitute—
> (2) The relevant plant or machinery value is the aggregate of the amounts in sub-paragraph (3), but subject to paragraph 7A.
> (3) The amounts are—
> (a) the amounts (if any) which would be shown in respect of plant or machinery in the appropriate balance sheet of the relevant company drawn up as at the start of the relevant day, and
> (b) the amounts (if any) which would be shown in the appropriate balance sheet of the relevant company drawn up as at the end of the relevant day in respect of relevant transferred plant or machinery.
> (3A) For the purposes of sub-paragraph (3)(b) plant or machinery is “relevant transferred plant or machinery” if an amount in respect of it would be shown in the appropriate balance sheet of an associated company drawn up as at the start of the relevant day.
- (3) In sub-paragraph (4), for “this purpose” substitute “ the purposes of this paragraph ”.
- (4) In sub-paragraph (8)(a), omit “as at the start of the relevant day”.
- (5) Insert at the end—
> (10) References in this Part of this Schedule to an associated company are to a company which is an associated company of the relevant company on the relevant day (as to which, see paragraph 9).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 7A
##### 4
After paragraph 7 insert—
> (7A)
> (1) Where this paragraph applies in relation to any plant or machinery—
> (a) any amount included in the aggregate mentioned in paragraph 7(2) in respect of the plant or machinery is to be deducted from that aggregate, and
> (b) the market value of the plant or machinery as at the relevant day is to be added to that aggregate (or, if that aggregate is nil, is to constitute the relevant plant or machinery value).
> (2) This paragraph applies in relation to plant or machinery if condition A or B is met.
> (3) Condition A is that—
> (a) the plant or machinery falls within sub-paragraph (4) at the start of the relevant day, or
> (b) the plant or machinery falls within that sub-paragraph at the end of the relevant day, having been acquired by the relevant company from an associated company on that day.
> (4) Plant or machinery falls within this sub-paragraph if the relevant company—
> (a) is the lessee of the plant or machinery under a long funding finance lease, or
> (b) is treated as the owner of the plant or machinery under section 67 of CAA 2001 (hire purchase and similar contracts).
> (5) Condition B is that—
> (a) the relevant company is the lessee of the plant or machinery under a long funding operating lease at the start of the relevant day, or
> (b) the relevant company is the lessee of the plant or machinery under such a lease at the end of the relevant day and the plant or machinery was acquired by the relevant company from an associated company on that day.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 17
##### 5
- (1) Paragraph 17 (meaning of “PM” in paragraph 16) is amended as follows.
- (2) In sub-paragraph (1)—
- (a) after “paragraph” insert “ and paragraph 17A ”, and
- (b) for paragraph (a) substitute—
> (a) on the provision of which the company has not incurred qualifying expenditure for the purposes of Part 2 of CAA 2001,
> (aa) of which the company is the lessor under a long funding lease, or
.
- (3) For sub-paragraph (2) substitute—
> (2) For the purposes of paragraph 16 “PM” is the aggregate of the amounts in sub-paragraph (2A), but subject to paragraph 17A.
> (2A) The amounts are—
> (a) the amounts (if any) which would be shown in respect of plant or machinery in the appropriate balance sheet of the relevant company drawn up as at the start of the relevant day, and
> (b) the amounts (if any) which would be shown in the appropriate balance sheet of the relevant company drawn up as at the end of the relevant day in respect of relevant transferred plant or machinery.
> (2B) For the purposes of sub-paragraph (2A)(b) plant or machinery is “relevant transferred plant or machinery” if an amount in respect of it would be shown in the appropriate balance sheet of an associated company drawn up as at the start of the relevant day.
- (4) In sub-paragraph (3), for “this purpose” substitute “ the purposes of this paragraph ”.
- (5) In sub-paragraph (7)(a), omit “as at the start of the relevant day”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 17A
##### 6
After paragraph 17 insert—
> (17A)
> (1) Where this paragraph applies in relation to any plant or machinery—
> (a) any amount included in the aggregate mentioned in paragraph 17(2) in respect of the plant or machinery is to be deducted from that aggregate, and
> (b) the market value of the plant or machinery as at the relevant day is to be added to that aggregate (or, if that aggregate is nil, is to constitute PM).
> (2) This paragraph applies in relation to plant or machinery if condition A or B is met.
> (3) Condition A is that—
> (a) the plant or machinery falls within sub-paragraph (4) at the start of the relevant day, or
> (b) the plant or machinery falls within that sub-paragraph at the end of the relevant day, having been acquired by the relevant company from an associated company on that day.
> (4) Plant or machinery falls within this sub-paragraph if the relevant company—
> (a) is the lessee of the plant or machinery under a long funding finance lease, or
> (b) is treated as the owner of the plant or machinery under section 67 of CAA 2001 (hire purchase and similar contracts).
> (5) Condition B is that—
> (a) the relevant company is the lessee of the plant or machinery under a long funding operating lease at the start of the relevant day, or
> (b) the relevant company is the lessee of the plant or machinery under such a lease at the end of the relevant day and the plant or machinery was acquired by the relevant company from an associated company on that day.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 22
##### 7
In paragraph 22(2) (migration), for “owned by the company” substitute “ in respect of which an amount would be shown in a balance sheet of the company drawn up immediately before the relevant day in accordance with generally accepted accounting practice ”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 40
##### 8
Omit paragraph 40 (relationship of Schedule with section 228K of CAA 2001).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 41
##### 9
In paragraph 41 (definitions), after sub-paragraph (5) insert—
> (5A) “*Long funding finance lease*”, “*long funding lease*” and “*long funding operating lease*” have the same meaning as in Part 2 of CAA 2001 (see section 70YI of that Act).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paragraph 42
##### 10
In paragraph 42 (index), in the table, after the entry relating to “fixture” insert—
| long funding finance lease | paragraph 41 |
| --- | --- |
| long funding lease | paragraph 41 |
| long funding operating lease | paragraph 41 |
.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Consequential repeal
##### 11
In FA 2007, in Schedule 6, omit paragraph 2(3).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Commencement
##### 12
The amendments made by this Schedule have effect where the relevant day is on or after 13 November 2008.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 32
@@ -12136,49 +9867,15 @@
##### 9
- (1) Section 785C of ICTA (plant and machinery leases: capital receipts to be treated as income: interpretation) is amended as follows.
- (2) In subsection (6), for “subsection (9)” substitute “ subsections (9) and (9A) ”.
- (3) In subsection (9)—
- (a) in paragraph (a), insert at the end “or”, and
- (b) omit paragraph (c) (and the “or” before it).
- (4) After subsection (9) insert—
> (9A) Where—
> (a) a capital payment is an initial payment under a long-funding lease, and
> (b) under section 61 of the Capital Allowances Act (disposal events and disposal values), the commencement of the term of the lease is an event that requires the lessor to bring a disposal value into account,
> the capital payment is only “relevant” to the extent that it exceeds the disposal value.”
> (9B) “*Commencement*”, “*disposal value*”, “*initial payment*”, “*long funding lease*” and “*the term*” have the same meaning as in Part 2 of the Capital Allowances Act.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 10
- (1) Section 809ZB of ITA 2007 (plant and machinery leases: capital receipts to be treated as income: interpretation) is amended as follows.
- (2) In subsection (6), for “subsection (9)” substitute “ subsections (9) and (9A) ”.
- (3) In subsection (9)—
- (a) in paragraph (a), insert at the end “or”, and
- (b) omit paragraph (c) (and the “or” before it).
- (4) After subsection (9) insert—
> (9A) Where—
> (a) a capital payment is an initial payment under a long-funding lease, and
> (b) under section 61 of CAA 2001 (disposal events and disposal values), the commencement of the term of the lease is an event that requires the lessor to bring a disposal value into account,
> the capital payment is only “relevant” to the extent that it exceeds the disposal value.”
> (9B) “*Commencement*”, “*disposal value*”, “*initial payment*”, “*long funding lease*” and “*the term*” have the same meaning as in Part 2 of CAA 2001.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 11
- (1) The amendments made by paragraphs 9 and 10 have effect in relation to payments made under leases whose inception is on or after 13 November 2008 (subject to sub-paragraph (2)).
- (2) In relation to payments made under leases whose inception is before 22 April 2009, section 785C(9A) of ICTA and section 809ZB(9A) of ITA 2007 (inserted by this Schedule) have effect as if, for the words following paragraph (b), there were substituted “ the capital payment is not “relevant” .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Transfer and long funding leaseback: restrictions on lessee’s allowances
@@ -12300,11 +9997,7 @@
##### 1
In ICTA, after section 502GC insert—
> (502GD)
> (1) If a company is or has been a lessor under a long funding lease of a film, sections 502B to 502G do not apply in respect of the lease.
> (2) “*Film*” has the same meaning as in Part 15 of CTA 2009 (see section 1181 of that Act).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
##### 2
@@ -12316,7 +10009,7 @@
##### 3
The amendments made by paragraphs 1 and 2 have effect where the inception of the long funding lease is on or after 13 November 2008 (“*the relevant date*”).
The amendments made by paragraph 2 have effect where the inception of the long funding lease is on or after 13 November 2008 (“*the relevant date*”).
##### 4
@@ -12328,7 +10021,7 @@
##### 5
- (1) Section 502B of ICTA or section 148A of ITTOIA 2005 (rental earnings) does not apply to a period of account within sub-paragraph (2).
- (1) ...section 148A of ITTOIA 2005 (rental earnings) does not apply to a period of account within sub-paragraph (2).
- (2) A period of account is within this sub-paragraph if—
@@ -12344,7 +10037,7 @@
- (b) that is not within paragraph 5(2),
treat the lessor as receiving for that period of account income attributable to the lease of an amount equal to the relevant amount (in addition to any amount brought into account under section 502B(2) of ICTA or section 148A(2) of ITTOIA 2005).
treat the lessor as receiving for that period of account income attributable to the lease of an amount equal to the relevant amount (in addition to any amount brought into account under ... section 148A(2) of ITTOIA 2005).
- (2) The “relevant amount” is an amount equal to so much of the rentals as—
@@ -12364,11 +10057,11 @@
##### 7
Section 502C of ICTA or section 148B of ITTOIA 2005 (exceptional items) does not apply in relation to any profit or loss arising on or after the relevant date.
... section 148B of ITTOIA 2005 (exceptional items) does not apply in relation to any profit or loss arising on or after the relevant date.
##### 8
- (1) If section 502D of ICTA or section 148C of ITTOIA 2005 (lessor making termination payment) applies in respect of the termination of the lease on or after the relevant date, a deduction is allowed (in calculating the profits of the lessor) in respect of any sum calculated by reference to the termination value paid to the lessee.
- (1) If ...section 148C of ITTOIA 2005 (lessor making termination payment) applies in respect of the termination of the lease on or after the relevant date, a deduction is allowed (in calculating the profits of the lessor) in respect of any sum calculated by reference to the termination value paid to the lessee.
- (2) The amount of the deduction is (if it would otherwise exceed that amount) limited to the total amount brought into account in respect of the lease by virtue of paragraph 5 or 6.
@@ -12378,7 +10071,7 @@
- (a) “*film*” has the same meaning as in Part 15 of CTA 2009 (see section 1181 of that Act),
- (b) “*rental earnings*” has the same meaning as in section 502B of ICTA or section 148A of ITTOIA 2005, and
- (b) “*rental earnings*” has the same meaning as in ... section 148A of ITTOIA 2005, and
- (c) Chapter 6A of Part 2 of CAA 2001 (interpretation of provisions about long funding leases) applies.
@@ -12388,121 +10081,49 @@
##### 1
Part 4 of FA 2006 (Real Estate Investment Trusts) is amended as follows.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Property rental business
##### 2
- (1) In section 104 (property rental business), insert at the end—
> (3) For the purposes of section 104(1) ignore the effect of section 42 of CTA 2009 (which provides for receipts and expenses in connection with tied premises to be treated as part of a trade and not as part of a property business).
- (2) The amendment made by sub-paragraph (1) has effect in relation to accounting periods ending on or after 22 April 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions for company
##### 3
- (1) Section 106 (conditions for company) is amended as follows.
- (2) In subsection (2), insert at the end “ (subject to section 109 and regulations under section 116) ”.
- (3) In subsection (7)(a)(ii)—
- (a) for “fixed-rate” substitute “ relevant ”, and
- (b) omit “(within the meaning of paragraph 2 of Schedule 25 to ICTA (acceptable distribution policy))”.
- (4) After subsection (7) insert—
> (7A) For the purposes of Condition 5—
> (a) “*relevant preference share*” means a share which is a “*relevant preference share*” for the purposes of Schedule 18 to ICTA (group relief) or would be but for the fact that it carries a right of conversion into shares or securities in the company, and
> (b) a share is “non-voting” if it carries no right to vote at a general meeting of the company or if it carries a right to vote which is contingent on the non-payment of a dividend and which has not become exercisable.
- (5) The amendment made by sub-paragraph (2) is to be treated as always having had effect.
- (6) The amendments made by sub-paragraphs (3) and (4) have effect in relation to accounting periods ending on or after 22 April 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Conditions for balance of business
##### 4
- (1) In section 108(3)(a) (conditions for balance of business), for “if it is property involved in the relevant property rental business within the meaning given by section 107(6)(a),” substitute “ if it would be shown as an asset if separate accounts were produced for C (tax-exempt), ”.
- (2) The amendment made by sub-paragraph (1) has effect in relation to accounting periods ending on or after 22 April 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Entry notice: conditions for company
##### 5
- (1) Section 109 (entry notice) is amended as follows.
- (2) After subsection (2) insert—
> (2A) Subsection (2B) applies where a company—
> (a) does not expect to satisfy Condition 3 of section 106 on the first day of an accounting period, but
> (b) reasonably expects to satisfy that Condition throughout the rest of the accounting period.
> (2B) Where this subsection applies—
> (a) subsection (2)(c) does not apply, but
> (b) the notice under subsection (1) must be accompanied by a statement by the company containing the assertions specified in subsection (2C).
> (2C) Those assertions are—
> (a) that Conditions 1, 2, 4, 5 and 6 of section 106 are reasonably expected to be satisfied in respect of the company throughout the specified accounting period, and
> (b) that Condition 3 of section 106 is reasonably expected to be satisfied in respect of the company for at least a part of the first day of the specified accounting period, and throughout the remainder of that period.
- (3) In subsection (3), omit “by reason only that its shares have not been listed and dealt with on a recognised stock exchange within the preceding 12 months,”.
- (4) In subsection (5)—
- (a) after “Conditions 1, 2,” insert “ 3, ” and
- (b) omit paragraph (b) (but not the “and” at the end).
- (5) Insert at the end—
> (6) A company may take advantage both of subsections (2A) to (2C) and of subsections (3) to (5) (in which case the assertion under subsection (2C)(a) should omit reference to Condition 4 and the assertion under subsection (5)(a) should omit reference to Condition 3.
- (6) The amendments made by this paragraph have effect in relation to accounting periods beginning on or after 22 April 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Profit: financing-cost ratio
##### 6
- (1) In section 115 (profit: financing-cost ratio), after subsection (3) insert—
> (3A) The Commissioners for Her Majesty's Revenue and Customs may waive a charge in respect of an accounting period where they think that—
> (a) the company was in severe financial difficulties at a time in the accounting period,
> (b) the result of the sum specified in subsection (2) is less than 1.25 in respect of the accounting period because of circumstances that arose unexpectedly, and
> (c) in those circumstances, the company could not reasonably have taken action to avoid the result being less than 1.25.
> (3B) The regulations may specify criteria to be applied by the Commissioners in determining whether to waive a charge.
- (2) The Commissioners may waive a charge in respect of accounting periods ending before the day on which this Act is passed.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Funds awaiting re-investment
##### 7
- (1) In section 118(5) (funds awaiting re-investment), after “one or more periods of” insert “ (in aggregate) ”.
- (2) The amendment made by sub-paragraph (1) has effect in relation to accounting periods ending on or after 22 April 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Connected persons
##### 8
- (1) Before section 137 (miscellaneous: insurance companies) insert—
> (136A)
> (1) If they consider it expedient in the public interest the Treasury may make regulations about the application of this Part to activities or situations which involve, or arise in connection with, a relationship between a REIT company and another person.
> (2) In subsection (1) “*REIT company*” means—
> (a) a company to which this Part applies, and
> (b) a member of a group to which this Part applies (a “REIT group”).
> (3) The regulations may, in particular—
> (a) treat a specified person, or a person in specified circumstances, as forming part of a REIT group for specified purposes;
> (b) provide for a specified provision which applies in respect of members of a REIT group also to apply, with or without modifications, in respect of a specified person or a person in specified circumstances.
> (4) No regulations may be made under this section unless a draft of the statutory instrument containing them has been laid before, and approved by a resolution of, the House of Commons.
- (2) Regulations under section 136A (inserted by sub-paragraph (1)) may make provision in relation to accounting periods ending on or after the date on which the regulations are made.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 35
@@ -12620,7 +10241,7 @@
- (a) contributions which are relievable pension contributions in relation to the individual and are paid in the tax year,
- (b) contributions in respect of which the individual is entitled to a tax reduction under section 788 of ICTA and which are paid in the tax year, and
- (b) contributions in respect of which the individual is entitled to a tax reduction under sections 2 and 6 of TIOPA 2010 and which are paid in the tax year, and
- (c) contributions paid by the individual for which a deduction is given under Chapter 2 of Part 5 of ITEPA 2003 for the tax year in accordance with paragraph 51 of Schedule 36 to FA 2004.
@@ -13210,7 +10831,7 @@
- “scheme” (otherwise than in the expression “pension scheme”) includes any arrangement, agreement, understanding, transaction or series of transactions (whether or not legally enforceable).
- (2) For the purposes of the definition of “group personal pension scheme” a company and all of its 75% subsidiaries form a group; and if any of those subsidiaries have 75% subsidiaries the group includes them and their 75% subsidiaries, and so on; and for this purpose “*75% subsidiary*” has the meaning given by section 838 of ICTA.
- (2) For the purposes of the definition of “group personal pension scheme” a company and all of its 75% subsidiaries form a group; and if any of those subsidiaries have 75% subsidiaries the group includes them and their 75% subsidiaries, and so on; and for this purpose “*75% subsidiary*” has the meaning given by Chapter 3 of Part 24 of CTA 2010.
- (3) Expressions used in this Schedule and in any provisions of Part 4 of FA 2004 have the same meaning in this Schedule as they have in the provisions of that Part in which they are used.
@@ -14448,9 +12069,7 @@
##### 1
- (1) A company's adjusted ring fence profits for an accounting period are to be reduced by the amount of the company's pool of field allowances for that accounting period (see Part 2).
- (2) But, if the profits are less than the amount of the pool, the profits are to be reduced to nil.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 2 — Pool of field allowances
@@ -14458,35 +12077,19 @@
##### 2
A company's pool of field allowances for an accounting period (“*the relevant accounting period*”) is—
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carrying part of pool of field allowances into following period
##### 3
- (1) This paragraph applies if—
- (a) a company has a pool of field allowances for an accounting period (“accounting period 1”), and
- (b) the company's adjusted ring fence profits for accounting period 1 are reduced to nil in accordance with paragraph 1(2).
- (2) A part of the company's pool of field allowances for accounting period 1 is to be carried into the following accounting period (“accounting period 2”).
- (3) The part to be carried into accounting period 2 is—
$$F-P$where—F is the amount of the company's pool of field allowances for accounting period 1, andP is the amount of the adjusted ring fence profits for accounting period 1.$
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Carrying whole of pool of field allowances into following period
##### 4
- (1) This paragraph applies if a company—
- (a) has a pool of field allowances for an accounting period, but
- (b) has no adjusted ring fence profits for the accounting period.
- (2) The whole of the company's pool of field allowances for the accounting period is to be carried into the following accounting period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 3 — Field allowance: when held and unactivated amount
@@ -14494,29 +12097,19 @@
##### 5
- (1) A company that is an initial licensee in a new oil field is to hold a field allowance for that field as from the beginning of the authorisation day.
- (2) The amount of the field allowance which the licensee is to hold at that time is—
$$T×S$where—T is the amount of the total field allowance for the field (see paragraph 24), andS is the share of the equity in the field which the initial licensee has at the beginning of the authorisation day.$
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Holding a field allowance on acquisition of equity share
##### 6
For provision about holding a field allowance by virtue of the acquisition of a share of the equity in a new oil field, see paragraph 15(2).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Unactivated amount of a field allowance
##### 7
- (1) This paragraph applies if a company holds a field allowance for a new oil field by virtue of paragraph 5 or 15(2).
- (2) The unactivated amount of that allowance at a particular time (“*the relevant time*”) is—
$$(R+E)-(A+D)$where—R is the amount of the field allowance which the company held before the relevant time by virtue of paragraph 5 or 15(2),E is the total amount of the field allowance received before the relevant time by virtue of paragraph 15(1) (company already holding field allowance acquires equity share),A is the total amount of the field allowance activated in respect of—(a) accounting periods ending before the relevant time, or(b) reference periods ending before the relevant time, andD is the total amount of reductions in the field allowance made before the relevant time by virtue of paragraph 14 (company disposes of equity share).$
- (3) A company ceases to hold a field allowance for a new oil field if the unactivated amount of that allowance falls to nil.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 4 — No change in equity share: activation of allowance
@@ -14524,33 +12117,13 @@
##### 8
- (1) This Part applies to a company in respect of a new oil field and an accounting period if the following conditions are met.
- (2) Condition A is that the company is a licensee in the field for the whole of the accounting period.
- (3) Condition B is that the company's share of the equity in the field is the same during the whole of the accounting period.
- (4) Condition C is that the company holds an unactivated amount of field allowance for the field at the beginning of the accounting period.
- (5) Condition D is that the company has relevant income from the new oil field in the accounting period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Activation of field allowance
##### 9
- (1) An amount of the company's field allowance for the new oil field is to be activated in respect of the accounting period.
- (2) The amount of the field allowance to be activated is the smallest of the following amounts—
- (a) the relevant activation limit,
- (b) the company's relevant income from the field in the accounting period, and
- (c) the unactivated amount of the field allowance which the company holds at the beginning of the accounting period.
- (3) The relevant activation limit is—
$$T5×E×N365$where—T is the amount of the total field allowance for the field (see paragraph 24),E is the company's share of the equity in the field during the accounting period, andN is the number of days in the accounting period.$
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 5 — Change in equity share: activation of allowance
@@ -14558,55 +12131,19 @@
##### 10
- (1) This Part applies to a company in respect of a new oil field and an accounting period if the following conditions are met.
- (2) Condition A is that the company is a licensee in the field for the whole, or for part, of the accounting period.
- (3) Condition B is that the company's share of the equity in the field is different at different times during the accounting period.
- (4) Condition C is that the company holds an unactivated amount of field allowance for the field at any time during the accounting period.
- (5) Condition D is that the company has relevant income from the field in the accounting period.
- (6) In a case where a company has three or more different shares of the equity in a new oil field during a particular day, this Part (in particular provisions relating to the beginning or end of a day) has effect subject to the necessary modifications.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reference periods
##### 11
- (1) For the purposes of this Part, the accounting period, or (if the company is not a licensee for the whole of the accounting period) the part or parts of the accounting period for which the company is a licensee, is to be divided into reference periods.
- (2) A reference period is a period of consecutive days that meets the following conditions.
- (3) Condition A is that, at the beginning of each day in the period, the company is a licensee in the new oil field.
- (4) Condition B is that, at the beginning of each day in the period, the company's share of the equity in the field is the same.
- (5) Condition C is that, at the beginning of the first day of the period, the company holds an unactivated amount of field allowance for the field.
- (6) Condition D is that each day in the period falls within the accounting period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Activation of field allowance
##### 12
- (1) An amount of the company's field allowance for the new oil field is to be activated in respect of each reference period.
- (2) The amount of the field allowance to be activated is the smallest of the following amounts—
- (a) the relevant activation limit,
- (b) the company's relevant income from the field in the reference period, and
- (c) the unactivated amount of the field allowance which the company holds at the beginning of the reference period.
- (3) The relevant activation limit is—
$$T5×E×R365$where—T is the amount of the total field allowance for the field (see paragraph 24),E is the company's share of the equity in the field during the reference period, andR is the number of days in the reference period.$
- (4) The company's relevant income from the field in the reference period is—
$$I×RL$where—I is the company's relevant income from the field in the whole of the accounting period,R is the number of days in the reference period, andL is the number of days in the accounting period for which the company is a licensee in the new oil field.$
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 6 — Change in equity share: transfer of field allowance
@@ -14614,49 +12151,19 @@
##### 13
- (1) This Part applies if the following conditions are met.
- (2) Condition A is that a company that is a licensee in a new oil field (“*the transferor*”) disposes of the whole or a part of its share of the equity in the new oil field (and in this Part each of those to which a share of the equity is disposed of is referred to as “*a transferee*”).
- (3) Condition B is that, immediately before the disposal, the transferor holds an unactivated amount of field allowance for the new oil field.
- (4) Sub-paragraph (5) applies when—
- (a) determining (for the purposes of this paragraph) whether a transferor holds an unactivated amount of field allowance immediately before the disposal (“*the relevant time*”), and
- (b) determining (for the purposes of paragraph 14) the unactivated amount of field allowance which a transferor holds at the relevant time;
but it applies only if an amount of field allowance for the new oil field (“*the relevant amount*”) has, by virtue of paragraph 12, been activated in respect of the reference period that ends because of the disposal.
- (5) When making the determination, the relevant amount of the field allowance must be treated as having been activated at a time before the relevant time.
- (6) In a case where a company has three or more different shares of the equity in a new oil field during a particular day, this Part (in particular provisions relating to the beginning or end of a day) has effect subject to the necessary modifications.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Reduction of field allowance if equity disposed of
##### 14
- (1) The unactivated amount of the field allowance for the new oil field which the transferor holds immediately before the disposal is to be reduced by the following amount—
$$F×E1-E2E1$where—F is the unactivated amount of the field allowance which the transferor holds immediately before the disposal,E1 is the transferor's share of the equity in the new oil field immediately before the disposal, andE2 is the transferor's share of the equity in the new oil field immediately after the disposal.$
- (2) This paragraph has effect at the end of the day on which the disposal takes place.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Acquisition of field allowance if equity acquired
##### 15
- (1) If a transferee holds a field allowance for the new oil field immediately before the disposal, the unactivated amount of the field allowance is to be increased by the amount calculated in accordance with sub-paragraph (4).
- (2) If a transferee does not hold a field allowance for the new oil field immediately before the disposal, the transferee is to hold a field allowance for the new oil field.
- (3) The amount of the field allowance which the transferee is to hold is calculated in accordance with sub-paragraph (4).
- (4) The amount referred to in sub-paragraphs (1) and (3) is—
$$R×E3E1-E2$where—R is the amount of the reduction determined in accordance with paragraph 14,E3 is the share of the equity in the new oil field that the transferee has acquired from the transferor, andE1 and E2 are the same as in paragraph 14.$
- (5) This paragraph has effect at the end of the day on which the disposal takes place.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 7 — Miscellaneous
@@ -14664,21 +12171,13 @@
##### 16
If there is any alteration in a company's adjusted ring fence profits for an accounting period after this Schedule has had effect in relation to the profits, any necessary adjustments to the operation of this Schedule (whether in relation to the profits or otherwise) are to be made (including any necessary adjustments to the effect of Part 1 on the profits or to the calculation of the company's pool of field allowances for a subsequent accounting period).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Orders
##### 17
- (1) The Commissioners for Her Majesty's Revenue and Customs may by order make provision about the oil fields that are qualifying oil fields for the purposes of this Schedule.
- (2) The Commissioners for Her Majesty's Revenue and Customs may by order make provision about the amount of the total field allowance for any description of new oil field (whether or not provision has been made under sub-paragraph (1) about that description of new oil field).
- (3) An order under this paragraph may, in particular, amend any or all of paragraphs 20 to 24.
- (4) An order under this paragraph is to be made by statutory instrument.
- (5) No order may be made under this paragraph unless a draft of the instrument containing it has been laid before, and approved by a resolution of, the House of Commons.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part 8 — Interpretation
@@ -14686,119 +12185,49 @@
##### 18
In this Schedule “*new oil field*” means an oil field—
- (a) which is a qualifying oil field, and
- (b) whose development is authorised at any time on or after 22 April 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Authorising development
##### 19
- (1) In this Schedule a reference to authorisation of development of an oil field is a reference to a national authority—
- (a) granting a licensee consent for development for the field,
- (b) serving on a licensee a programme of development for the field, or
- (c) approving a programme of development for the field.
- (2) In this paragraph—
- “*consent for development*”, in relation to an oil field, does not include consent which is limited to the purpose of testing the characteristics of an oil-bearing area;
- “*development*”, in relation to an oil field, means winning oil from the field otherwise than in the course of searching for oil or drilling wells;
- “*national authority*” means—the Secretary of State, ora Northern Ireland Department.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Qualifying oil fields
##### 20
In this Schedule “*qualifying oil field*” means an oil field that is, on the authorisation day—
- (a) a small oil field,
- (b) an ultra heavy oil field, or
- (c) an ultra high pressure/high temperature oil field.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Small oil field
##### 21
- (1) In this Schedule “*small oil field*” means an oil field which has reserves of oil of 3,500,000 tonnes or less.
- (2) For the purposes of this paragraph and paragraph 24(2)—
- (a) the amount of reserves of oil which an oil field has is to be determined on the authorisation day;
- (b) 1,100 cubic metres of gas at a temperature of 15 degrees celsius and pressure of one atmosphere is to be counted as equivalent to one tonne.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Ultra heavy oil field
##### 22
- (1) In this Schedule “*ultra heavy oil field*” means an oil field with oil at—
- (a) an API gravity below 18 degrees, and
- (b) a viscosity of more than 50 centipoise at reservoir temperature and pressure.
- (2) For that purpose API gravity, in relation to oil, is the amount determined by the following calculation—
$$141.5G-131.5$where G is the specific gravity of the oil at 15.56 degrees celsius.$
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Ultra high pressure/high temperature oil field
##### 23
In this Schedule “*ultra high pressure/high temperature oil field*” means an oil field with oil at—
- (a) a pressure of more than 1034 bar in the reservoir formation, and
- (b) a temperature of more than 176.67 degrees celsius in the reservoir formation.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Total field allowance for new oil field
##### 24
- (1) For the purposes of this Schedule the total field allowance for a new oil field is—
- (a) in the case of a small oil field, the amount determined in accordance with sub-paragraph (2),
- (b) in the case of an ultra heavy oil field, £800,000,000, and
- (c) in the case of an ultra high pressure/high temperature oil field, £800,000,000.
- (2) The total field allowance for a small oil field is—
- (a) if the oil field has reserves of oil of 2,750,000 tonnes or less, £75,000,000, and
- (b) in any other case (where the oil field has reserves of more than 2,750,000 tonnes but not more than 3,500,000 tonnes), the following amount—
$$£75,000,000×3,500,000-X3,500,000-2,750,000$where X is the amount of the reserves of oil (in tonnes) which the oil field has.$
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Other interpretation
##### 25
In this Schedule—
- “*adjusted ring fence profits*”, in relation to a company and an accounting period, means the adjusted ring fence profits that would (if this Schedule were ignored) be taken into account in calculating the supplementary charge on the company under section 501A of ICTA for the accounting period;
- “*authorisation day*”, in relation to a new oil field, means the day when development of the field is authorised;
- “*initial licensee*”, in relation to a new oil field, means a company that is licensee in the field on the authorisation day.
- “*licensee*” has the same meaning as in Part 1 of OTA 1975;
- “*oil*” has the same meaning as in Part 1 of OTA 1975;
- “*oil field*” has the same meaning as in Part 1 of OTA 1975;
- “*relevant income*”, in relation to a new oil field and an accounting period of a company, means production income of the company from any oil extraction activities carried on in the field that is taken into account in calculating the company's adjusted ring fence profits for the accounting period.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 45
@@ -14850,9 +12279,7 @@
##### 4
- (1) In section 502(3A) of ICTA (interpretation of Chapter 5 of Part 12), omit the words from “but” to the end.
- (2) The repeal made by this paragraph has effect on and after 22 April 2009.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## SCHEDULE 46
@@ -15146,7 +12573,7 @@
- “*the Commissioners*” means the Commissioners for Her Majesty's Revenue and Customs;
- “*company*” has the same meaning as in the Companies Acts (see section 1(1) of the Companies Act 2006) but does not include a company that is an open-ended investment company (within the meaning of section 468A of ICTA) or an investment trust (within the meaning of section 842 of ICTA);
- “*company*” has the same meaning as in the Companies Acts (see section 1(1) of the Companies Act 2006) but does not include a company that is an open-ended investment company (within the meaning of section 613 of CTA 2010) or an investment trust (within the meaning of section 1158 of CTA 2010);
- “*financial year*”, in relation to a company, has the same meaning as in the Companies Act 2006 (see section 390 of that Act);
@@ -15172,9 +12599,9 @@
- (ii) both are 51 per cent subsidiaries of a third relevant body.
- (3) Section 838 of ICTA (meaning of “51 per cent subsidiary”) applies for the purposes of this Schedule as it applies for the purposes of the Corporation Tax Acts (subject to the modification in sub-paragraph (4)).
- (4) It applies as if references in that section to a body corporate were to a relevant body.
- (3) Chapter 3 of Part 24 of CTA 2010 (meaning of “51 per cent subsidiary”) applies for the purposes of this Schedule as it applies for the purposes of the Corporation Tax Acts (subject to the modification in sub-paragraph (4)).
- (4) It applies as if references in that Chapter to a body corporate were to a relevant body.
## SCHEDULE 47
@@ -17391,7 +14818,7 @@
- (1) P is liable to a penalty under this paragraph if (and only if) P's failure continues after the end of the period of 12 months beginning with the penalty date.
- (2) Where, by failing to make the return, P withholds information which would enable or assist HMRC to assess P's liability to tax, the penalty under this paragraph is determined in accordance with sub-paragraphs (3) and (4).
- (2) Where, by failing to make the return, Pdeliberately withholds information which would enable or assist HMRC to assess P's liability to tax, the penalty under this paragraph is determined in accordance with sub-paragraphs (3) and (4).
- (3) If the withholding of the information is deliberate and concealed, the penalty is the greater of—
@@ -17405,62 +14832,62 @@
- (b) £300.
- (5) In any other case any case not falling within sub-paragraph (2) , the penalty under this paragraph is the greater of—
- (a) 5% of any liability to tax which would have been shown in the return in question, and
- (b) £300.
#### Amount of penalty: CIS returns
##### 7
Paragraphs 8 to 13 apply in the case of a return falling within item 6 in the Table.
##### 8
P is liable to a penalty under this paragraph of £100.
##### 9
- (1) P is liable to a penalty under this paragraph if (and only if) P's failure continues after the end of the period of 2 months beginning with the penalty date.
- (2) The penalty under this paragraph is £200.
##### 10
- (1) P is liable to a penalty under this paragraph if (and only if) P's failure continues after the end of the period of 6 months beginning with the penalty date.
- (2) The penalty under this paragraph is the greater of—
- (a) 5% of any liability to make payments which would have been shown in the return in question, and
- (b) £300.
##### 11
- (1) P is liable to a penalty under this paragraph if (and only if) P's failure continues after the end of the period of 12 months beginning with the penalty date.
- (2) Where, by failing to make the return, P withholds information which would enable or assist HMRC to assess the amount that P is liable to pay to HMRC in accordance with Chapter 3 of Part 3 of FA 2004, the penalty under this paragraph is determined in accordance with sub-paragraphs (3) and (4).
- (3) If the withholding of the information is deliberate and concealed, the penalty is the greater of—
- (a) 100% of any liability to make payments which would have been shown in the return in question, and
- (b) £3,000.
- (4) If the withholding of the information is deliberate but not concealed, the penalty is the greater of—
- (a) 70% of any liability to make payments which would have been shown in the return in question, and
- (b) £1,500.
- (5) In any other case, the penalty under this paragraph is the greater of—
- (a) 5% of any liability to tax which would have been shown in the return in question, and
- (a) 5% of any liability to make payments which would have been shown in the return in question, and
- (b) £300.
#### Amount of penalty: CIS returns
##### 7
Paragraphs 8 to 13 apply in the case of a return falling within item 6 in the Table.
##### 8
P is liable to a penalty under this paragraph of £100.
##### 9
- (1) P is liable to a penalty under this paragraph if (and only if) P's failure continues after the end of the period of 2 months beginning with the penalty date.
- (2) The penalty under this paragraph is £200.
##### 10
- (1) P is liable to a penalty under this paragraph if (and only if) P's failure continues after the end of the period of 6 months beginning with the penalty date.
- (2) The penalty under this paragraph is the greater of—
- (a) 5% of any liability to make payments which would have been shown in the return in question, and
- (b) £300.
##### 11
- (1) P is liable to a penalty under this paragraph if (and only if) P's failure continues after the end of the period of 12 months beginning with the penalty date.
- (2) Where, by failing to make the return, P withholds information which would enable or assist HMRC to assess the amount that P is liable to pay to HMRC in accordance with Chapter 3 of Part 3 of FA 2004, the penalty under this paragraph is determined in accordance with sub-paragraphs (3) and (4).
- (3) If the withholding of the information is deliberate and concealed, the penalty is the greater of—
- (a) 100% of any liability to make payments which would have been shown in the return in question, and
- (b) £3,000.
- (4) If the withholding of the information is deliberate but not concealed, the penalty is the greater of—
- (a) 70% of any liability to make payments which would have been shown in the return in question, and
- (b) £1,500.
- (5) In any other case, the penalty under this paragraph is the greater of—
- (a) 5% of any liability to make payments which would have been shown in the return in question, and
- (b) £300.
##### 12
- (1) P is liable to a penalty under this paragraph if (and only if)—
@@ -17669,7 +15096,7 @@
- (b) if P subsequently makes a return, the penalty must be re-assessed by reference to the amount of tax shown to be due and payable in that return (but subject to any amendments or corrections to the return).
- (3) In calculating a liability to tax which would have been shown in a return, no account is to be taken of any relief under subsection (4) of section 419 of ICTA (relief in respect of repayment etc of loan) which is deferred under subsection (4A) of that section.
- (3) In calculating a liability to tax which would have been shown in a return, no account is to be taken of any relief under section 458 of CTA 2010 (relief in respect of repayment etc of loan) which is deferred under subsection (5) of that section.
#### Partnerships
@@ -18481,7 +15908,7 @@
- (1) In this Schedule—
- “*alternative finance investment bond*” means arrangements within section 48A of FA 2005 (alternative finance investment bond: introduction);
- “*alternative finance investment bond*” means arrangements to which section 564G of ITA 2007 or section 151N of TCGA 1992 (investment bond arrangements) applies ;
- “bond assets”, “bond-holder”, “bond-issuer” and “capital” have the meaning given by that section;
@@ -18491,7 +15918,7 @@
- “*qualifying interest*” means a major interest in land (within the meaning given by section 117 of FA 2003) except that it does not include a lease if the lease is for—a term of years of 21 years or less, orin Scotland, a period of 21 years or less.
- (2) Except where the context otherwise requires, any expression which is used in this Schedule and in Part 4 of FA 2003 has the meaning which it has in that Part.
- (2) Section 564S of ITA 2007 (treatment of bond-holder and bond-issuer) applies for the purposes of any enactment about stamp duty land tax as it applies for the purposes of the Income Tax Acts.
## Part 2 — Issue, transfer and redemption of rights under arrangements
@@ -18499,7 +15926,7 @@
##### 2
Section 48B(2) of FA 2005 (effect of bond for purposes of tax) applies for the purposes of stamp duty land tax as it applies for the purposes of income tax and capital gains tax.
Section 564S of ITA 2007 (treatment of bond-holder and bond-issuer) applies for the purposes of any enactment about stamp duty land tax as it applies for the purposes of the Income Tax Acts.
#### Relief not available where bond-holder acquires control of underlying asset
@@ -18519,7 +15946,7 @@
##### 4
- (1) But paragraph 3(1) does not apply (and, accordingly, section 48B(2) of FA 2005 applies by virtue of paragraph 2) in either of the following cases.
- (1) But paragraph 3(1) does not apply (and, accordingly, section 564S of ITA 2007 applies by virtue of paragraph 2) in either of the following cases.
- (2) The first case is where—
@@ -18535,7 +15962,7 @@
- (4) In this paragraph—
- “*connected*” is to be read in accordance with section 839 of ICTA, and
- “*connected*” is to be read in accordance with section 1122 of CTA 2010, and
- “*underwrite*”, in relation to an offer of rights under a bond, means to agree to make payments of capital under the bond in the event that other persons do not make those payments.
@@ -18961,7 +16388,7 @@
- (4) In this paragraph—
- “*connected*” is to be read in accordance with section 839 of ICTA, and
- “*connected*” is to be read in accordance with section 1122 of CTA 2010, and
- “*underwrite*”, in relation to an offer of rights under a bond, means to agree to make payments of capital under the bond in the event that other persons do not make those payments.
@@ -19015,15 +16442,7 @@
##### 27
- (1) Section 48B of FA 2005 (alternative finance investment bond: effects) is amended as follows.
- (2) In subsections (2) and (3), for “any tax other than the Corporation Tax Acts” substitute “ income tax or capital gains tax ”.
- (3) After subsection (8) insert—
> (9) Schedule 61 to the Finance Act 2009 makes—
> (a) further provision about the treatment for the purposes of TCGA 1992 of arrangements falling within section 48A, and
> (b) provision about their treatment for the purposes of stamp duty land tax and capital allowances.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Consequential amendment of CTA 2009
@@ -19051,15 +16470,15 @@
- (c) paragraph 26.
#### Basic rate limit for 2009-10
#### Additional rate, dividend additional rate, trust rates and pension tax rates
#### Small companies' rates and fractions for financial year 2009
#### Charge and main rates for 2009-10
#### Abolition of personal reliefs for non-residents
#### Charge and main rates for financial year 2010
#### Rates of alcoholic liquor duty
#### Rates for 2009-10
#### Rates of tobacco products duty
#### Rates from April 2010
@@ -19067,25 +16486,25 @@
#### Rates and rebates from September 2009
#### Standard rate of landfill tax
#### Bingo duty
#### Provisions affecting amount of amusement machine licence duty
#### First-year capital allowances for expenditure in 2009-2010
#### Tax treatment of financing costs and income
#### Loan relationships involving connected parties
#### Tax treatment of participants in offshore funds
#### Rates of air passenger duty
#### Rates of gaming duty
#### Amounts of duty on amusement machine licences
#### Temporary extension of loss carry back provisions
#### Corporation tax treatment of company distributions received
#### Income tax credits for foreign distributions
#### Foreign exchange matching: anti-avoidance
#### Exemption of benefit consisting of health-screening or medical check-up
#### MEPs' pay, allowances and pensions under European Parliament Statute
#### Tax underlying dividends
#### Manufactured overseas dividends
#### Payments by reference to foreign tax etc
@@ -19093,11 +16512,1401 @@
#### Intangible fixed assets and goodwill
#### HMRC Charter
#### Financial assistance scheme
#### Repayment to those in business in other States
#### VAT exemption for gaming participation fees
#### Effect of VAT changes on arbitration of rent for agricultural holdings
#### Exercise of collective rights by tenants of flats
#### Registered providers of social housing
#### Stamp taxes in event of insolvency
#### Blended oil
#### Duties of senior accounting officers of qualifying companies
#### Penalties for failure to pay tax
#### Meaning of “gaming machine” and “gaming”
#### Taxable commodities ineligible for reduced-rate supply
#### Landfill tax: prescribed landfill site activities
#### Alternative finance investment bonds
#### Interpretation
#### Short title
### Introduction
### Abolition of reliefs
### Consequential amendments
### Repeals
### Commencement
### FA 2004
### ITTOIA 2005
### F(No.2)A 2005
### The charge
### Supply spanning the date of the VAT change
### Grant of right spanning the date of the VAT change
### “Basic time of supply”
### Series of supplies
### “Relevant consideration” and “related” supplies
### Financing
### Connected persons
### Receipt of payments
### Power to change relevant conditions
### Supplies treated as taking place before 31 March 2009
### Letting etc of assets
### Condition B cases involving normal commercial practice
### Normal commercial practice
### Further exceptions
### Liability
### Amount
### “Listed supply”
### “Basic time of supply”: listed supplies
### Person ceasing to be taxable person before supplementary charge due
### Adjustment of contracts following the VAT change
### Invoices
### Orders under this Schedule
### Interpretation: general
### Amendments
### Consequential repeals
### Commencement etc
### Income tax
### Corporation tax
### ICTA
### FA 1998
### CTA 2009
### Enterprise investment scheme
### Corporate venturing scheme
### Venture Capital Trusts
### Consequential repeals
### Commencement
### Amendments of Schedule 18 to ICTA
### Commencement
### Election to opt out of changes in relation to pre-existing etc shares
### Paragraph 2(7) of Schedule 25 to ICTA
### Introduction
### Paragraph 7
### Paragraph 13A
### Paragraph 17
### Paragraph 23
### Paragraph 23A
### Paragraph 32
### Paragraph 39
### Commencement
### Plant and machinery allowances for cars and motor cycles
### Consequential amendments of CAA 2001
### Consequential repeal
### Commencement and transitionals: introduction
### Commencement
### Transitionals
### Interpretation
### Income tax
### Corporation tax
### Consequential repeals
### Commencement
### Election for new regime not to apply in certain cases
### Saving
### Main provisions
### Consequential amendments
### Commencement
### ICTA
### FA 1989
### FA 1994
### FA 2006
### CTA 2009
### Consequential repeals
### Commencement
### Transitional provision
### Overview
### Application of Schedule
### UK net debt of the worldwide group for period of account of worldwide group
### Net debt of a company
### Worldwide gross debt of worldwide group for period of account of worldwide group
### References to amounts disclosed in balance sheet of relevant group company
### Qualifying financial services groups
### Qualifying activities
### Lending activities and activities ancillary to lending activities
### Insurance activities and insurance related activities
### Relevant dealing in financial instruments
### UK trading income of the worldwide group
### Worldwide trading income of the worldwide group
### Foreign currency accounting
### Application of Part and meaning of “total disallowed amount”
### Meaning of “company to which this Part applies”
### Appointment of authorised company for relevant period of account
### Meaning of “the reporting body”
### Statement of allocated disallowances: submission
### Statement of allocated disallowances: submission of revised statement
### Statement of allocated disallowances: requirements
### Statement of allocated disallowances: effect
### Company tax returns
### Power to make regulations about statement of allocated disallowances
### Failure of reporting body to submit statement of allocated disallowances
### Powers to make regulations in relation to reductions required under paragraph 25
### Application of Part and meaning of “total disallowed amount”
### Meaning of “company to which this Part applies”
### Appointment of authorised company for relevant period of account
### Meaning of “the reporting body”
### Statement of allocated exemptions: submission
### Statement of allocated exemptions: submission of revised statement
### Statement of allocated exemptions: requirements
### Statement of allocated exemptions: effect
### Company tax returns
### Power to make regulations about statement of allocated exemptions
### Failure of reporting body to submit statement of allocated exemptions
### Power to make regulations in relation to reductions required under paragraph 37
### Balancing payments between group companies: no charge to, or relief from, tax
### Exemption from tax for certain financing income received from certain EEA companies
### Meaning of “relevant associate”
### Meaning of “tax-resident” and “EEA territory”
### Qualifying EEA tax relief for payment in the current period or a previous period
### Qualifying EEA tax relief for payment in future period
### References to tax of a territory
### Financing income amounts of a company
### Schemes involving manipulation of rules in Part 2
### Schemes involving manipulation of rules in Parts 3 and 4
### Meaning of “relevant net deduction”
### Calculation of amounts
### Meaning of “carried-back amount” and “carried-forward amount”
### Schemes involving manipulation of rules in Part 5
### Meaning of “scheme” and “excluded scheme”
### The financing expense amounts of a company
### The financing income amounts of a company
### Interpretation of paragraphs 54 and 55
### Group treasury companies
### Real estate investment trusts
### Companies engaged in oil extraction activities
### Intra-group short-term finance: financing expense
### Intra-group short-term finance: financing income
### Short-term loan relationships
### Stranded deficits in non-trading loan relationships: financing expense
### Stranded deficits in non-trading loan relationships: financing income
### Stranded management expenses in non-trading loan relationships: financing expense
### Stranded management expenses in non-trading loan relationships: financing income
### Charities
### Educational and public bodies
### Interpretation of paragraphs 57 to 68
### The tested expense amount
### The tested income amount
### Companies with net financing deduction or net financing income that is small
### The available amount
### Group members with income from oil extraction subject to particular tax treatment in UK
### Group members with income from shipping subject to particular tax treatment in UK
### Group members with income from property rental subject to particular tax treatment in UK
### Meaning of accounting expressions used in this Part
### The worldwide group
### Meaning of “group”
### Meaning of “ultimate parent”
### Meaning of “corporate entity”
### Meaning of “relevant non-corporate entity”
### Treatment of entities stapled to corporate entities or relevant non-corporate entities
### Treatment of business combinations
### Meaning of “large” in relation to a group
### Meaning of “UK group company” and “relevant group company”
### Financial statements of the worldwide group
### Non-compliant financial statements of worldwide group
### Non-existent financial statements of worldwide group
### References to amounts disclosed in financial statements
### Translation of amounts disclosed in financial statements into sterling
### Expressions taking their meaning from international accounting standards
### Meaning of “relevant accounting period”
### Meaning of “the Commissioners” and “HMRC”
### Consequential amendments
### Commencement
### Anti-avoidance: change of period of account of worldwide group
### Transitional provision
### Abolition of acceptable distribution policy exemption
### Consequential amendments
### Commencement
### Periods straddling 1 July 2009
### Transitional provision
### Interpretation
### Abolition of special rules for holding companies other than local holding companies
### Commencement
### Meaning of “qualifying holding company” and “exempt holding company”
### Periods straddling 1 July 2009
### Qualifying holding companies: periods straddling 1 July 2012
### Qualifying holding companies: definition of “relevant accounting period”
### Qualifying holding companies: treatment during three years before 1 July 2012
### Meaning of “ultimate corporate parent” and “group” for the purposes of paragraph 17(3)
### Reference periods: anti-avoidance
### Interpretation
### Reduction in chargeable profits for certain financing income
### Commencement
### Reporting requirement
### Meaning of “reporting body”
### Groups with more than one UK corporate parent: nomination of single reporting body
### Meaning of “UK corporate parent”
### Reportable events and transactions
### Excluded transactions
### Penalty for failure to comply with reporting requirement
### Regulations and orders
### Interpretation
### Commencement
### Transitional provision
### Amendments of FA 1993
### Commencement and transitional provision
### Sterling equivalent if amount carried back to pre-commencement accounting period
### Sterling equivalent if amount carried forward from earlier period
### Adjustment of sterling loss if amount carried back to pre-commencement accounting period
### Adjustment of sterling loss if amount carried forward from earlier period
### Interpretation
### Right of company to elect for different commencement and transitional provision to apply
### ITTOIA 2005
### Consequential amendments of other Acts
### Commencement
### Introduction
### Section 374
### Sections 375 and 376
### Section 377
### Section 407
### Sections 409 and 410
### Commencement and transitional provision
### Loan relationships
### Derivative contracts
### Interpretation
### Consequential revocation
### Commencement
### FA 2008
### Restriction on regulation-making power under section 41 of FA 2008
### TCGA 1992
### Consequential provision
### Commencement: general
### Commencement: certain consequential amendments
### Commencement orders
### Election modifying commencement
### Making an election
### Giving effect to elections
### Modification of acquisition cost
### Transfer from non technical account not to be receipt
### No deduction for capital allocations to with-profits policy holders
### Limits on loss relief for addition to non-profit funds
### FAFTS and contingent loans
### Apportionment: foreign business assets
### Value shifting attributable to transfer of business
### Amendments of Part 6 of CTA 2009
### Amendments and repeals
### Repeals
### Commencement
### Application of Part
### Value of transferred income stream treated as income
### Exception: amount otherwise taxed
### Exception: transfer by way of security
### Partnership shares
### Interpretation
### Transfer of certain functions from Treasury to HMRC
### Removal of requirement that notice be sent by post
### Reduction of notice period for withdrawals and variations
### Power to provide for withdrawals and variations not to affect certain contracts
### TCGA 1992
### ITTOIA 2005
### FA 2008
### Introduction
### Abolition of “price cap”
### Cars with CO2 emissions figures: the appropriate percentage
### Electrically propelled cars: the appropriate percentage
### Consequential repeal
### Commencement
### Repos
### Stock lending
### Commencement
### Interest payments: arrangements appearing very likely to produce post-tax advantage
### Amounts not fully recognised for accounting purposes
### Loan relationships involving connected debtor and creditor where debits exceed credits
### Credits and debits for manufactured interest
### Introduction
### Paragraph 6
### Paragraph 7
### Paragraph 7A
### Paragraph 17
### Paragraph 17A
### Paragraph 22
### Paragraph 40
### Paragraph 41
### Paragraph 42
### Consequential repeal
### Commencement
### Disposal values: commencement of long funding finance leases
### Disposal values: termination etc of long funding leases
### Capital receipts treated as income
### Transfer and long funding leaseback: restrictions on lessee's allowances
### Transfer followed by hire-purchase etc: restrictions on hirer's allowances
### Finance leaseback
### Interpretation
### Introduction
### Property rental business
### Conditions for company
### Conditions for balance of business
### Entry notice: conditions for company
### Profit: financing-cost ratio
### Funds awaiting re-investment
### Connected persons
### Special annual allowance charge
### Calculation of relevant income
### Total adjusted pension input amount: general
### Total adjusted pension input amount: modifications of sections 229 to 237 of FA 2004
### Total adjusted pension input amount: modification in cases of avoidance scheme
### Protected pension input amounts: general
### Protected pension input amounts: existing defined benefits arrangements
### Protected pension input amounts: existing cash balance arrangements
### Protected pension input amounts: other existing money purchase arrangements under occupational and public service pension schemes
### Protected pension input amounts: other existing money purchase arrangements under other pension schemes
### Protected pension input amounts: existing hybrid arrangements
### Protected pension input amounts: new and re-activated arrangements
### Protected pension input amounts: anti-avoidance
### Relevant refunded amounts
### Pre-22 April 2009 pension input amount
### Increased special annual allowance
### Taxation of contributions refund lump sums
### Power to amend
### Currently-relieved non-UK pension schemes
### Tax years to which Schedule applies
### Minor amendment
### Interpretation
### Admission to cultural, educational and entertainment activities etc
### Amendment of TCGA 1992
### Roll-over relief
### Alternative to roll-over relief
### Allowance of decommissioning and restoration expenditure
### Amounts which are not chargeable tariff receipts
### No reduction of allowable expenditure
### Commencement
### General decommissioning expenditure
### Commencement
### Interpretation
### Abolition of allowance
### Amendments consequential on abolition
### Savings
### Company's pool of field allowances
### Carrying part of pool of field allowances into following period
### Carrying whole of pool of field allowances into following period
### Initial licensee to hold a field allowance
### Holding a field allowance on acquisition of equity share
### Unactivated amount of a field allowance
### Introduction
### Activation of field allowance
### Introduction
### Reference periods
### Activation of field allowance
### Introduction
### Reduction of field allowance if equity disposed of
### Acquisition of field allowance if equity acquired
### Adjustments
### Orders
### New oil fields
### Authorising development
### Qualifying oil fields
### Small oil field
### Ultra heavy oil field
### Ultra high pressure/high temperature oil field
### Total field allowance for new oil field
### Other interpretation
### OTA 1975
### OTA 1983
### FA 1993
### ICTA
### Main duty of senior accounting officer
### Certificate for Commissioners
### Notifying Commissioners of name of senior accounting officer
### Penalty for failure to comply with main duty
### Penalties for failure to provide certificate etc
### More than one senior accounting officer
### Penalty for failure to notify Commissioners of name of senior accounting officer
### Reasonable excuse
### Assessment of penalties
### Appeal
### Enforcement of penalties
### Power to change amount of penalties
### Application of provisions of TMA 1970
### Meaning of “appropriate tax accounting arrangements”
### Meaning of “qualifying company”
### Meaning of “senior accounting officer”
### Regulations
### Other definitions
### Requirement for contact details for debtor
### Power to obtain details
### Complying with notices
### Right to appeal
### Penalty
### Power to change amount of penalty
### Application of provisions of TMA 1970
### General interpretation
### Insurance premium tax
### Stamp duty land tax
### Aggregates levy
### Climate change levy
### Landfill tax
### Insurance premium tax
### Inheritance tax
### Stamp duty land tax
### Petroleum revenue tax
### Aggregates levy
### Climate change levy
### Landfill tax
### Minor and consequential provision
### Claims for recovery of overpaid tax etc
### Consequential amendments
### Transitional provision
### Saving for petroleum revenue tax
### Claims for recovery of overpaid tax etc
### Consequential amendment
### Payments on account and balancing payment
### Payments on account and overpayment
### Amendments and discovery assessments etc
### Amounts postponed pending appeal under TMA 1970
### Overpayment of tax
### Recovery of payment of tax credit or interest
### Inheritance tax payable by instalments
### Certain other amounts of inheritance tax
### VAT due from persons not registered as required
### Unauthorised VAT invoices
### Death of taxpayer
### Deduction of income tax at source
### Property accepted in lieu of inheritance tax
### Introductory
### Repayment of amounts paid to HMRC
### Payment of amounts on return or claim
### Income tax deducted at source
### Carry back of losses and averaging
### MIRAS
### Income accumulated under certain trusts
### Certain amounts of inheritance tax
### Attribution of repayments
### Interpretation
### Penalty for failure to make returns etc
### Amount of penalty: occasional returns and annual returns
### Amount of penalty: CIS returns
### Reductions for disclosure
### Special reduction
### Interaction with other penalties and late payment surcharges
### Assessment
### Appeal
### Reasonable excuse
### Determination of penalty geared to tax liability where no return made
### Partnerships
### Double jeopardy
### Interpretation
### Penalty for failure to pay tax
### Assessments and determinations in default of return
### Amount of penalty: occasional amounts and amounts in respect of periods of 6 months or more
### Amount of penalty: PAYE and CIS amounts
### Special reduction
### Suspension of penalty during currency of agreement for deferred payment
### Assessment
### Appeal
### Reasonable excuse
### Double jeopardy
### Interpretation
### PAYE regulations
### Consequential provision
### Introduction
### Prescribed landfill site activities to be treated as disposals
### Material temporarily held
### Material at landfill sites
### Site restoration
### Landfill tax returns
### Commencement and savings
### Interpretation
### Issue, transfer and redemption of rights under bond not be treated as chargeable transaction
### Relief not available where bond-holder acquires control of underlying asset
### Introductory
### General conditions for operation of reliefs etc
### Stamp duty land tax
### Relief from stamp duty land tax: first transaction
### Relief from stamp duty land tax: second transaction
### Discharge of charge when conditions for relief met
### Taxation of capital gains
### Relief from taxation of capital gains: first transaction
### Relief from taxation of capital gains: second transaction
### Capital allowances
### Introductory
### Treatment for purposes of capital allowances
### Loss or destruction of asset
### Q retaining asset when no longer held for purposes of bond
### Q transferring asset to third person
### Supplementary
### Substitution of asset
### HMRC to notify Registrar of discharge of charge
### Relief not available where bond-holder acquires control of underlying asset
### Relief not available if purpose of arrangements is improper
### Regulations
### Consequential amendments of FA 2003
### Consequential amendments of FA 2005
### Consequential amendment of CTA 2009
### Commencement
## Editorial notes
[^c1991474]: [S. 83](https://www.legislation.gov.uk/ukpga/2009/10/section/83) ceases to have effect in accordance with s. 83(3)
[^c1991476]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^c1991477]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^c1991478]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^c1991479]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^c1991480]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^key-4b0c6a004fe1f13c157f41682057e035]: S. 3(1)(b) omitted (with effect in accordance with Sch. 1 para. 7 of the commencing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 1 para. 6(q)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/1/paragraph/6/q)
[^key-136105780880aace8f2d07fd5d0b87a2]: [S. 3(2)(b)](https://www.legislation.gov.uk/ukpga/2009/10/section/3/2/b) omitted (with effect in accordance with Sch. 1 para. 7 of the commencing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 1 para. 6(q)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/1/paragraph/6/q)
[^key-5520a54a05820a7f46447c929c358170]: Word in Sch. 16 para. 12(2)(b) substituted (retrospectively) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/2), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^key-c5159fb87bac96ef484a4dde5f2027c8]: Word in Sch. 16 para. 15(1)(a) substituted (retrospectively) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(3)(a)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/3/a), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^key-fea575521e5b24b95503f289139a3c1c]: Word in Sch. 16 para. 15(2)(a) substituted (retrospectively) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(3)(b)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/3/b), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^M_F_509f6d6d-eb24-4928-8cad-113af9229f88]: Word in Sch. 16 para. 15 heading substituted (21.7.2009 retrospective) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(3)(c)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/3/b), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^key-c32f1b8286411d68f3f2890fd3092baf]: Word in Sch. 16 para. 16(b) substituted (retrospectively) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(4)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/4), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^M_F_48102d4d-459a-4958-d105-a1ebe6da1dc2]: Word in Sch. 16 para. 17 substituted (21.7.2009 retrospective) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), Sch. 12 paras. 9(5), 14(1)
[^key-e33b52933613b85ae855986c9f279a29]: Sch. 35 applied (with modifications) (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Application to Members of Currently-Relieved Non-UK Pension Schemes) Order 2009 (S.I. 2009/2031)](https://www.legislation.gov.uk/uksi/2009/2031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2009/2031/article/1/1), [2-10](https://www.legislation.gov.uk/uksi/2009/2031/article/2)
[^key-d15a0f20ff75c1e355be0a5e0be40883]: S. 108 applied (with modifications) by S.I. 2003/2682, reg. 203(8) (as inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by [The Income Tax (Pay As You Earn) (Amendment No. 2) Regulations 2009 (S.I. 2009/2029)](https://www.legislation.gov.uk/uksi/2009/2029), [regs. 1(2)](https://www.legislation.gov.uk/uksi/2009/2029/regulation/1/2), [4](https://www.legislation.gov.uk/uksi/2009/2029/regulation/4))
[^key-d4788174f197679e47fff9d91eec1b70]: S. 108 applied (with modifications) by S.I. 2005/2045, reg. 48(8) (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by [Income Tax (Construction Industry Scheme) (Amendment) Regulations 2009 (S.I. 2009/2030)](https://www.legislation.gov.uk/uksi/2009/2030), [regs. 1(2)](https://www.legislation.gov.uk/uksi/2009/2030/regulation/1/2), [2(2)](https://www.legislation.gov.uk/uksi/2009/2030/regulation/2/2))
[^key-4fa8a3137c75763d52fdec7e1cb15026]: S. 108 applied (with modifications) by S.I. 2001/1004, reg. 90K(8) (as inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by [Social Security (Contributions) (Amendment No.4) Regulations 2009 (S.I. 2009/2028)](https://www.legislation.gov.uk/uksi/2009/2028), [regs. 1(2)](https://www.legislation.gov.uk/uksi/2009/2028/regulation/1/2), [3](https://www.legislation.gov.uk/uksi/2009/2028/regulation/3))
[^key-223476481d631b2a01cf641de7a68bfb]: Words in Sch. 35 para. 1(8) substituted (with effect in accordance with art. 1 of the amending S.I.) by [Special Annual Allowance Charge (Variation of Rate) Order 2010 (S.I. 2010/572)](https://www.legislation.gov.uk/uksi/2010/572), [art. 2](https://www.legislation.gov.uk/uksi/2010/572/article/2)
[^key-96c25ef425067e4179dde20753b93a55]: Words in Sch. 35 para. 1(8) inserted (with effect in accordance with art. 1 of the amending S.I.) by [Special Annual Allowance Charge (Variation of Rate) Order 2010 (S.I. 2010/572)](https://www.legislation.gov.uk/uksi/2010/572), [art. 2](https://www.legislation.gov.uk/uksi/2010/572/article/2)
[^key-dd43626a235dd4cfb0811aabce5c4fbb]: Sch. 35 para. 10(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [6(1)](https://www.legislation.gov.uk/uksi/2010/429/article/6/1)
[^key-99b75da1b2d330c0d315bcc2bd8e85f0]: Sch. 35 para. 10(5A)-(5D) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [6(2)](https://www.legislation.gov.uk/uksi/2010/429/article/6/2)
[^key-5b405dfbc99fbb375ce4ed0dd1020d8d]: Sch. 35 para. 11(3A)-(3C) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [7(2)](https://www.legislation.gov.uk/uksi/2010/429/article/7/2)
[^key-99190f12a454f561dd0a189f0c0abc9c]: Words in Sch. 35 para. 11(1) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [7(1)](https://www.legislation.gov.uk/uksi/2010/429/article/7/1)
[^M_F_66d75362-51d8-4dfc-fd25-9770154d21c3]: Sch. 35 para. 13A inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), arts. 1(1), 8
[^key-0f3ac09ac541babcaa3ffdabc68b588e]: Word in Sch. 35 para. 14 substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [9](https://www.legislation.gov.uk/uksi/2010/429/article/9)
[^key-15f43f678304b804114831c6660736d2]: Word in Sch. 35 para. 16(3) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [10](https://www.legislation.gov.uk/uksi/2010/429/article/10)
[^key-63fa4756fe929a3da9ae279f23a46db2]: Word in Sch. 35 para. 7(1)(e) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [3(1)(a)](https://www.legislation.gov.uk/uksi/2010/429/article/3/1/a)
[^key-d0ca317c696f15656e3303ef000551b5]: Sch. 35 para. 7(1)(g) and word inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [3(1)(b)](https://www.legislation.gov.uk/uksi/2010/429/article/3/1/b)
[^key-690afcf32256a1cfc64d3726f21431e8]: Word in Sch. 35 para. 7(2) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [3(2)](https://www.legislation.gov.uk/uksi/2010/429/article/3/2)
[^key-74967b1fed33477d96c3c02c7307567d]: Sch. 35 para. 8(5) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [4(3)](https://www.legislation.gov.uk/uksi/2010/429/article/4/3)
[^key-b1259a4a4ee123f723bd106ff81ba62f]: Sch. 35 para. 8(4A)-(4G) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [4(2)](https://www.legislation.gov.uk/uksi/2010/429/article/4/2)
[^key-7e72059ffc5b2fca1fc74c862d714cac]: Words in Sch. 35 para. 8(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [4(1)](https://www.legislation.gov.uk/uksi/2010/429/article/4/1)
[^key-5b26e6258cb4cd6c5dba53535e99ac8f]: Words in Sch. 35 para. 9(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [5(1)](https://www.legislation.gov.uk/uksi/2010/429/article/5/1)
[^key-ac8752478c6babee40815c9df69d9649]: Sch. 35 para. 9(4A)-(4F) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [5(2)](https://www.legislation.gov.uk/uksi/2010/429/article/5/2)
[^key-e156842095a51fa7f7a56ee9950baac2]: Sch. 35 para. 9(5) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [5(3)](https://www.legislation.gov.uk/uksi/2010/429/article/5/3)
[^key-c3def5aaf4cb32ccfa6d6356587044f7]: Sch. 22 para. 12(2)(b): 1.4.2010 appointed by [S.I. 2010/670](https://www.legislation.gov.uk/uksi/2010/670), art. 2
[^key-bacd4cf0e9f02bc00e5d66e099bfb6d0]: Sch. 22 para. 8 having effect as specified (1.4.2010) by [Finance Act 2009, Paragraph 12(2)(b) of Schedule 22 (Appointed Day) Order 2010 (S.I. 2010/670)](https://www.legislation.gov.uk/uksi/2010/670), [art. 2](https://www.legislation.gov.uk/uksi/2010/670/article/2)
[^key-a5378d9c6aa101b755ceb1e4d180c6ea]: Sch. 22 para. 9 having effect as specified (1.4.2010) by [Finance Act 2009, Paragraph 12(2)(b) of Schedule 22 (Appointed Day) Order 2010 (S.I. 2010/670)](https://www.legislation.gov.uk/uksi/2010/670), [art. 2](https://www.legislation.gov.uk/uksi/2010/670/article/2)
[^key-2933ee74af296c1aa67099d83117cfe8]: Sch. 22 para. 10 having effect as specified (1.4.2010) by [Finance Act 2009, Paragraph 12(2)(b) of Schedule 22 (Appointed Day) Order 2010 (S.I. 2010/670)](https://www.legislation.gov.uk/uksi/2010/670), [art. 2](https://www.legislation.gov.uk/uksi/2010/670/article/2)
[^key-e427fd4d2974202b4d5a656f268960ad]: Sch. 22 para. 11(1)(b)(3) having effect as specified (1.4.2010) by [Finance Act 2009, Paragraph 12(2)(b) of Schedule 22 (Appointed Day) Order 2010 (S.I. 2010/670)](https://www.legislation.gov.uk/uksi/2010/670), [art. 2](https://www.legislation.gov.uk/uksi/2010/670/article/2)
[^key-db195eacb13066a2748cc5dc7c06835c]: S. 94 in force at 1.4.2010 by [S.I. 2010/574](https://www.legislation.gov.uk/uksi/2010/574), [art. 2](https://www.legislation.gov.uk/uksi/2010/574/article/2)
[^key-70a1b6b5425b6d3c83fa340d32a00443]: [S. 96(1)](https://www.legislation.gov.uk/ukpga/2009/10/section/96/1) in force at 1.4.2010 for the purposes of the amendment made by that sub-section by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-5d315f9f4675c67717956b91c51614f6]: Sch. 48 para. 2 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-81b825f2cdd2635330f4f8938b3a3900]: Sch. 48 para. 3 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-af20a94074cbc68b7c61fc1253ae4475]: Sch. 48 para. 4 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-a2e6b4ad9edb6b02a69b5fe759add9b4]: Sch. 48 para. 5 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-c4961d1caef1fdf58eab462f77cb9bb7]: Sch. 48 para. 6 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-00fa4e8db3fef7ad874aebc9cd3d73ea]: Sch. 48 para. 7 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-1aa8e11837e0a5334047a7da92b1edfb]: Sch. 48 para. 8 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-994ca3740f41d16bbe213a2eb651a6f9]: Sch. 48 para. 9 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-6a22e5aeebc4bbeb84a4a2b9ff249356]: Sch. 48 para. 10 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-ee53a138dfd47ac1063605b84e0c7458]: Sch. 48 para. 11 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-9466dc5a01608a8872ecab5879f7118c]: Sch. 48 para. 12 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-8b265f50cc08ea546c8c4acdad829a1e]: Sch. 48 para. 13 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-22e263bc48ad1814baebd15a032613c5]: Sch. 48 para. 14 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-20dd1b3cb0d9feb5d7b423f0ba80fda0]: Sch. 48 para. 15 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2009/3054](https://www.legislation.gov.uk/uksi/2009/3054), [art. 2](https://www.legislation.gov.uk/uksi/2009/3054/article/2)
[^key-9a0b74be7afdbd7654ed882187edeb44]: Sch. 50 para. 1 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-33db9f4e8c81e01f8d9b1f6c3c8f2e7e]: Sch. 50 para. 2 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-285a2d62ccbe2cb822aae0c13ce017fd]: Sch. 50 para. 5 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-cdd0db00baa56a0d3ef70ba62c559789]: Sch. 50 para. 6 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-25cb6a95a1c1aa6b27c6bbd0aa168c00]: Sch. 50 para. 7 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-39f534b3fea4c11227a1b97854494b6a]: Sch. 50 para. 9 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-b31a39c7a0890b107739de7fc820136e]: Sch. 50 para. 10 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-91d5443c90ea7e1fff9c67745fced9f6]: Sch. 50 para. 11 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-1876ef38ebce81c6184f2e58ff3b534b]: Sch. 50 para. 13 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-f71c3dfcf0461ff21a71cff5c4964e1d]: Sch. 50 para. 14 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-ceb2cefd055b279ad82b3b45371ecf60]: Sch. 50 para. 16 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-2afd9e710cabc5de6a870fc786bc12a3]: Sch. 50 para. 17 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-9990adeed99ac7d0e7ed8950a19f6cd3]: Sch. 50 para. 19 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-73d24376a0280395a249da297635a17b]: Sch. 50 para. 20 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-f4dfdb0abab0ad565bc198cf4aeefbdc]: Sch. 50 para. 21 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/815](https://www.legislation.gov.uk/uksi/2010/815), [art. 2](https://www.legislation.gov.uk/uksi/2010/815/article/2)
[^key-e8f72ce3f6c22c70790740c901b16b92]: Sch. 51 para. 2 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [art. 3](https://www.legislation.gov.uk/uksi/2010/867/article/3))
[^key-958e52e84370b88fa3812078ad9836cf]: Sch. 51 para. 3 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [art. 4](https://www.legislation.gov.uk/uksi/2010/867/article/4))
[^key-c94a3ea1fd544902b23888e6b582fbd1]: Sch. 51 para. 4 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [art. 5](https://www.legislation.gov.uk/uksi/2010/867/article/5))
[^key-5379eb8e5f6fb6ca7db90b25699ff80d]: Sch. 51 para. 28 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [art. 8](https://www.legislation.gov.uk/uksi/2010/867/article/8))
[^key-bcde5f162b21544b6a1acc700af5b98b]: Sch. 51 para. 29 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [arts. 10-12](https://www.legislation.gov.uk/uksi/2010/867/article/10))
[^key-367eb0febe85996c7a854babe04e3942]: Sch. 51 para. 30 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [art. 9](https://www.legislation.gov.uk/uksi/2010/867/article/9))
[^key-c1e0324eb9713a267f6e0b1de8991678]: Sch. 51 para. 31 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [arts. 13-15](https://www.legislation.gov.uk/uksi/2010/867/article/13))
[^key-79564dab627d1ea4f9e15cf9d6ddd6f9]: Sch. 51 para. 33 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [art. 16](https://www.legislation.gov.uk/uksi/2010/867/article/16))
[^key-d5190a069779ade738f3dd36965d00d0]: Sch. 51 para. 34 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [art. 17](https://www.legislation.gov.uk/uksi/2010/867/article/17))
[^key-6f6a001ba035f9ff4a10aeef845179de]: Sch. 51 para. 35 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [arts. 18-20](https://www.legislation.gov.uk/uksi/2010/867/article/18))
[^key-e6e3d823d410d048c5d199d002cdabec]: Sch. 51 para. 36 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [arts. 21-23](https://www.legislation.gov.uk/uksi/2010/867/article/21))
[^key-df1a96415390536f0c6875c3dc23a8e7]: Sch. 51 para. 38 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [art. 24](https://www.legislation.gov.uk/uksi/2010/867/article/24))
[^key-2972d44ff5b9739ddfb92a107c970da8]: Sch. 51 para. 39 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [art. 25](https://www.legislation.gov.uk/uksi/2010/867/article/25))
[^key-c5983ef8da532e5aa9dd8dc8959353b9]: Sch. 51 para. 40 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1) (with [arts. 26-28](https://www.legislation.gov.uk/uksi/2010/867/article/26))
[^key-bcaa9b61603d0bedc7f45f7d3aed9080]: Sch. 51 para. 41 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1)
[^key-c0ff94e719ecb832518ba23790de0bcf]: Sch. 51 para. 42 in force at 1.4.2010 for the purposes of the amendment made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1)
[^key-f980fe8ced7a55f26976a0731c581482]: Sch. 51 para. 43 in force at 1.4.2010 for the purposes of the amendments made by that paragraph by [S.I. 2010/867](https://www.legislation.gov.uk/uksi/2010/867), [art. 2(1)](https://www.legislation.gov.uk/uksi/2010/867/article/2/1)
[^key-be223f64c02dd109286baa9d50bd8653]: Words in [s. 7(3)](https://www.legislation.gov.uk/ukpga/2009/10/section/7/3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 707](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/707) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-32390e88db098c941ac179c033da3e51]: Sch. 6 para. 3(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 714(2)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/714/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-53d9d203b7d0cf496cc1fa0ac326bd51]: Words in Sch. 6 para. 3(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 714(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/714/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-0df1b46594e78793aa268e76fc44cd07]: Sch. 6 para. 3(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 714(4)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/714/4) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-2c725ec773cb0b635aafdfe360e803c8]: Sch. 10 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-af22306b50d2a1e34750ab04baa03bf9]: Sch. 9 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-8e9d02b71a855d295e69666fafc30fad]: Sch. 15 paras. 1-95 repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 160](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/160), [Sch. 10 Pt. 4](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/4) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-37b01065d884de2212185728b5964ddf]: [Sch. 15 paras. 97-99](https://www.legislation.gov.uk/ukpga/2009/10/schedule/15/paragraph/97) repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 160](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/160), [Sch. 10 Pt. 4](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/4) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-fb9561d909337866ee7ba73eebc833a3]: Sch. 18 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 715](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/715), [3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-842bb3402d360dbbbfa36a88037ed524]: [Sch. 25 paras. 1-6](https://www.legislation.gov.uk/ukpga/2009/10/schedule/25/paragraph/1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 717](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/717), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-2c345944ad8bc6728206f8b1a9d3e79b]: Sch. 44 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 720](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/720), [3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-3c3af0def3f5b67c161dcfce0ea91f13]: Sch. 29 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-1ed2b0d1b852642308bb0e519f4f8eae]: Sch. 31 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-31489d44924d53030a9ac134a026341b]: [Sch. 32 paras. 9-11](https://www.legislation.gov.uk/ukpga/2009/10/schedule/32/paragraph/9) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-b0e0102838bd361fde296054d51389c5]: Sch. 34 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-07a83d52ebdf1e86649d04f5f632e623]: Sch. 54 para. 9A and cross-heading inserted (with effect in accordance with art. 4(3) of the amending S.I.) by [The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157)](https://www.legislation.gov.uk/uksi/2010/157), [arts. 1](https://www.legislation.gov.uk/uksi/2010/157/article/1), [4(2)](https://www.legislation.gov.uk/uksi/2010/157/article/4/2)
[^key-25048c21125ddf74d6562d388e6330e9]: Words in [s. 8(4)](https://www.legislation.gov.uk/ukpga/2009/10/section/8/4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 708](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/708) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-fe1b96999311f7217de1d24594043984]: Words in s. 45(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 710(a)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/710/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-f73d716515034f256c258013df84c8b9]: Words in s. 45(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 710(b)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/710/b) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-d35a4071f0263b1df31db40562bd7e39]: Words in s. 45(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 710(c)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/710/c) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-22beb62f01d352d825b21cf3f56ecb98]: Words in Sch. 55 para. 24(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 723(a)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/723/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-8b69028373ea10c042abd59e3ebe946b]: Words in Sch. 55 para. 24(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 723(b)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/723/b) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-b0637522e74c865e4e92751382eaf064]: Words in Sch. 61 para. 1(1) substituted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 229(2)](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/229/2) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^M_F_72360915-0bac-464a-8aa3-48cfc2a37c48]: Sch. 61 para. 2 substituted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 229(3)](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/229/2) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-10063a7b19d33d00a5252ae6e9d3638d]: Words in Sch. 61 para. 4(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 724(2)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/724/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-9f7f0bf67ce0c79e612bbc6dc609793a]: Words in Sch. 61 para. 4(1) substituted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 229(4)](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/229/4) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-596118d284cccc3c73d7bb6d4b45968f]: Words in [s. 126(1)](https://www.legislation.gov.uk/ukpga/2009/10/section/126/1) inserted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 332](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/332) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-d57f31d1942d7eeec869b03ffe162334]: Words in [s. 126(1)](https://www.legislation.gov.uk/ukpga/2009/10/section/126/1) inserted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 712](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/712) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-c515408cc5c677c897bac82c9531b177]: Words in Sch. 46 para. 18(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 721(2)(a)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/721/2/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-d9426ffbcc1d88ebab641850ea493f61]: Words in Sch. 46 para. 18(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 721(2)(b)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/721/2/b) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-d7e3759e582cd00cc5a57df9d6dbf6b1]: Words in Sch. 46 para. 18(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 721(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/721/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-8ecf717c35b9a9fc40a4ec935780ba50]: Word in Sch. 46 para. 18(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 721(4)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/721/4) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-133ea2cd575d62cbd2f978743e1e044c]: [S. 28](https://www.legislation.gov.uk/ukpga/2009/10/section/28) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-8b2552fc8e68694fe6ba1dbf18516215]: S. 29 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-bb5f9df29c86b696d88163c8f95e2eb0]: [S. 35](https://www.legislation.gov.uk/ukpga/2009/10/section/35) repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 159](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/159), [10 Pt. 4](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/4) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-9172c08f7e38a02b5e33ff6a407928d9]: [S. 38](https://www.legislation.gov.uk/ukpga/2009/10/section/38) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 709](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/709), [3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-5bc38770c22c94e0071948bf8d4efd4e]: Words in [s. 44](https://www.legislation.gov.uk/ukpga/2009/10/section/44) repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 10 Pt. 5](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/5) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-35febb3ba60fb9b0e72fbcf59318048d]: Words in s. 56(1) substituted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 103](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/103) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-0d29aeb1f275bac3bfbd4fdfbf0813ef]: [S. 57](https://www.legislation.gov.uk/ukpga/2009/10/section/57) repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 10 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/1) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-992aadd19e70600a305ff50c59e298da]: [S. 58](https://www.legislation.gov.uk/ukpga/2009/10/section/58) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-cdb14baf94eba642d940c55e08e32bc3]: [S. 59](https://www.legislation.gov.uk/ukpga/2009/10/section/59) repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 10 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/1) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-e6021c8f2b406a2f71513c357b433dfe]: [S. 60](https://www.legislation.gov.uk/ukpga/2009/10/section/60) repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 10 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/1) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-723fc0fe83cefd98cfff3cd06dd5f8de]: [S. 62](https://www.legislation.gov.uk/ukpga/2009/10/section/62) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-ba96dd0f0a1afde0c3a34836da03cdad]: [S. 63](https://www.legislation.gov.uk/ukpga/2009/10/section/63) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-bffaed6f38c0e55f5c1af8debe2e4e9f]: [S. 66](https://www.legislation.gov.uk/ukpga/2009/10/section/66) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-d3796f6b4f2edd7445eb8042b1de1bf2]: [S. 90](https://www.legislation.gov.uk/ukpga/2009/10/section/90) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 711](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/711), [3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-0cce9fcd092f517ce288fb080ea4e29e]: [S. 111](https://www.legislation.gov.uk/ukpga/2009/10/section/111) repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 7 para. 84](https://www.legislation.gov.uk/ukpga/2010/8/schedule/7/paragraph/84), [10 Pt. 12](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/12) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-7425f0885ffe7b4c32f394ef46fb6975]: Words in [s. 123](https://www.legislation.gov.uk/ukpga/2009/10/section/123) substituted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 228](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/228) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-0d1698a1956bcb41dac2ce849ee93a66]: Words in Sch. 3 para. 8 substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 713](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/713) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-9894e9c73a0f24c28cc5d12343d70e91]: Sch. 12 para. 3 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-2f75ee626e375db802422f395b3dce3d]: Sch. 14 para. 6 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-119ce9a5317f93f9bdff2a64ae28b71a]: Sch. 14 para. 8 repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 10 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/1) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-c44bb078cde21b6139ae9e2ee34de6b0]: Sch. 14 para. 11 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-b42a93d7e7e06910b40993dfb2061c09]: Sch. 14 para. 12 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-924cb25358aa8bd1af32888e8c9cfec5]: Sch. 14 para. 14 repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 10 Pt. 2](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/2) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-be2f3ae91468e15edcd54131d1d3dfb3]: Sch. 14 para. 19 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-389ccdb136c44977bfe6f11860fbd1f1]: Sch. 15 para. 96 repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 10 Pt. 2](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/2) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-b9030f0f40608219d3afdb6c990e2e35]: Words in Sch. 16 para. 7(2)(a) inserted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 104](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/104) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-bcda0354ca86cb06e9644bfb73137e5c]: Words in Sch. 17 para. 12(5) substituted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 150](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/150) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-9b5e675e8f1f40b4b8547d27ea47a538]: Sch. 22 para. 6 repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 174](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/174), [10 Pt. 5](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/5) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-ec1f91fcf395b81fad49c8c9766c123c]: Sch. 22 para. 11(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 716(2)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/716/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-202ad6547ff0cd86b4e08ae74f749e83]: Words in Sch. 22 para. 14(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 716(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/716/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-66a6bfa58700a3d627dfb2264c2787cb]: Sch. 24 para. 6 repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 10 Pt. 3](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/3) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-4a10e8cfd8e575717be97e1245847c08]: Sch. 25 para. 9(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-30746625430c3646fdcb8e168ffaef5c]: Sch. 33 para. 1 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-91935d87afe918eeec8ec2efdfa0d27a]: Words in Sch. 33 para. 3 substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 718(2)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/718/2) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-b19ca8217569b27d6d980b193f7ddee7]: Words in Sch. 33 para. 5(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 718(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/718/3), [3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-4a73a6591bf3d783840eb896367a83e8]: Words in Sch. 33 para. 6(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 718(4)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/718/4), [3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-513a8ac7984585c5d6e8bd995f19111f]: Words in Sch. 33 para. 7 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 718(5)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/718/5), [3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-94e5c0b0dc8fb6af1c7815aa9e267ca6]: Words in Sch. 33 para. 8(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 718(6)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/718/6), [3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-f3e4c888f1108cb50a85817418d8238b]: Words in Sch. 33 para. 9(b) repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 718(7)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/718/7), [3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-8bfdac369d89c3b1a7e3b4a067845267]: Words in Sch. 35 para. 2(4)(b) substituted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 105](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/105) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-0e19d31cdfe7de4b200f80572b15451e]: Words in Sch. 35 para. 23(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 719](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/719) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-38749e4167195e433e8aa1ade05b7351]: Sch. 45 para. 4 repealed (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2010/4/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-26620813641eaaeca3ba3dd03f077392]: Words in Sch. 53 para. 6 substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 722](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/722) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-62adc41df47e103b953433e3dd20a788]: Words in Sch. 61 para. 21(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 724(3)](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/724/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-79fe22f9cbf1fcf95029536ee740c4bf]: Sch. 61 para. 27 repealed (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 10 Pt. 7](https://www.legislation.gov.uk/ukpga/2010/8/schedule/10/part/7) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-8e8f25279fe07d80a6baa5fac7fe5fdd]: Sch. 61 para. 1(2) substituted (with effect in accordance with s. 381(1) of the amending Act) by [Taxation (International and Other Provisions) Act 2010 (c. 8)](https://www.legislation.gov.uk/ukpga/2010/8), [s. 381(1)](https://www.legislation.gov.uk/ukpga/2010/8/section/381/1), [Sch. 8 para. 229(3)](https://www.legislation.gov.uk/ukpga/2010/8/schedule/8/paragraph/229/3) (with [Sch. 9 paras. 1-9](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/1), [22](https://www.legislation.gov.uk/ukpga/2010/8/schedule/9/paragraph/22))
[^key-14dbdc575ba8841931ca8791e08a5a7f]: Sch. 55 para. 6 in force at 1.4.2011 for specified purposes by [S.I. 2011/702](https://www.legislation.gov.uk/uksi/2011/702), [art. 2](https://www.legislation.gov.uk/uksi/2011/702/article/2) (with [art. 1(2)](https://www.legislation.gov.uk/uksi/2011/702/article/1/2))
[^key-de9420b476dea87e198c68db80f0ddf2]: Words in Sch. 55 para. 6(5) substituted (1.4.2011 for specified purposes, 6.4.2011 for specified purposes, 12.2.2019 for specified purposes) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 26(2)](https://www.legislation.gov.uk/ukpga/2010/33/section/26/2), [Sch. 10 para. 4(3)](https://www.legislation.gov.uk/ukpga/2010/33/schedule/10/paragraph/4/3); [S.I. 2011/703](https://www.legislation.gov.uk/uksi/2011/703), [art. 2(a)](https://www.legislation.gov.uk/uksi/2011/703/article/2/a)[(b)](https://www.legislation.gov.uk/uksi/2011/703/article/2/b); [2019 c. 1](https://www.legislation.gov.uk/ukpga/2019/1), [s. 67(2)](https://www.legislation.gov.uk/ukpga/2019/1/section/67/2)
[^key-34cbae596395fff61a8f5e260f34a883]: Word in Sch. 55 para. 6(2) inserted (1.4.2011 for specified purposes, 6.4.2011 for specified purposes, 12.2.2019 for specified purposes) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [s. 26(2)](https://www.legislation.gov.uk/ukpga/2010/33/section/26/2), [Sch. 10 para. 4(2)](https://www.legislation.gov.uk/ukpga/2010/33/schedule/10/paragraph/4/2); [S.I. 2011/703](https://www.legislation.gov.uk/uksi/2011/703), [art. 2(a)](https://www.legislation.gov.uk/uksi/2011/703/article/2/a)[(b)](https://www.legislation.gov.uk/uksi/2011/703/article/2/b); [2019 c. 1](https://www.legislation.gov.uk/ukpga/2019/1), [s. 67(2)](https://www.legislation.gov.uk/ukpga/2019/1/section/67/2)
[^key-4316f8b2fdc7ef8de9e797c2e4068042]: Sch. 53 Pt. 2 modified (8.4.2010) by [Finance Act 2010 (c. 13)](https://www.legislation.gov.uk/ukpga/2010/13), [Sch. 1 para. 30(2)](https://www.legislation.gov.uk/ukpga/2010/13/schedule/1/paragraph/30/2)
[^M_I_2109f618-2ee4-43b8-af18-373d4db41444]: Sch. 53 in force at 31.8.2010 for specified purposes by [S.I. 2010/1878](https://www.legislation.gov.uk/uksi/2010/1878), [art. 2](https://www.legislation.gov.uk/uksi/2010/1878/article/2) (with [art. 3](https://www.legislation.gov.uk/uksi/2010/1878/article/3))
### Protected pension input amounts: contribution paid in accordance with agreement entered into on or before 22 April 2009
##### 13A
The amount arrived at under paragraph 3(2) in relation to an arrangement which relates to an employment of the individual is a protected lump sum input amount if it is attributable to a single contribution which—
- (a) is paid on or after 22 April 2009, and
- (b) is paid, in accordance with the terms of a written agreement between the individual and the employer made not later than 22 April 2009, not later than the date specified for payment in the agreement.
#### Intangible fixed assets and goodwill
#### Taxable benefit of living accommodation: lease premiums
#### Financial assistance scheme
#### Repayment to those in business in other States
#### Special annual allowance charge etc
#### Place of supply of services etc
#### Information relating to cross-border supplies of services to taxable recipients
@@ -19107,1114 +17916,24 @@
#### Registered providers of social housing
#### Stamp taxes in event of insolvency
#### Blended oil
#### Duties of senior accounting officers of qualifying companies
#### Penalties for failure to pay tax
#### Meaning of “gaming machine” and “gaming”
#### Rent to shared ownership
#### Capital allowances for oil decommissioning expenditure
#### Remote bingo etc
#### Taxable commodities ineligible for reduced-rate supply
#### Landfill tax: prescribed landfill site activities
#### Alternative finance investment bonds
#### Removal of reduced rate where targets not met
#### Inheritance tax: agricultural property and woodlands relief for EEA land
#### Interpretation
#### Short title
### Introduction
### Abolition of reliefs
### Consequential amendments
### Repeals
### Commencement
### FA 2004
### ITTOIA 2005
### F(No.2)A 2005
### The charge
### Supply spanning the date of the VAT change
### Grant of right spanning the date of the VAT change
### “Basic time of supply”
### Series of supplies
### “Relevant consideration” and “related” supplies
### Financing
### Connected persons
### Receipt of payments
### Power to change relevant conditions
### Supplies treated as taking place before 31 March 2009
### Letting etc of assets
### Condition B cases involving normal commercial practice
### Normal commercial practice
### Further exceptions
### Liability
### Amount
### “Listed supply”
### “Basic time of supply”: listed supplies
### Person ceasing to be taxable person before supplementary charge due
### Adjustment of contracts following the VAT change
### Invoices
### Orders under this Schedule
### Interpretation: general
### Amendments
### Consequential repeals
### Commencement etc
### Income tax
### Corporation tax
### ICTA
### FA 1998
### CTA 2009
### Enterprise investment scheme
### Corporate venturing scheme
### Venture Capital Trusts
### Consequential repeals
### Commencement
### Amendments of Schedule 18 to ICTA
### Commencement
### Election to opt out of changes in relation to pre-existing etc shares
### Paragraph 2(7) of Schedule 25 to ICTA
### Introduction
### Paragraph 7
### Paragraph 13A
### Paragraph 17
### Paragraph 23
### Paragraph 23A
### Paragraph 32
### Paragraph 39
### Commencement
### Plant and machinery allowances for cars and motor cycles
### Consequential amendments of CAA 2001
### Consequential repeal
### Commencement and transitionals: introduction
### Commencement
### Transitionals
### Interpretation
### Income tax
### Corporation tax
### Consequential repeals
### Commencement
### Election for new regime not to apply in certain cases
### Saving
### Main provisions
### Consequential amendments
### Commencement
### ICTA
### FA 1989
### FA 1994
### FA 2006
### CTA 2009
### Consequential repeals
### Commencement
### Transitional provision
### Overview
### Application of Schedule
### UK net debt of the worldwide group for period of account of worldwide group
### Net debt of a company
### Worldwide gross debt of worldwide group for period of account of worldwide group
### References to amounts disclosed in balance sheet of relevant group company
### Qualifying financial services groups
### Qualifying activities
### Lending activities and activities ancillary to lending activities
### Insurance activities and insurance related activities
### Relevant dealing in financial instruments
### UK trading income of the worldwide group
### Worldwide trading income of the worldwide group
### Foreign currency accounting
### Application of Part and meaning of “total disallowed amount”
### Meaning of “company to which this Part applies”
### Appointment of authorised company for relevant period of account
### Meaning of “the reporting body”
### Statement of allocated disallowances: submission
### Statement of allocated disallowances: submission of revised statement
### Statement of allocated disallowances: requirements
### Statement of allocated disallowances: effect
### Company tax returns
### Power to make regulations about statement of allocated disallowances
### Failure of reporting body to submit statement of allocated disallowances
### Powers to make regulations in relation to reductions required under paragraph 25
### Application of Part and meaning of “total disallowed amount”
### Meaning of “company to which this Part applies”
### Appointment of authorised company for relevant period of account
### Meaning of “the reporting body”
### Statement of allocated exemptions: submission
### Statement of allocated exemptions: submission of revised statement
### Statement of allocated exemptions: requirements
### Statement of allocated exemptions: effect
### Company tax returns
### Power to make regulations about statement of allocated exemptions
### Failure of reporting body to submit statement of allocated exemptions
### Power to make regulations in relation to reductions required under paragraph 37
### Balancing payments between group companies: no charge to, or relief from, tax
### Exemption from tax for certain financing income received from certain EEA companies
### Meaning of “relevant associate”
### Meaning of “tax-resident” and “EEA territory”
### Qualifying EEA tax relief for payment in the current period or a previous period
### Qualifying EEA tax relief for payment in future period
### References to tax of a territory
### Financing income amounts of a company
### Schemes involving manipulation of rules in Part 2
### Schemes involving manipulation of rules in Parts 3 and 4
### Meaning of “relevant net deduction”
### Calculation of amounts
### Meaning of “carried-back amount” and “carried-forward amount”
### Schemes involving manipulation of rules in Part 5
### Meaning of “scheme” and “excluded scheme”
### The financing expense amounts of a company
### The financing income amounts of a company
### Interpretation of paragraphs 54 and 55
### Group treasury companies
### Real estate investment trusts
### Companies engaged in oil extraction activities
### Intra-group short-term finance: financing expense
### Intra-group short-term finance: financing income
### Short-term loan relationships
### Stranded deficits in non-trading loan relationships: financing expense
### Stranded deficits in non-trading loan relationships: financing income
### Stranded management expenses in non-trading loan relationships: financing expense
### Stranded management expenses in non-trading loan relationships: financing income
### Charities
### Educational and public bodies
### Interpretation of paragraphs 57 to 68
### The tested expense amount
### The tested income amount
### Companies with net financing deduction or net financing income that is small
### The available amount
### Group members with income from oil extraction subject to particular tax treatment in UK
### Group members with income from shipping subject to particular tax treatment in UK
### Group members with income from property rental subject to particular tax treatment in UK
### Meaning of accounting expressions used in this Part
### The worldwide group
### Meaning of “group”
### Meaning of “ultimate parent”
### Meaning of “corporate entity”
### Meaning of “relevant non-corporate entity”
### Treatment of entities stapled to corporate entities or relevant non-corporate entities
### Treatment of business combinations
### Meaning of “large” in relation to a group
### Meaning of “UK group company” and “relevant group company”
### Financial statements of the worldwide group
### Non-compliant financial statements of worldwide group
### Non-existent financial statements of worldwide group
### References to amounts disclosed in financial statements
### Translation of amounts disclosed in financial statements into sterling
### Expressions taking their meaning from international accounting standards
### Meaning of “relevant accounting period”
### Meaning of “the Commissioners” and “HMRC”
### Consequential amendments
### Commencement
### Anti-avoidance: change of period of account of worldwide group
### Transitional provision
### Abolition of acceptable distribution policy exemption
### Consequential amendments
### Commencement
### Periods straddling 1 July 2009
### Transitional provision
### Interpretation
### Abolition of special rules for holding companies other than local holding companies
### Commencement
### Meaning of “qualifying holding company” and “exempt holding company”
### Periods straddling 1 July 2009
### Qualifying holding companies: periods straddling 1 July 2012
### Qualifying holding companies: definition of “relevant accounting period”
### Qualifying holding companies: treatment during three years before 1 July 2012
### Meaning of “ultimate corporate parent” and “group” for the purposes of paragraph 17(3)
### Reference periods: anti-avoidance
### Interpretation
### Reduction in chargeable profits for certain financing income
### Commencement
### Reporting requirement
### Meaning of “reporting body”
### Groups with more than one UK corporate parent: nomination of single reporting body
### Meaning of “UK corporate parent”
### Reportable events and transactions
### Excluded transactions
### Penalty for failure to comply with reporting requirement
### Regulations and orders
### Interpretation
### Commencement
### Transitional provision
### Amendments of FA 1993
### Commencement and transitional provision
### Sterling equivalent if amount carried back to pre-commencement accounting period
### Sterling equivalent if amount carried forward from earlier period
### Adjustment of sterling loss if amount carried back to pre-commencement accounting period
### Adjustment of sterling loss if amount carried forward from earlier period
### Interpretation
### Right of company to elect for different commencement and transitional provision to apply
### ITTOIA 2005
### Consequential amendments of other Acts
### Commencement
### Introduction
### Section 374
### Sections 375 and 376
### Section 377
### Section 407
### Sections 409 and 410
### Commencement and transitional provision
### Loan relationships
### Derivative contracts
### Interpretation
### Consequential revocation
### Commencement
### FA 2008
### Restriction on regulation-making power under section 41 of FA 2008
### TCGA 1992
### Consequential provision
### Commencement: general
### Commencement: certain consequential amendments
### Commencement orders
### Election modifying commencement
### Making an election
### Giving effect to elections
### Modification of acquisition cost
### Transfer from non technical account not to be receipt
### No deduction for capital allocations to with-profits policy holders
### Limits on loss relief for addition to non-profit funds
### FAFTS and contingent loans
### Apportionment: foreign business assets
### Value shifting attributable to transfer of business
### Amendments of Part 6 of CTA 2009
### Amendments and repeals
### Repeals
### Commencement
### Application of Part
### Value of transferred income stream treated as income
### Exception: amount otherwise taxed
### Exception: transfer by way of security
### Partnership shares
### Interpretation
### Transfer of certain functions from Treasury to HMRC
### Removal of requirement that notice be sent by post
### Reduction of notice period for withdrawals and variations
### Power to provide for withdrawals and variations not to affect certain contracts
### TCGA 1992
### ITTOIA 2005
### FA 2008
### Introduction
### Abolition of “price cap”
### Cars with CO2 emissions figures: the appropriate percentage
### Electrically propelled cars: the appropriate percentage
### Consequential repeal
### Commencement
### Repos
### Stock lending
### Commencement
### Interest payments: arrangements appearing very likely to produce post-tax advantage
### Amounts not fully recognised for accounting purposes
### Loan relationships involving connected debtor and creditor where debits exceed credits
### Credits and debits for manufactured interest
### Introduction
### Paragraph 6
### Paragraph 7
### Paragraph 7A
### Paragraph 17
### Paragraph 17A
### Paragraph 22
### Paragraph 40
### Paragraph 41
### Paragraph 42
### Consequential repeal
### Commencement
### Disposal values: commencement of long funding finance leases
### Disposal values: termination etc of long funding leases
### Capital receipts treated as income
### Transfer and long funding leaseback: restrictions on lessee's allowances
### Transfer followed by hire-purchase etc: restrictions on hirer's allowances
### Finance leaseback
### Interpretation
### Introduction
### Property rental business
### Conditions for company
### Conditions for balance of business
### Entry notice: conditions for company
### Profit: financing-cost ratio
### Funds awaiting re-investment
### Connected persons
### Special annual allowance charge
### Calculation of relevant income
### Total adjusted pension input amount: general
### Total adjusted pension input amount: modifications of sections 229 to 237 of FA 2004
### Total adjusted pension input amount: modification in cases of avoidance scheme
### Protected pension input amounts: general
### Protected pension input amounts: existing defined benefits arrangements
### Protected pension input amounts: existing cash balance arrangements
### Protected pension input amounts: other existing money purchase arrangements under occupational and public service pension schemes
### Protected pension input amounts: other existing money purchase arrangements under other pension schemes
### Protected pension input amounts: existing hybrid arrangements
### Protected pension input amounts: new and re-activated arrangements
### Protected pension input amounts: anti-avoidance
### Relevant refunded amounts
### Pre-22 April 2009 pension input amount
### Increased special annual allowance
### Taxation of contributions refund lump sums
### Power to amend
### Currently-relieved non-UK pension schemes
### Tax years to which Schedule applies
### Minor amendment
### Interpretation
### Admission to cultural, educational and entertainment activities etc
### Amendment of TCGA 1992
### Roll-over relief
### Alternative to roll-over relief
### Allowance of decommissioning and restoration expenditure
### Amounts which are not chargeable tariff receipts
### No reduction of allowable expenditure
### Commencement
### General decommissioning expenditure
### Commencement
### Interpretation
### Abolition of allowance
### Amendments consequential on abolition
### Savings
### Company's pool of field allowances
### Carrying part of pool of field allowances into following period
### Carrying whole of pool of field allowances into following period
### Initial licensee to hold a field allowance
### Holding a field allowance on acquisition of equity share
### Unactivated amount of a field allowance
### Introduction
### Activation of field allowance
### Introduction
### Reference periods
### Activation of field allowance
### Introduction
### Reduction of field allowance if equity disposed of
### Acquisition of field allowance if equity acquired
### Adjustments
### Orders
### New oil fields
### Authorising development
### Qualifying oil fields
### Small oil field
### Ultra heavy oil field
### Ultra high pressure/high temperature oil field
### Total field allowance for new oil field
### Other interpretation
### OTA 1975
### OTA 1983
### FA 1993
### ICTA
### Main duty of senior accounting officer
### Certificate for Commissioners
### Notifying Commissioners of name of senior accounting officer
### Penalty for failure to comply with main duty
### Penalties for failure to provide certificate etc
### More than one senior accounting officer
### Penalty for failure to notify Commissioners of name of senior accounting officer
### Reasonable excuse
### Assessment of penalties
### Appeal
### Enforcement of penalties
### Power to change amount of penalties
### Application of provisions of TMA 1970
### Meaning of “appropriate tax accounting arrangements”
### Meaning of “qualifying company”
### Meaning of “senior accounting officer”
### Regulations
### Other definitions
### Requirement for contact details for debtor
### Power to obtain details
### Complying with notices
### Right to appeal
### Penalty
### Power to change amount of penalty
### Application of provisions of TMA 1970
### General interpretation
### Insurance premium tax
### Stamp duty land tax
### Aggregates levy
### Climate change levy
### Landfill tax
### Insurance premium tax
### Inheritance tax
### Stamp duty land tax
### Petroleum revenue tax
### Aggregates levy
### Climate change levy
### Landfill tax
### Minor and consequential provision
### Claims for recovery of overpaid tax etc
### Consequential amendments
### Transitional provision
### Saving for petroleum revenue tax
### Claims for recovery of overpaid tax etc
### Consequential amendment
### Payments on account and balancing payment
### Payments on account and overpayment
### Amendments and discovery assessments etc
### Amounts postponed pending appeal under TMA 1970
### Overpayment of tax
### Recovery of payment of tax credit or interest
### Inheritance tax payable by instalments
### Certain other amounts of inheritance tax
### VAT due from persons not registered as required
### Unauthorised VAT invoices
### Death of taxpayer
### Deduction of income tax at source
### Property accepted in lieu of inheritance tax
### Introductory
### Repayment of amounts paid to HMRC
### Payment of amounts on return or claim
### Income tax deducted at source
### Carry back of losses and averaging
### MIRAS
### Income accumulated under certain trusts
### Certain amounts of inheritance tax
### Attribution of repayments
### Interpretation
### Penalty for failure to make returns etc
### Amount of penalty: occasional returns and annual returns
### Amount of penalty: CIS returns
### Reductions for disclosure
### Special reduction
### Interaction with other penalties and late payment surcharges
### Assessment
### Appeal
### Reasonable excuse
### Determination of penalty geared to tax liability where no return made
### Partnerships
### Double jeopardy
### Interpretation
### Penalty for failure to pay tax
### Assessments and determinations in default of return
### Amount of penalty: occasional amounts and amounts in respect of periods of 6 months or more
### Amount of penalty: PAYE and CIS amounts
### Special reduction
### Suspension of penalty during currency of agreement for deferred payment
### Assessment
### Appeal
### Reasonable excuse
### Double jeopardy
### Interpretation
### PAYE regulations
### Consequential provision
### Introduction
### Prescribed landfill site activities to be treated as disposals
### Material temporarily held
### Material at landfill sites
### Site restoration
### Landfill tax returns
### Commencement and savings
### Interpretation
### Issue, transfer and redemption of rights under bond not be treated as chargeable transaction
### Relief not available where bond-holder acquires control of underlying asset
### Introductory
### General conditions for operation of reliefs etc
### Stamp duty land tax
### Relief from stamp duty land tax: first transaction
### Relief from stamp duty land tax: second transaction
### Discharge of charge when conditions for relief met
### Taxation of capital gains
### Relief from taxation of capital gains: first transaction
### Relief from taxation of capital gains: second transaction
### Capital allowances
### Introductory
### Treatment for purposes of capital allowances
### Loss or destruction of asset
### Q retaining asset when no longer held for purposes of bond
### Q transferring asset to third person
### Supplementary
### Substitution of asset
### HMRC to notify Registrar of discharge of charge
### Relief not available where bond-holder acquires control of underlying asset
### Relief not available if purpose of arrangements is improper
### Regulations
### Consequential amendments of FA 2003
### Consequential amendments of FA 2005
### Consequential amendment of CTA 2009
### Commencement
## Editorial notes
[^c1991474]: [S. 83](https://www.legislation.gov.uk/ukpga/2009/10/section/83) ceases to have effect in accordance with s. 83(3)
[^c1991476]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^c1991477]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^c1991478]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^c1991479]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^c1991480]: The provisions of Sch. 37 cease to have effect in accordance with s. 83(3)
[^key-7e6683ca1a25f52f33cc57e41d9cafca]: Sch. 15 modified (21.7.2009 retrospective) by [Finance (No. 3) Act 2010 (c. 33)](https://www.legislation.gov.uk/ukpga/2010/33), [Sch. 5 para. 36(2)](https://www.legislation.gov.uk/ukpga/2010/33/schedule/5/paragraph/36/2)
[^key-4b0c6a004fe1f13c157f41682057e035]: S. 3(1)(b) omitted (with effect in accordance with Sch. 1 para. 7 of the commencing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 1 para. 6(q)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/1/paragraph/6/q)
[^key-136105780880aace8f2d07fd5d0b87a2]: [S. 3(2)(b)](https://www.legislation.gov.uk/ukpga/2009/10/section/3/2/b) omitted (with effect in accordance with Sch. 1 para. 7 of the commencing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 1 para. 6(q)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/1/paragraph/6/q)
[^key-a833a8ea9bf09fc7fae7a5745d277eb4]: [S. 57(4)](https://www.legislation.gov.uk/ukpga/2009/10/section/57/4) omitted (with effect in accordance with Sch. 16 para. 6 of the commencing Act) by virtue of [Finance Act 2009 (c. 10)](https://www.legislation.gov.uk/ukpga/2009/10), [Sch. 16 para. 5(k)](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/5/k) (with [Sch. 16 para. 7](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/7)[8](https://www.legislation.gov.uk/ukpga/2009/10/schedule/16/paragraph/8))
[^key-5520a54a05820a7f46447c929c358170]: Word in Sch. 16 para. 12(2)(b) substituted (retrospectively) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(2)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/2), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^key-c5159fb87bac96ef484a4dde5f2027c8]: Word in Sch. 16 para. 15(1)(a) substituted (retrospectively) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(3)(a)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/3/a), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^key-fea575521e5b24b95503f289139a3c1c]: Word in Sch. 16 para. 15(2)(a) substituted (retrospectively) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(3)(b)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/3/b), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^M_F_509f6d6d-eb24-4928-8cad-113af9229f88]: Word in Sch. 16 para. 15 heading substituted (21.7.2009 retrospective) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(3)(c)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/3/b), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^key-c32f1b8286411d68f3f2890fd3092baf]: Word in Sch. 16 para. 16(b) substituted (retrospectively) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), [Sch. 12 paras. 9(4)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/9/4), [14(1)](https://www.legislation.gov.uk/ukpga/2011/11/schedule/12/paragraph/14/1)
[^M_F_48102d4d-459a-4958-d105-a1ebe6da1dc2]: Word in Sch. 16 para. 17 substituted (21.7.2009 retrospective) by [Finance Act 2011 (c. 11)](https://www.legislation.gov.uk/ukpga/2011/11), Sch. 12 paras. 9(5), 14(1)
[^key-e33b52933613b85ae855986c9f279a29]: Sch. 35 applied (with modifications) (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Application to Members of Currently-Relieved Non-UK Pension Schemes) Order 2009 (S.I. 2009/2031)](https://www.legislation.gov.uk/uksi/2009/2031), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2009/2031/article/1/1), [2-10](https://www.legislation.gov.uk/uksi/2009/2031/article/2)
[^key-d15a0f20ff75c1e355be0a5e0be40883]: S. 108 applied (with modifications) by S.I. 2003/2682, reg. 203(8) (as inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by [The Income Tax (Pay As You Earn) (Amendment No. 2) Regulations 2009 (S.I. 2009/2029)](https://www.legislation.gov.uk/uksi/2009/2029), [regs. 1(2)](https://www.legislation.gov.uk/uksi/2009/2029/regulation/1/2), [4](https://www.legislation.gov.uk/uksi/2009/2029/regulation/4))
[^key-d4788174f197679e47fff9d91eec1b70]: S. 108 applied (with modifications) by S.I. 2005/2045, reg. 48(8) (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by [Income Tax (Construction Industry Scheme) (Amendment) Regulations 2009 (S.I. 2009/2030)](https://www.legislation.gov.uk/uksi/2009/2030), [regs. 1(2)](https://www.legislation.gov.uk/uksi/2009/2030/regulation/1/2), [2(2)](https://www.legislation.gov.uk/uksi/2009/2030/regulation/2/2))
[^key-4fa8a3137c75763d52fdec7e1cb15026]: S. 108 applied (with modifications) by S.I. 2001/1004, reg. 90K(8) (as inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by [Social Security (Contributions) (Amendment No.4) Regulations 2009 (S.I. 2009/2028)](https://www.legislation.gov.uk/uksi/2009/2028), [regs. 1(2)](https://www.legislation.gov.uk/uksi/2009/2028/regulation/1/2), [3](https://www.legislation.gov.uk/uksi/2009/2028/regulation/3))
[^key-223476481d631b2a01cf641de7a68bfb]: Words in Sch. 35 para. 1(8) substituted (with effect in accordance with art. 1 of the amending S.I.) by [Special Annual Allowance Charge (Variation of Rate) Order 2010 (S.I. 2010/572)](https://www.legislation.gov.uk/uksi/2010/572), [art. 2](https://www.legislation.gov.uk/uksi/2010/572/article/2)
[^key-96c25ef425067e4179dde20753b93a55]: Words in Sch. 35 para. 1(8) inserted (with effect in accordance with art. 1 of the amending S.I.) by [Special Annual Allowance Charge (Variation of Rate) Order 2010 (S.I. 2010/572)](https://www.legislation.gov.uk/uksi/2010/572), [art. 2](https://www.legislation.gov.uk/uksi/2010/572/article/2)
[^key-dd43626a235dd4cfb0811aabce5c4fbb]: Sch. 35 para. 10(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [6(1)](https://www.legislation.gov.uk/uksi/2010/429/article/6/1)
[^key-99b75da1b2d330c0d315bcc2bd8e85f0]: Sch. 35 para. 10(5A)-(5D) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [6(2)](https://www.legislation.gov.uk/uksi/2010/429/article/6/2)
[^key-5b405dfbc99fbb375ce4ed0dd1020d8d]: Sch. 35 para. 11(3A)-(3C) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [7(2)](https://www.legislation.gov.uk/uksi/2010/429/article/7/2)
[^key-99190f12a454f561dd0a189f0c0abc9c]: Words in Sch. 35 para. 11(1) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [7(1)](https://www.legislation.gov.uk/uksi/2010/429/article/7/1)
[^M_F_66d75362-51d8-4dfc-fd25-9770154d21c3]: Sch. 35 para. 13A inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), arts. 1(1), 8
[^key-0f3ac09ac541babcaa3ffdabc68b588e]: Word in Sch. 35 para. 14 substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [9](https://www.legislation.gov.uk/uksi/2010/429/article/9)
[^key-15f43f678304b804114831c6660736d2]: Word in Sch. 35 para. 16(3) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [10](https://www.legislation.gov.uk/uksi/2010/429/article/10)
[^key-63fa4756fe929a3da9ae279f23a46db2]: Word in Sch. 35 para. 7(1)(e) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [3(1)(a)](https://www.legislation.gov.uk/uksi/2010/429/article/3/1/a)
[^key-d0ca317c696f15656e3303ef000551b5]: Sch. 35 para. 7(1)(g) and word inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [3(1)(b)](https://www.legislation.gov.uk/uksi/2010/429/article/3/1/b)
[^key-690afcf32256a1cfc64d3726f21431e8]: Word in Sch. 35 para. 7(2) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [3(2)](https://www.legislation.gov.uk/uksi/2010/429/article/3/2)
[^key-74967b1fed33477d96c3c02c7307567d]: Sch. 35 para. 8(5) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [4(3)](https://www.legislation.gov.uk/uksi/2010/429/article/4/3)
[^key-b1259a4a4ee123f723bd106ff81ba62f]: Sch. 35 para. 8(4A)-(4G) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [4(2)](https://www.legislation.gov.uk/uksi/2010/429/article/4/2)
[^key-7e72059ffc5b2fca1fc74c862d714cac]: Words in Sch. 35 para. 8(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [4(1)](https://www.legislation.gov.uk/uksi/2010/429/article/4/1)
[^key-5b26e6258cb4cd6c5dba53535e99ac8f]: Words in Sch. 35 para. 9(4) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [5(1)](https://www.legislation.gov.uk/uksi/2010/429/article/5/1)
[^key-ac8752478c6babee40815c9df69d9649]: Sch. 35 para. 9(4A)-(4F) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [5(2)](https://www.legislation.gov.uk/uksi/2010/429/article/5/2)
[^key-e156842095a51fa7f7a56ee9950baac2]: Sch. 35 para. 9(5) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by [The Special Annual Allowance Charge (Protected Pension Input Amounts) Order 2010 (S.I. 2010/429)](https://www.legislation.gov.uk/uksi/2010/429), [arts. 1(1)](https://www.legislation.gov.uk/uksi/2010/429/article/1/1), [5(3)](https://www.legislation.gov.uk/uksi/2010/429/article/5/3)
[^key-26620813641eaaeca3ba3dd03f077392]: Words in Sch. 53 para. 6 substituted (with effect in accordance with s. 1184(1) of the amending Act) by [Corporation Tax Act 2010 (c. 4)](https://www.legislation.gov.uk/ukpga/2010/4), [s. 1184(1)](https://www.legislation.gov.uk/ukpga/2010/4/section/1184/1), [Sch. 1 para. 722](https://www.legislation.gov.uk/ukpga/2010/4/schedule/1/paragraph/722) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2010/4/schedule/2))
[^key-4316f8b2fdc7ef8de9e797c2e4068042]: Sch. 53 Pt. 2 modified (8.4.2010) by [Finance Act 2010 (c. 13)](https://www.legislation.gov.uk/ukpga/2010/13), [Sch. 1 para. 30(2)](https://www.legislation.gov.uk/ukpga/2010/13/schedule/1/paragraph/30/2)
[^M_I_2109f618-2ee4-43b8-af18-373d4db41444]: Sch. 53 in force at 31.8.2010 for specified purposes by [S.I. 2010/1878](https://www.legislation.gov.uk/uksi/2010/1878), [art. 2](https://www.legislation.gov.uk/uksi/2010/1878/article/2) (with [art. 3](https://www.legislation.gov.uk/uksi/2010/1878/article/3))
### Protected pension input amounts: contribution paid in accordance with agreement entered into on or before 22 April 2009
##### 13A
The amount arrived at under paragraph 3(2) in relation to an arrangement which relates to an employment of the individual is a protected lump sum input amount if it is attributable to a single contribution which—
- (a) is paid on or after 22 April 2009, and
- (b) is paid, in accordance with the terms of a written agreement between the individual and the employer made not later than 22 April 2009, not later than the date specified for payment in the agreement.
### Tax on payments out of discretionary trust taxable as employment income
##### 9A
In the case of a repayment made in consequence of a claim under section 496B of ITA 2007 (relief for payments by discretionary trust taxable as employment income) the repayment interest start date is 31 January next following the end of the tax year to which the claim relates.
2010-03-19
Finance Act 2009
2009-08-13
Finance Act 2009
2009-07-21
Finance Act 2009
original version
Text at this date